Baker Steel Resources Trust Ltd Net Asset Value(s) (9044P)
06 September 2017 - 4:00PM
UK Regulatory
TIDMBSRT
RNS Number : 9044P
Baker Steel Resources Trust Ltd
06 September 2017
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 September 2017
31 August 2017 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 August 2017:
Net asset value per Ordinary Share: 52.7 pence
Since 31 July 2017 the NAV per share has decreased by 0.6%
primarily due to a fall in the share price of China Polymetallic
Mining Limited on the Hong Kong Stock Exchange.
The Company had a total of 116,139,980 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 31 August
2017.
Portfolio Update
The Company's top 10 investments are as follows as a percentage
of NAV:
Polar Acquisition Ltd 29.9%
Ivanhoe Mines Limited 13.6%
Bilboes Gold Limited 12.0%
Cemos Group plc 7.2%
Metals Exploration plc 6.8%
SME Inc 5.1%
Black Pearl Limited Partnership 4.4%
Ironstone Resources Limited 4.3%
Nussir ASA 3.7%
China Polymetallic Mining
Limited 1.0%
Other Investments 2.2%
Net Cash, Equivalents and
Accruals 9.8%
Investment Update
China Polymetallic Mining Limited ("CPM")
On 18 August 2017 CPM announced a fully underwritten 1 for 2
rights issue at HK$0.12 per share compared to a price of HK$0.265
per share at the beginning of the month. The proceeds of HK$143.2
million before expenses will be used to repay debt.
CPM's principal operation, the Shizishan silver/lead/zinc mine
in the Yunan province of China, has struggled since torrential
rainstorms in 2015 flooded the mine causing considerable damage
underground. Dewatering and recovery work was hampered in 2016 by
further heavy rains and as a result, production failed to recover
in 2016. The Company thus incurred a loss of RMB 128 million during
2016 and a further loss of RMB 19.3 million in the six months to 30
June 2017. CPM's current policy is to diversify away from Shizishan
having made several acquisitions in Myanmar during the last 12
months.
The 53% fall in CPM's share price had the effect of reducing the
NAV by 1.2% during August 2017, although the overall fall in the
NAV was reduced due to currency movements in the rest of the
portfolio.
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
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