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4 Dec 2015 07:00
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)
4 December 2015
30 November 2015 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 November 2015:
Net asset value per Ordinary Share: 39.9 pence
Since 30 October 2015, the NAV per share has increased by 1.3% largely, due to an increase in the US$ exchange rate in which the majority of the Company's assets are denominated.
The Company had a total of 114,568,335 Ordinary Shares in issue with 700,000 shares held in treasury as at 30 November 2015.
Portfolio Update
The Company is fully invested with top 10 investments as follows as a percentage of NAV:
Polar Silver Resources Ltd | 21.5% | |
Global Oil Shale Group plc | 18.1% | |
Black Pearl Limited Partnership | 16.1% | |
Bilboes Gold Limited | 10.6% | |
Metals Exploration plc | 8.9% | |
Gobi Coal & Energy Limited | 6.2% | |
Ivanhoe Mines Limited | 5.0% | |
Ironstone Resources Limited | 4.3% | |
China Polymetallic Mining Limited | 2.9% | |
Archipelago Metals Limited | 2.3% | |
Other Investments | 3.0% | |
Net Cash, Equivalents and Accruals | 1.1% | |
Ivanhoe Mines Limited ("Ivanhoe")
On 23 November 2015, Ivanhoe and Zijin Mining Group Co.,Ltd jointly announced that all conditions precedent had been satisfied for Zijin's previously announced investment in Ivanhoe's Kamoa Copper Project in the Democratic Republic of Congo and that they expect to complete the transaction on or before 8 December 2015.
Under the terms of the transaction, Zijin will acquire 49.5% of Ivanhoe's interest in Kamoa for US$412 million, equivalent to approximately C$0.71 per Ivanhoe share. Importantly, Zijin has also undertaken to source debt finance for the Kamoa project, Africa's largest undeveloped copper discovery and once in full production is scheduled to produced 300,000 tonnes of copper per annum. In April 2015, Zijin subscribed C$105 million for a 9.99% interest in Ivanhoe at C$1.36 per share.
As at 30 September 2015, Ivanhoe held cash and cash equivalents of US$85.4 million (equivalent to approximately C$0.15 per share).
During November 2015, the Ivanhoe share price fell 6% to C$0.66 per share equivalent to a 23% discount to cash and receivables notwithstanding its remaining interest in Kamoa and the Platreef Project in South Africa.
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 JohnstoneTrevor 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.
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