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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
  0.00 0.0% 84.00 82.00 86.00 84.00 84.00 84.00 51,431 07:35:20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 0.7 0.6 140.0 98

Baker Steel Resources Trust Ltd Net Asset Value(s)

07/07/2021 7:00am

UK Regulatory (RNS & others)


Baker Steel Resources (LSE:BSRT)
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TIDMBSRT

RNS Number : 3558E

Baker Steel Resources Trust Ltd

07 July 2021

BAKER STEEL RESOURCES TRUST LIMITED

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

7 July 2021

30 June 2021 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 June 2021:

   Net asset value per Ordinary Share:   99.8 pence 

The NAV per share has increased by 1.2% against the unaudited NAV at 28 May 2021, partly due to an increase in the valuation of Nussir ASA following the mid-year review of unlisted positions discussed below.

The Company had a total of 106,462,502 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 30 June 2021 .

Investment Update

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

 
                                 30 June 2021   31 December 2020 
 Bilboes Gold Limited               18.7%            19.5% 
 Futura Resources Ltd               15.4%            16.2% 
 Tungsten West Limited              15.1%            13.2% 
 Cemos Group plc                    13.6%            14.5% 
 Polar Acquisition Ltd               8.4%             8.9% 
 Anglo Saxony Mining Limited         5.1%             3.9% 
 Mines & Metals Trading 
  Peru PLC                           4.1%             4.5% 
 Azarga Metals Corp                  4.0%             2.7% 
 Nussir ASA                          3.8%             3.4% 
 Kanga Potash (formerly 
  Sarmin Mineral Exploration)        2.6%             2.7% 
 Metals Exploration plc              2.3%             1.9% 
 Prism Diversified                   1.5%             1.5% 
 Listed Precious Metal Shares        2.7%             3.9% 
 Other Investments                   2.0%             2.4% 
 Net Cash, Equivalents and 
  Accruals                           0.7%             0.8% 
 

Half Year Review of Unlisted Investments

The Company has carried out its semi-annual review of general market movements in mining equities, taking into consideration company-specific factors, as well as an assessment of whether these should impact the carrying values of its unlisted holdings.

A number of investments raised further funds during the half year including Tungsten West and Anglo Saxony and their carrying values had been adjusted accordingly in previous months. This is a reflection of the increased activity in the mining sectors.

The Investment Manager maintains an index of listed analogue companies for each unlisted investment for comparison purposes and as a benchmark against which the valuation of a particular unlisted stock might have moved during the period had it been listed. The only investment that has been adjusted on this basis during the period is Nussir ASA which was increased by 16% in Norwegian Krone terms on the back of a strong market for copper companies.

In the 2020 Annual Report we reported that BSRT and the other shareholders of Bilboes Gold were negotiating to sell the Company's and the other independent shareholder's interests in Bilboes to a major gold mining company. Negotiations have been protracted as the potential purchaser has demanded that a number of post transaction conditions be met by the vendors, which are considered unusual and excessively onerous for a transaction of this type. Whilst we continue to be optimistic that we can find solutions to satisfy these conditions in a way that is mutually acceptable to all parties, there may come a point where we and the other Bilboes shareholders decide to look for an alternative buyer or to raise the required development capital via an IPO.

In June, Mines and Metals Trading Peru PLC (MMTP) completed its merger with Oro X Mining and commenced trading as Silver X Mining on the Toronto Stock Exchange (TSV.AGX). The Company's convertible loan to MMTP will now be convertible into Silver X Mining shares and there has only been a minimal change in carrying value of MMTP as the transaction had already been taken into account.

Further details of the Company and its investments are available on the Company's website www.bakersteelresourcestrust.com

Enquiries:

   Baker Steel Resources Trust Limited             +44 20 7389 8237 

Francis Johnstone

Trevor Steel

   Numis Securities Limited                               +44 20 7260 1000 

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 rns@lseg.com or visit www.rns.com.

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END

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July 07, 2021 02:00 ET (06:00 GMT)

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