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7 Aug 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)
7 August 2015
31 July 2015 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 July 2015:
Net asset value per Ordinary Share: 40.4 pence
Since 30 June 2015, the NAV per share has fallen by 6.3% largely due to significant falls in the share prices of China Polymetallic Mining Limited on the Hong Kong Stock Exchange, Ivanhoe Mines on the Toronto Stock Exchange and Metals Exploration plc on the AIM market of the London Stock Exchange. Sentiment for listed mining shares was weak during July 2015, particularly for precious metal shares with the FTSE Gold Mines Index falling 21.3% during the month as a reaction to a 5.9% fall in the price of gold in Sterling terms.
The Company had a total of 115,268,335 Ordinary Shares in issue as at 31 July 2015.
Portfolio Update
The Company is fully invested with top 10 investments as follows as a percentage of NAV:
Polar Silver Resources Ltd | 20.3% | |
Global Oil Shale Group plc | 17.8% | |
Black Pearl Limited Partnership | 14.7% | |
Bilboes Gold Limited | 10.0% | |
Metals Exploration plc | 7.0% | |
Ivanhoe Mines Limited | 5.8% | |
Gobi Coal & Energy Limited | 5.8% | |
Archipelago Metals Limited | 4.6% | |
Ironstone Resources Limited | 4.2% | |
China Polymetallic Mining Limited | 4.1% | |
Other Investments | 3.5% | |
Net Cash, Equivalents and Accruals | 2.2% | |
Ironstone Resources Limited ("Ironstone")
During July 2015, Ironstone undertook a C$3 million rights issue to fund a Preliminary Economic Study ("PEA") on its Clear Hills, Hot Briquetted Iron ("HBI") project in Alberta. The rights issue was undertaken at a 26.9% discount to the Company's carrying value at 30 June 2015 and the Company subscribed for its approximately 10.5% rights entitlement in full.
As a consequence of the rights issue the Company revised its carrying value in line with the rights issue price. However, the rights issue triggered a price protection mechanism that the Company has in place regarding its previous subscriptions for shares in Ironstone, which entitled it to acquire additional shares at a nominal value. The net effect of these two issues resulted in an approximate 0.7% increase in the Company's NAV in Sterling terms.
The PEA, which will be prepared by independent consultants, will be an important document for Ironstone, allowing it to demonstrate the economic viability of the Clear Hills HBI project and attract a strategic partner. The PEA is expected to be completed before the end of 2015.
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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