Share Name Share Symbol Market Type Share ISIN Share Description
Baker Steel Resources Trust Limited 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
  4.00 6.5% 65.50 64.00 67.00 65.50 60.50 61.50 51,227 16:14:54
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 0.7 0.6 109.2 76

Baker Steel Resources Trust Ltd Edison update on Baker Steel Resources Trust

22/01/2021 8:00am

RNS Non-Regulatory


Baker Steel Resources Trust Ltd

22 January 2021

London, UK, 22 January 2021

Edison issues update on Baker Steel Resources Trust (BSRT)

Baker Steel Resources Trust (BSRT) reported an impressive NAV total return (TR) of 29.2% for 2020, visibly ahead of the EMIX Global Mining Index (22.2% TR in sterling). This largely resulted from a yearend valuation review of unlisted portfolio holdings and was driven by a combination of projects moving up the development curve, the rebound in commodity prices (CRB Commodity Index up by 21% in H220) and higher market multiples of listed peers (vs end-June). Key contributors include Cemos reaching full production capacity and Tungsten West being revalued after recent first closing of its GBP5.0m funding round. Their carrying value almost doubled, adding 8.9pp and 8.0pp to portfolio NAV TR, respectively.

In 2020 BSRT's shares traded at an average discount to NAV of c 20%, compared to its five-year average of c 25%. The discount has significantly narrowed by the year-end and turned into a slight premium (1.5%) on 30 December 2020 close, which may suggest investors already anticipated a significant NAV uplift. As such, the immediate share price response to the end-2020 NAV announcement on 14 January 2021 was only a c 10% increase compared to the 27.5% NAV uplift versus end-November, resulting in a double-digit discount to NAV (currently c 14.1%).

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January 22, 2021 03:00 ET (08:00 GMT)

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