Baker Steel Resources Trust Ltd Net Asset Value(s) (2129Q)
05 June 2018 - 4:01PM
UK Regulatory
TIDMBSRT
RNS Number : 2129Q
Baker Steel Resources Trust Ltd
05 June 2018
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 June 2018
31 May 2018 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 May 2018:
Net asset value per Ordinary Share: 56.4 pence
Since 30 April 2018 the NAV per share has increased by 0.4%
primarily due to the increase in the exchange rate of the US Dollar
in which a majority of the companies in the portfolio 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 31 May
2018.
Portfolio Update
The Company's top 10 investments are as follows as a percentage
of NAV:
Polar Acquisition Ltd 40.6%
Bilboes Gold Limited 13.2%
Cemos Group plc 10.0%
Futura Resources Ltd 9.0%
Metals Exploration plc 6.3%
Sarmin Mineral Exploration Inc 4.6%
Black Pearl Limited Partnership 4.0%
PRISM Diversified Inc 3.8%
Ivanhoe Mines Limited 3.7%
Nussir ASA 3.2%
Other Investments 1.8%
Net Cash, Equivalents and Accruals -0.2%
Investment Update
Futura Resources Limited ("Futura")
On 30 May 2018 BHP Billiton Mitsubishi Alliance (BMA) announced
that it had agreed to sell the Gregory Crinum Mine in central
Queensland, Australia to Sojitz Corporation ("Sojitz").
This an important milestone for the development of Futura's
Wilton and Fairhill coking coal properties as Futura can now
finalise its agreements with Sojitz for Sojitz to contract mine
Wilton and Fairhill, and the acquisition of Gregory Crinum by
Sojitz will result in Futura having access to the coal wash plant
at Gregory Crinum which is 17km away from Wilton.
Completion of the sale of Gregory Crinum is subject to the
fulfilment of conditions precedent including customary regulatory
approvals, which is likely to take until the fourth quarter of
2018, shortly after which Futura is planning to commence production
at Wilton.
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.
END
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