Baker Steel Resources Trust Ltd Net Asset Value(s) (7328S)
05 October 2017 - 5:00PM
UK Regulatory
TIDMBSRT
RNS Number : 7328S
Baker Steel Resources Trust Ltd
05 October 2017
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 October 2017
29 September 2017 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 29 September 2017:
Net asset value per Ordinary Share: 50.4 pence
Since 31 August 2017 the NAV per share has decreased by 4.4%
primarily due to a fall in the share price of Ivanhoe Mines Limited
on the Toronto Stock Exchange and the increase in the value of
Sterling against the currencies in which the Company's investments
are denominated.
The Company had a total of 116,139,980 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 29 September
2017.
Portfolio Update
The Company's top 10 investments are as follows as a percentage
of NAV:
Polar Acquisition Ltd 30.0%
Ivanhoe Mines Limited 12.0%
Bilboes Gold Limited 12.0%
Cemos Group plc 10.9%
Metals Exploration plc 7.6%
SME Inc 5.1%
Black Pearl Limited Partnership 4.5%
Ironstone Resources Limited 4.3%
Nussir ASA 3.7%
Archipelago Metals Limited 1.0%
Other Investments 1.3%
Net Cash, Equivalents and
Accruals 7.6%
Investment Update
Cemos Group plc ("Cemos")
During September 2017, Cemos launched a rights issue of
Convertible Unsecured Loan Stock ("CULS") to raise up to EUR10
million to fund the construction of a cement plant at its Tarfaya
project in Morocco. The cement plant will be manufactured,
constructed and initially operated by Loesche GmbH based in
Düsseldorf, Germany, which will also be providing vendor financing
for the plant.
Civil works have commenced for the cement plant which will have
a capacity of up to 324,000 tonnes per annum and is planned to be
in production in the third quarter of 2018. Total capital costs are
budgeted at under EUR12 million and the operation is expected to
have a payback of less than two years.
During September 2017, the Company supported the CULS issue,
investing a further EUR2.25 million.
Gateway Mining Limited ("Gateway")
During September 2017, the Company conditionally committed to
investing up to A$10 million in Gateway, an Australian Stock
Exchange listed company which is in the process of acquiring
certain hard coking coal assets in the Bowen Basin, Queensland,
Australia. The investment, which will be a mixture of convertible
loan notes and equity, is conditional inter alia on Gateway raising
at least a further A$15 million and completion of the acquisition
of the coal assets.
Further information will be available once Gateway publishes its
prospectus which is expected during October 2017.
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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