Baker Steel Resources Trust Ltd Net Asset Value(s) (2200E)

TIDMBSRT

RNS Number : 2200E

Baker Steel Resources Trust Ltd

05 May 2017

BAKER STEEL RESOURCES TRUST LIMITED

(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)

5 May 2017

28 April 2017 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 28 April 2017:

Net asset value per Ordinary Share: 49.7 pence

Since 31 March 2017 the NAV per share has increased by 1.0%. A rise in the carrying value of Polar Acquisition Limited was largely offset by the strengthening of Sterling against the US Dollar and Canadian Dollar in which the majority of the Company's investments are denominated, and by a fall in the share price of Metals Exploration on the AIM market of the London Stock Exchange.

The Company had a total of 116,139,980 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 28 April 2017.

Portfolio Update

The Company's top 10 investments are as follows as a percentage of NAV:

 
 Polar Acquisition Ltd                 35.5% 
 Ivanhoe Mines Limited                 13.9% 
 Bilboes Gold Limited                  12.6% 
 Cemos Group plc                        6.9% 
 Metals Exploration plc                 6.1% 
 Black Pearl Limited Partnership        4.7% 
 Ironstone Resources Limited            4.1% 
 Nussir ASA                             3.2% 
 China Polymetallic Mining Limited      2.0% 
 Gobi Coal & Energy Limited             1.2% 
 Other Investments                      2.1% 
 Net Cash, Equivalents and Accruals     7.7% 
 
 

Investment Update

During April 2017, Polar Acquisition Limited ("PAL") undertook a buy-back of its own shares, as forecast in the Company's announcement of 3 April 2017, following an investment by clients of Sprott Inc. in a US$4.75 million zero coupon convertible loan to PAL. The Company sold 10.35% of its holding in PAL for US$3.06 million. The Company has reviewed its carrying value of PAL based on these recent transactions and has decided to raise its carrying value of PAL by the equivalent of 10.0% in Sterling terms. A further sale of PAL by the Company on similar terms is under negotiation with the aim of further reducing its weighting in the portfolio.

On 24 April 2017, Metals Exploration plc ("Metals Ex") announced that its Runruno Gold project in the Philippines remained in the "test running and debugging" phase with various unit--operations having achieved design throughput while others continue to ramp--up. Gold production of 8,366 ounces was achieved in the first quarter of 2017 against a design target of approximately 100,000 ounces per annum. Although the project is now making steady progress, this has been considerably slower than originally planned and the greatest concern is whether Metals Ex will have sufficient working capital during the ramp-up period without having to raise further finance. During April 2017 Metals Ex shares fell 15% on the AIM market of the London Stock Exchange.

Further details of the Company and its investments are available on the Company's website www.bakersteelresourcestrust.com

Enquiries:

   Baker Steel Resources Trust Limited                [phone] 

Francis Johnstone

Trevor Steel

   Numis Securities Limited                                   [phone] 

David Benda (corporate)

James Glass (sales)

The Net Asset Value ("NAV") figure stated is based on unaudited estimated valuations of the underlying investments and not necessarily based on observable inputs. Such estimates are not subject to any independent verification or other due diligence and may not comply with generally accepted accounting practices or other generally accepted valuation principles. In addition, some estimated valuations are based on the latest available information which may relate to some time before the date set out above.

Accordingly, no reliance should be placed on such estimated valuations and they should only be taken as an indicative guide. Other risk factors which may be relevant to the NAV figure is set out in the Company's Prospectus dated 26 January 2015.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 05, 2017 02:01 ET (06:01 GMT)