Baker Steel Resources Trust Ltd Net Asset Value(s) (7305O)

TIDMBSRT

RNS Number : 7305O

Baker Steel Resources Trust Ltd

04 October 2019

BAKER STEEL RESOURCES TRUST LIMITED

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

4 October 2019

30 September 2019 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 September 2019:

Net asset value per Ordinary Share: 69.8 pence

The NAV per share has decreased by 1.3% against the NAV at 30 August 2019, primarily due to a fall in the share price of Polymetal International Plc on the London Stock Exchange despite entering the FTSE 100 share index.

The Company has a total of 106,462,502 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 30 September 2019.

Portfolio Update

The Company's top 12 investments are as follows as a percentage of NAV:

 
 Futura Resources Ltd                  16.5% 
 Bilboes Gold Limited                  14.8% 
 Polymetal International Plc           13.8% 
 Cemos Group plc                       10.6% 
 Polar Acquisition Ltd                  9.1% 
 Sarmin Minerals Exploration            4.8% 
 Nussir ASA                             4.5% 
 Mines & Metal Trading Peru PLC         4.4% 
 Anglo Saxony Mining Limited            3.8% 
 Black Pearl Limited Partnership        3.8% 
 Azarga Metals Corp                     3.1% 
 Prism Diversified Ltd                  3.0% 
 Other Investments                      5.8% 
 Net Cash, Equivalents and Accruals     2.0% 
 
 

Investment Update

Cemos Group PLC ("Cemos")

Cemos has reported the continued successful ramp up of its Tarfaya cement plant in Morocco, reaching around 70% of its nominal 280,000 tonnes per year capacity. The operation is already producing significant positive cashflow and Cemos expects to attain full capacity by year end, at which point it is expected to be generating EUR8-10 million EBITDA on an annual basis. On designing its site infrastructure, Cemos left space for a second production line which could double capacity, and this is already under consideration.

The Company's interest in Cemos is held through a combination of equity and convertible loan stock, on conversion of which the Company would own approximately 31% of Cemos on a fully diluted basis.

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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October 04, 2019 02:00 ET (06:00 GMT)