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Share Name Share Symbol Market Type Share ISIN Share Description
Baker Steel LSE:BSRT London Ordinary Share GG00B6686L20 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 44.50p 43.00p 46.00p 44.50p 44.50p 44.50p 0 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -1.3 -1.1 - 51.67

Baker Steel Share Discussion Threads

Showing 151 to 172 of 175 messages
Chat Pages: 7  6  5  4  3  2  1
Re above: "In 2017, Polymetal succeeded in extending life-of-mine at producing assets and continued to invest in the next leg of our growth", - said Vitaly Nesis, Group CEO of Polymetal, commenting on the results. "We expect 2018 to result in further significant extensions of our reserves and resources". In 2017, Polymetal acquired a 5% indirect interest in Prognoz - the largest undeveloped primary silver deposit in Russia with JORC mineral resources of 292 Moz at 586 g/t (estimated by Micon). During the year, Polymetal undertook 37.3 km of exploration drilling at the deposit to confirm the resources of Main and Swamp ore zones. The results of the drilling campaign have largely confirmed the parameters of mineralisation at the deposit. · In 2018, Polymetal intends to expand the scope of drilling at the property to include South, Quiet and Spring ore zones as well as trace Main and Swamp ore zones along strike and down dip. The Company plans to increase its stake to 50% with the deal set to close in H1 2018.
Sale of Interest in Prognoz Silver 19 February 2018 Polar Acquisition Limited ("PAL") agrees to sell its interest in the Prognoz Silver Mine in Russia to Polymetal International PLC. -- Sale of 90% of Polar Silver Resources for US$72 million -- PAL to retain a continued interest through royalty on future production from Prognoz -- Transaction results in uplift in valuation of PAL of approximately 25% Baker Steel Resources Trust Limited (the "Company") announces that its largest investment, Polar Acquisition Limited ("PAL") has agreed to sell its 90% interest in Polar Silver Resources Limited ("Polar Silver") to Polymetal International plc ("Polymetal") (LSE, MOEX: POLY; ADR: AUCOY) for US$72 million to be satisfied in Polymetal shares. In January 2017, PAL sold a 10% stake in its subsidiary Polar Silver to Polymetal, which committed to fund and undertake a pre-feasibility study on the Prognoz silver project in Russia. As part of that agreement Polymetal was granted an option to acquire the remaining 90% of Polar Silver in March 2019 for a price based on silver reserves and the silver price at that time. Following a successful field season in 2017, during which 37km of diamond drilling was undertaken, PAL and Polymetal have now agreed to accelerate the exercise of the option such that Polymetal will upon closing acquire PAL's 90% interest in Polar Silver for US$72 million to be satisfied in new Polymetal shares. 90% of the consideration shares will be subject to a lock-up period of 180 days. Polar Silver holds a 50% interest in Prognoz silver project which has JORC-compliant Indicated and Inferred Resources (estimated by Micon in 2009) of 292 million ounces of silver at a grade of 586 g/t. In order to retain exposure to Prognoz going forward, including the attractive exploration potential, PAL will receive a royalty of between 2% and 4% (pro rated by the net 45% stake being acquired) on future production from the mine. The royalty has been valued based on the current pre-development status of the Prognoz project and it can be expected to appreciate as the project moves towards production. Taking into account the value of the Polymetal shares to be received by PAL and the valuation of the royalty, the Company's carrying value of PAL can be expected to increase to approximately US$41 million at the next NAV date, a 25% increase on the carrying value at 31 January 2018. On a pro forma basis this transaction would have increased the Company's NAV by approximately 9% had the agreement been signed prior to 31 January 2018. The Company has invested a total of US$14.2 million over the past seven years into PAL, realised US$6 million in cash during 2017, resulting in a return on investment of in excess of 3 times. Subject to the receipt of the required Russian regulatory approvals, the transaction is expected to close in during the first quarter of 2018 Polymetal is a major gold company listed on the London Stock Exchange with a market capitalisation of approximately GBP3.5 billion. During 2017 it produced 1.43 million ounces of gold equivalent. In 2017, Polymetal paid out US$138 million in dividends, translating into a 2.7% dividend yield based on the average share price for the year.
Piggie, thanks for reminding us of the nav, which I had missed. Should commodities start to improve generally, this might prove to be a relative out-performer.
54 pence assets at the start of the month. c 35p price so possible upside potential. Perhaps some modest share purchases to improve asset value and reduce the discount, altho the manager's fee would drop - so may be unlikely!
flying pig
Look at ivanhoe mines. Up at least 8 fold since last Feb.
seems a v talkative thread ! made a small investment back in the autumn. any comments on the latest up tick ?
GPM is at a discount to NAV of about 15% but mostly invested in bigger precious metals companies.
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 May 2016: Net asset value per Ordinary Share: 37.0 pence
Assets 39.4p price c19p big discount c48%. At some point when commodity prices recover this will be very good value!
flying pig
Turning around on huge discount, providing commodities continue their recovery.
5 June 2015 Net Asset Value Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 29 May 2015: Net asset value per Ordinary Share: 45.5 pence Since 30 April 2015, the NAV per share has risen by 2.2% largely due to a 36% recovery in the price of Metals Exploration plc on the AIM market of the London Stock Exchange. This follows the clearing out of a motivated seller of the stock in April, and as Metal Exploration's Runruno gold project in the Philippines remains on target to start commissioning its plant later this month, interest has started to be generated in the Company.
Could they not simply liquidate the company and return circa 40 pence, could be worth buying at these levels then imo
Baker Steel targeting £100mln and calling bottom of commodity cycle? See
One day the resource investment trusts will be a big bargain, since as prices crash they will move to bigger and bigger discounts so when the rebound comes it will be massive. However, I think we are still quite a way off from that, especially when it has just shed 10% NAV in a month. But apparently they think we have reached the bottom? Hard to take seriously.
DEAL BEING RENEGOTIATED? Asset value down but across the market issues and still a big premium to share price. At some point this will recover, but now looks a "long term lock-away" rather than a short term trade.
flying pig
Price ticking up..but I don't like this bot of the release: "It is proposed that the consideration for the acquisition of the Assets will be satisfied by the issue of new equity in the Company, such equity to be valued at the prevailing net asset value in respect of unlisted assets being acquired and at a 15% discount to the prevailing net asset value in respect of listed assets being acquired." Given some (all?) of the to be acquired names are already held by the fund and it trades at a 40% discount, buying more at a 15% discount does not appear sound...
I am not keen on the statement about nearing the bottom of the commodity super cycle. What evidence do they have to back that up?
Looks a very good deal to me if they can pull off the fund raising and get the acquisitions at the right price.
almac999:> Your last line has put the finger on it - Very much (imo) depends on the competence of management - An aquisition of "such equity to be valued at the prevailing net asset value in respect of unlisted assets being acquired" is (imo) far too generous unless some real undisclosed gems in the mix -
That's a far better performance NAV wise than expected - a wind up given such a large discount, and the volatility in commodity markets might be a good idea. But just how "Liquid" are BSRT's top 10 holdings? Not very i'd expect looking at the companies.
Given the continued fall in commodity prices an NAV end Oct of 51.5p is quite a result only down 2.3% on the month (30 Sept 52.7p ) . I agree with MF not viable in the long term , but could be a profitable wind up at current price of 28p , a 46% discount to NAV . A 45p liquidation value would garner a 60% profit from here , not to be sniffed at !!!!!!!!!!!!!!!!!
Am expecting Nav to have dropped again given that the value of one of it's largest stake has collapsed. Ivanhoe Mines. See it's up 13.5% to just under a loonie today so illusrates just how far it'd fallen (was C$0.81 yesterday!! Recall it was around C$1,50 not too long ago)
Chat Pages: 7  6  5  4  3  2  1
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