REG - Baker Steel Res Tst - Half-year Report <Origin Href="QuoteRef">BSRT.L</Origin> - Part 3

Baker Steel Resources TrustAnnouncement

16/08/2017 11:15

- Part 3: For the preceding part double click  ID:nRSP1608Ob 

addition, on 25 February 2015, the Company issued a total of 3,368,488 new
Ordinary Shares in respect of cash subscriptions under an Open Offer to all
shareholders for a consideration of £1,219,393. 
 
On 14 August 2015 and 20 August 2015 the Company bought back 200,000 and
500,000 Ordinary Shares respectively, both at an average of 20 pence per
share. The repurchased Ordinary Shares are held in Treasury. 
 
On 22 September 2016, the Company acquired 3,926,425 Ordinary Shares of Nussir
ASA from three different parties for a total consideration of £624,658. This
consideration was settled through the issue of 1,561,645 Ordinary Shares of
the Company at the unaudited NAV of 40.0 pence per share. In accordance with
IFRS the consideration of the transaction is recorded in the Company's
financial statements based on its (trading) share price, which was 29.875pence
per share, the consideration recorded is therefore £0.47million. 
 
The above transactions had no impact on the profit or lossof the company in
the year they were processed; they did however impact the NAV per share of the
Company. 
 
The Ordinary Shares are admitted to the Premium Listing segment of the
Official List. 
 
The details of issued share capital of the Company are as follows: 
 
                                         30 June 2017  31 December 2016  
                                         Amount        No. of shares**   Amount      No. of shares**  
                                         £                               £                            
 Issued and fully paid share capital                                                                  
 Ordinary Shares of no par value*        81,175,017    116,839,980       81,175,017  116,839,980      
 (including Management Ordinary Shares)                                                               
 Treasury Shares                         (140,492)     (700,000)         (140,492)   (700,000)        
 
 
The issue of Ordinary Shares during the period ended 30 June 2017 took place
as follows: 
 
                                                              
                            Ordinary Shares  Treasury Shares  
                            Amount           No. of shares**  Amount   No. of shares  
                            £                                 £                       
 Balance at 1 January 2017  81,034,525       116,139,980      140,492  700,000        
 Balance at 30 June 2017    81,034,525       116,139,980      140,492  700,000        
 
 
The issue of Ordinary Shares during the year ended 31 December 2016 took place
as follows: 
 
                                                                
                              Ordinary Shares  Treasury Shares  
                              Amount           No. of shares**  Amount   No. of shares  
                              £                                 £                       
 Balance at 1 January 2016    80,567,984       114,578,335      140,492  700,000        
 Issue of Ordinary Shares     466,541          1,561,645        -        -              
 Balance at 31 December 2016  81,034,525       116,139,980      140,492  700,000        
 
 
* On 9 March 2010, 1 Management Ordinary Share was issued and on 26 March
2010, 9,999 Management Ordinary Shares were issued. 
 
** Includes 10,000 Management Ordinary Shares 
 
9.    RELATED PARTY TRANSACTIONS 
 
The Directors' interests in the share capital of the Company were: 
 
                       Number ofOrdinary Shares30 June 2017  Number ofOrdinary Shares31 December 2016  
 Christopher Sherwell  96,821                                96,821                                    
 Clive Newall          25,000                                25,000                                    
 
 
The Directors' fees for the period ended 30 June 2017 were £57,500 (30 June
2016: £57,500), with £28,750 payable at 30 June 2017 (31 December 2016:
£28,750). 
 
The Investment Manager, Baker Steel Capital Managers LLP had an interest in
10,000 Management Ordinary Shares at         30 June 2017 (31 December 2016:
10,000). 
 
The Management fees paid and accrued for the year are disclosed under Note 7. 
 
Baker Steel Global Funds SICAV - Precious Metals Fund ("Precious Metals Fund")
had an interest of 7,669,609 Ordinary Shares in the Company at 30 June 2017
(31 December 2016: 7,669,609). Precious Metals Fund shares a common Investment
Manager with the Company. 
 
10. SUBSIDIARY COMPANIES 
 
At 30 June 2017, the Company held a 55.8% fully diluted interest which
constituted control in Polar Acquisition Limited ("PAL"); a Company
incorporated in the British Virgin Islands. 
 
As described in Note 2 (i) the Company qualifies as an Investment Entity and
therefore in accordance with IFRS 10, and as explained in Note 2(k) of Annual
Report it is exempt from preparing consolidated financial statements. The
interest in PAL has therefore not been consolidated within these financial
statements. 
 
11.  SUBSEQUENT EVENTS 
 
Following the end of the period, the Company sold a further 11% of its holding
in PAL for US$2.9 million which reduced its interest in PAL to just below 50%
and the PAL investment to 30% of NAV as at 31 July 2017. At this point the
Investment Manager is content with this level of holding in PAL and plans to
hold the current position until the exercise date of Polymetal's option. 
 
There were no other events subsequent to the period end that materially
impacted on the Company. 
 
12. APPROVAL OF HALF YEARLY REPORT AND UNAUDITED CONDENSED INTERIM FINANCIAL 
 
STATEMENTS 
 
The Half-Yearly Report and Unaudited Condensed Interim Financial Statements to
30 June 2017 were approved by the Board of Directors on 15 August 2017. 
 
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