Baker Steel Resources Trust Ltd Net Asset Value(s) (2129Q)

TIDMBSRT

RNS Number : 2129Q

Baker Steel Resources Trust Ltd

05 June 2018

BAKER STEEL RESOURCES TRUST LIMITED

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

5 June 2018

31 May 2018 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 May 2018:

Net asset value per Ordinary Share: 56.4 pence

Since 30 April 2018 the NAV per share has increased by 0.4% primarily due to the increase in the exchange rate of the US Dollar in which a majority of the companies in the portfolio 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 31 May 2018.

Portfolio Update

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

 
 Polar Acquisition Ltd                 40.6% 
 Bilboes Gold Limited                  13.2% 
 Cemos Group plc                       10.0% 
 Futura Resources Ltd                   9.0% 
 Metals Exploration plc                 6.3% 
 Sarmin Mineral Exploration Inc         4.6% 
 Black Pearl Limited Partnership        4.0% 
 PRISM Diversified Inc                  3.8% 
 Ivanhoe Mines Limited                  3.7% 
 Nussir ASA                             3.2% 
 Other Investments                      1.8% 
 Net Cash, Equivalents and Accruals    -0.2% 
 
 

Investment Update

Futura Resources Limited ("Futura")

On 30 May 2018 BHP Billiton Mitsubishi Alliance (BMA) announced that it had agreed to sell the Gregory Crinum Mine in central Queensland, Australia to Sojitz Corporation ("Sojitz").

This an important milestone for the development of Futura's Wilton and Fairhill coking coal properties as Futura can now finalise its agreements with Sojitz for Sojitz to contract mine Wilton and Fairhill, and the acquisition of Gregory Crinum by Sojitz will result in Futura having access to the coal wash plant at Gregory Crinum which is 17km away from Wilton.

Completion of the sale of Gregory Crinum is subject to the fulfilment of conditions precedent including customary regulatory approvals, which is likely to take until the fourth quarter of 2018, shortly after which Futura is planning to commence production at Wilton.

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 are set out in the Company's Prospectus dated 26 January 2015.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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June 05, 2018 02:01 ET (06:01 GMT)