Baker Steel Resources Trust Ltd Net Asset Value(s) (3548K)

TIDMBSRT

RNS Number : 3548K

Baker Steel Resources Trust Ltd

07 July 2017

BAKER STEEL RESOURCES TRUST LIMITED

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

7 July 2017

30 June 2017 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 June 2017:

Net asset value per Ordinary Share: 51.4 pence

Since 31 May 2017 the NAV per share has increased by 4.9% following a recovery in the listed share prices of Ivanhoe Mines and Metals Exploration, and the mid-year revaluation of certain of the unlisted investments in the portfolio.

The Company had a total of 116,139,980 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 30 June 2017.

Portfolio Update

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

 
 Polar Acquisition Ltd                 34.2% 
 Ivanhoe Mines Limited                 12.3% 
 Bilboes Gold Limited                  12.1% 
 Cemos Group plc                        7.3% 
 Metals Exploration plc                 6.9% 
 Black Pearl Limited Partnership        4.5% 
 Ironstone Resources Limited            4.2% 
 SME Inc                                3.7% 
 Nussir ASA                             3.1% 
 China Polymetallic Mining Limited      2.3% 
 Other Investments                      2.4% 
 Net Cash, Equivalents and Accruals     7.0% 
 
 

Investment Update

The Company has carried out its normal half yearly review of general market movements in mining equities, as well as specific factors, and an assessment of whether these should impact the carrying values of its unlisted holdings. The Investment Manager maintains an index of comparable listed companies for each unlisted investment, in order to quantify how the share price of a particular unlisted stock might have moved during the period had it been listed. In accordance with this assessment the carrying value of Cemos has been increased by 10% and that of Gobi Coal decreased 40%.

During March 2017, the Company invested US$500,000 in SME Inc ("SMEI"), which holds a potash exploration licence in the Republic of Congo. The results of the first exploration well on the project have been sufficiently encouraging for the largest shareholder in SMEI to trigger its option to fund the pre-feasibility study for the project at a cost of approximately US$15 million. The valuation for the funding of the pre-feasibility is such that the Company's interest would be valued at US$2.88 million and accordingly the carrying value has been adjusted to this level. In addition, the Company has exercised an option to acquire additional shares in SMEI at a cost of US$250,000 which is expected to be completed during July 2017. These additional shares would be valued at US$1.12m on the same basis and will be reflected in the NAV on completion.

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

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July 07, 2017 02:00 ET (06:00 GMT)