Baker Steel Resources Trust Ltd Net Asset Value(s) (5954E)
05 November 2015 - 6:01PM
UK Regulatory
TIDMBSRT
RNS Number : 5954E
Baker Steel Resources Trust Ltd
05 November 2015
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 November 2015
30 October 2015 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 October 2015:
Net asset value per Ordinary Share: 39.4 pence
Since 30 September 2015, the NAV per share has decreased by 1.5%
largely, due to a write down in the value of Archipelago Metals
Limited that was partially offset by an increase in the price of
Metals Exploration on the AIM market of the London Stock
Exchange.
The Company had a total of 114,568,335 Ordinary Shares in issue
with 700,000 shares held in treasury as at 30 October 2015.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Silver Resources Ltd 21.2%
Global Oil Shale Group plc 18.4%
Black Pearl Limited Partnership 15.7%
Bilboes Gold Limited 10.5%
Metals Exploration plc 8.5%
Gobi Coal & Energy Limited 6.1%
Ivanhoe Mines Limited 5.3%
Ironstone Resources Limited 4.4%
China Polymetallic Mining Limited 3.5%
Archipelago Metals Limited 2.2%
Other Investments 3.3%
Net Cash, Equivalents and Accruals 0.9%
Metals Exploration PLC ("Metals Ex")
As previously announced, following the fundraising via a
placement to its three largest shareholders, Metals Ex extended the
subscription opportunity to all other shareholders, through an open
offer of up to GBP3 million, at 3 pence per share.
On 27 October 2015, Metals Ex announced that the open offer was
oversubscribed. The Company applied for its pro rata entitlement
and in addition subscribed for further shares, although this
over-application was scaled back.
At the issue price the market capitalisation of Metals Ex totals
GBP45.7 million, less than half the cost of construction of Metals
Ex's Runruno Gold Mine in the Philippines. Given that the mine
construction is all but complete and is merely awaiting final
operating permits, the open offer was considered a very attractive
opportunity to deploy funds in a project that is well understood by
the Investment Manager and was only open to existing shareholders.
Once in full production Runruno is scheduled to produce
approximately 100,000 ounces of gold per annum.
Following damage from Super Typhoon Lando whose track ran close
to Runruno, Metals Ex was ordered to suspend certain site works at
the end of October 2015 and a programme of repairs and
rectification is in the process of being agreed with the
Philippines Mines and Geosciences Bureau.
During October 2015 the Metals Ex share price rose 20% to 3.75p
per share at month end.
Archipelago Metals Limited ("Archipelago")
During October 2015, Archipelago undertook a placement to its
three largest shareholders to raise working capital whilst it seeks
to finalise the joint venture agreement with its partner,
parastatal mining company Vinacomin, for its Co Dinh Chromite
Project in Vietnam.
The placing price represented a 55.6% discount to the previous
funding round in 2014, reflecting the deterioration in valuations
for mining assets and in particular for steel-related minerals.
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 is set
out in the Company's Prospectus dated 26 January 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
NAVZMMGMKDRGKZM
(END) Dow Jones Newswires
November 05, 2015 02:01 ET (07:01 GMT)
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From Jul 2023 to Jul 2024