Baker Steel Resources Share Discussion Threads

[peterbill] 06/12/2012 10:52

Ivanplats next stop? London, says Friedland



Mining legend and Ivanplats (TSX:IVP) CEO, Robert Friedland, said he aims to have his African-focused mining company landing in the London stock exchange during the first half of next year.

Speaking at the Mines and Money conference in London, he said the company's Kamoa project in the Democratic Republic of Congo has the potential to become the largest copper mine in the world ...

[strollingmolby] 27/11/2012 14:32

RC,

Subscription Share Rights
A registered holder for the time being of a Subscription Share (a Subscription Shareholder) shall have a right (a Subscription Share Right) to subscribe in cash on 31 March and 30 September in each of the years 2010 to 2013 (both inclusive) commencing on 30 September 2010 and ending on 31 March 2013 or, if any such day is not a business day, then on the next business day (each a Subscription Date) for all or any of the Ordinary Shares to which his Subscription Shares relate at the price of 100 pence per Ordinary Share (the Subscription Price).

[rcturner2] 27/11/2012 14:06

Very surprised to see this dropping below 80p. What is the timescale of the lock-in with IVP?

Also, what is the timing and pricing of the subscription shares?

[langostino] 11/11/2012 20:58

Ivanplats is too top-heavy in the BSRT portfolio and their lock-in is very restricting. Unless you think IVP has a big future, BSRT has limited upside and the subscription shares will expire worthless. Pity, because Baker Steel are good stockpickers and have some good funds but this trust has been sidelined.

[strollingmolby] 18/10/2012 12:34

Good idea, Kimboy - done. may link to an ADVFN chart once I can find it - doesn't seem to be available yet.

[kimboy2] 18/10/2012 11:44

Might be handy if we can get the IVP chart in the header as well as it is likely to be the main driver of the NAV, for better or worse;

[strollingmolby] 18/10/2012 09:00

Further to BSRT's announcement this morning of the Ivanplats pricing, holding period and discount:

[kimboy2] 17/10/2012 18:50

Ivanplats shares began trading on the Toronto Stock Exchange on Wednesday on an "if, as and when issued" basis. Shares rose as high as C$5.20 in early trading and were up 6.3 percent at C$5.05 at 12:30 EDT (1630 GMT)

[kimboy2] 29/9/2012 19:07

Ivanplats, based in Vancouver, plans to sell 60.6 million shares in Toronto for C$4.50 to C$5.40 apiece, according to sales documents obtained by Bloomberg News. The pricing of the IPO is expected Oct. 15, according to the document.

[peterbill] 28/9/2012 11:30

Two weeks ago legendary mining billionaire Robert Friedland's Ivanplats lodged a preliminary prospectus to list on the Toronto Stock Exchange in what is set to be one of the largest mining IPOs in Canada in more than a decade.

It's not a moment too soon.

The roughly $300 million share offering – to fund development of Ivanplats's two copper properties in the DRC and the Platreef platinum project in South Africa – must happen soon to provide equity for convertible bondholders.

If the $165 million worth of bonds are not redeemed for stock, rates on the debt soars to credit card-like repayments of just under 19% on November 10 and to an eye-watering 26% in November next year. Bloomberg spoke to an analyst who put it this way:

"It's a gun to the head," Geof Marshall, who helps manage $6.3 billion of fixed-income investments at CI Investments Inc. in Toronto, said by telephone on Sept. 21. "The longer they wait, the more the equity holders' piece of the pie gets smaller and smaller."

Terms of the IPO which was initially put as high as $500 million may be out as soon as next week and could value Ivanplats, with offices in Vancouver Canada and Johannesburg South Africa, at around $850 million.




Tick, tock, tick, tock ... time running out before interest rates go up ...

[peterbill] 25/9/2012 12:55

Any word of a likely timetable for the Ivanplats IPO?

[kimboy2] 13/9/2012 07:45

The only comment I have found about Ivans valuation is;



At the moment, based on grey market trading, the company is worth about $850-million. Pre-IPO stock of Ivanplats has been trading recently at $2 a share, said one person who tracks the grey market. With about 423 million shares outstanding, according to the filing, that puts the value of the company at almost $850-million

I had thought the grey market had stopped some time ago due to the lock ins for existing shareholders.

We will no doubt find out what the valuation will be but I think it will be well north of $850m, if not the $5bn+ originally touted.

[kimboy2] 12/9/2012 20:39

Sorry, yes I thought it would be somewhere. I was doing Byzantine calulations to try and get it.

There are 66.14m BSRT shares and the NAV at last reading was 106.1p which gives an asset value of £70.17.

Ivanplats is said to be 30.7% which makes a holding of £21.7m

It says they have 9,787,495 shares/warrants/nominal. I believe they have over 1 million warrants and don't know the terms or valuation.

That would suggest a BSRT valuation of $3.50 an Ivanplats share.

There are about 450m Ivanplats shares in issue presently which would imply a valuation of $1,576m.

Don't trust my calulations though.

[energiser01] 12/9/2012 17:39

From June statement

Holding 9,787,495 in Ivanplats Limited @ equiv $21,837,338 representing 28.73% of trust NAV.

dyor etc..

[kimboy2] 12/9/2012 15:27

FWIW I reckon that BSRT have about 15m shares in Ivanplats which are being carried at about $2.22. That values Ivanplats at about $1bn.

Given that in June 2011 they sold an 8% share of Platreef alone for $280m we should be hoping for something well north of $1bn.

I bought fair load today. Looks exceptioanl risk/reward to me.

[kimboy2] 12/9/2012 12:42

Many thanks

[strollingmolby] 12/9/2012 11:23

I've posted the 305-page Prelim Prospectus here:

https://docs.google.com/open?id=0ByVGMGI29ULcT0pwaEtza0hFNkU

[kimboy2] 12/9/2012 10:50

Anybody go hold of the prospectus yet ?

[contrarian2investor] 12/9/2012 09:15

Just got the alert and joined in and leveraged my holdings with some BSRW as well.