Baker Steel Resources Trust Ltd Net Asset Value(s) (7328S)

TIDMBSRT

RNS Number : 7328S

Baker Steel Resources Trust Ltd

05 October 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 October 2017

29 September 2017 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 29 September 2017:

Net asset value per Ordinary Share: 50.4 pence

Since 31 August 2017 the NAV per share has decreased by 4.4% primarily due to a fall in the share price of Ivanhoe Mines Limited on the Toronto Stock Exchange and the increase in the value of Sterling against the currencies in which the Company's investments are denominated.

The Company had a total of 116,139,980 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 29 September 2017.

Portfolio Update

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

 
 Polar Acquisition Ltd              30.0% 
 Ivanhoe Mines Limited              12.0% 
 Bilboes Gold Limited               12.0% 
 Cemos Group plc                    10.9% 
 Metals Exploration plc              7.6% 
 SME Inc                             5.1% 
 Black Pearl Limited Partnership     4.5% 
 Ironstone Resources Limited         4.3% 
 Nussir ASA                          3.7% 
 Archipelago Metals Limited          1.0% 
 Other Investments                   1.3% 
 Net Cash, Equivalents and 
  Accruals                           7.6% 
 
 

Investment Update

Cemos Group plc ("Cemos")

During September 2017, Cemos launched a rights issue of Convertible Unsecured Loan Stock ("CULS") to raise up to EUR10 million to fund the construction of a cement plant at its Tarfaya project in Morocco. The cement plant will be manufactured, constructed and initially operated by Loesche GmbH based in Düsseldorf, Germany, which will also be providing vendor financing for the plant.

Civil works have commenced for the cement plant which will have a capacity of up to 324,000 tonnes per annum and is planned to be in production in the third quarter of 2018. Total capital costs are budgeted at under EUR12 million and the operation is expected to have a payback of less than two years.

During September 2017, the Company supported the CULS issue, investing a further EUR2.25 million.

Gateway Mining Limited ("Gateway")

During September 2017, the Company conditionally committed to investing up to A$10 million in Gateway, an Australian Stock Exchange listed company which is in the process of acquiring certain hard coking coal assets in the Bowen Basin, Queensland, Australia. The investment, which will be a mixture of convertible loan notes and equity, is conditional inter alia on Gateway raising at least a further A$15 million and completion of the acquisition of the coal assets.

Further information will be available once Gateway publishes its prospectus which is expected during October 2017.

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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October 05, 2017 02:00 ET (06:00 GMT)