REG - Baker Steel Res Tst - Net Asset Value(s)

Baker Steel Resources TrustAnnouncement

04/04/2019 07:05

RNS Number : 0111V
Baker Steel Resources Trust Ltd
04 April 2019
 


 
 
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)
 
4 April 2019
29 March 2019 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 29 March 2019:
Net asset value per Ordinary Share:  57.9 pence
The NAV per share has increased by 0.7% against the NAV at 28 February 2019, primarily due to a weakening of the exchange rate of Sterling against the US Dollar and Australian Dollar.
 
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 March 2019.
 
 
Portfolio Update
 
The Company's top 10 investments are as follows as a percentage of NAV:
 




Polymetal International Plc


21.2%


 




Futura Resources Ltd


13.8%


 




Bilboes Gold Limited


13.2%


 




Cemos Group plc


10.4%


 




Polar Acquisition Ltd


9.0%


 




Sarmin Minerals Exploration


5.1%


 




Black Pearl Limited Partnership


4.0%


 




Anglo Saxony Mining Limited


3.3%


 




Nussir ASA


3.3%


 




PRISM Diversified Ltd


3.0%


 




Other Investments


5.0%


 




Net Cash, Equivalents and Accruals


8.7%


 




 


 


 




 
 
Investment Update
 
 
Polymetal International plc ("Polymetal")
On 11 March 2019, Polymetal announced its preliminary financial results for the year ended 31 December 2018. Revenue for the year increased by 4% over 2017 to US$1,882 million, primarily driven by gold equivalent (GE) production growth of 9% with all-in sustaining cash costs of US$ 861/GE oz, a decrease of 4% year-on-year.  Underlying net earnings increased by 19% to US$447 million driven by EBITDA growth and lower depreciation and income tax expenses although once non-recurring items such as foreign exchange losses and loss on disposal of subsidiaries are included, net earnings were flat at US$355 million. A final dividend of US$0.31 per share representing 50% of the Polymetal group's underlying net earnings for 2H 2018 has been proposed in accordance with Polymetal's dividend policy.
 
The Polymetal share price has performed well recently, rising around 43% in the past six months. During March 2019, the Company sold a part of its holding to reduce concentration risk.
 
 
Futura Resources Limited ("Futura")
 
On 27 March 2019, the BHP Mitsubishi Alliance joint venture partners confirmed completion of the sale of the Gregory Crinum Mine, to Sojitz Corporation ("Sojitz") for A$100 million. Gregory Crinum is a hard coking coal mine located approximately 17km from Futura's Wilton and Fairhill projects in the Bowen Basin in central Queensland, Australia. The site comprises the Crinum underground mine, Gregory open cut mine, undeveloped coal resources and on-site infrastructure including a coal handling and preparation plant, maintenance workshops and administration facilities. Gregory Crinum Mine's capacity was six million tonnes of hard coking coal per annum when production ceased and it was placed into care and maintenance in January 2016.
 
Now that Sojitz has completed the acquisition of Gregory Crinum, Futura can finalise its negotiations with Sojitz for the coal to be produced from Wilton and Fairhill to be processed at Gregory Crinum with a view to production commencing in the second half of 2019.
 
Metals Exploration PLC ("Metals Ex")
 
During February 2019 Metals Ex announced that it had agreed the rescheduling of its US$63.3 million senior debt facility subject to it raising net equity proceeds of US$20 million by 21 March 2019. However, on 5 March 2019, Metals Ex announced that its two major shareholders who in aggregate own 65.81% of the issued share capital were unwilling to support such an issue and accordingly Metals Ex advised the Senior Lenders that it believed that it is unlikely to be able to satisfy the equity fundraising condition precedent. On 1 April 2019, Metals Ex announced that it had agreed a standstill agreement with both the Senior Lenders and the mezzanine debt holders until 2 May 2019 to allow them all time to evaluate and consider possible solutions to Metals Ex's financial position. During the month Metals Ex's share price was volatile but finished broadly unchanged.
 
 
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
 
 
NAVGMGGDMFDGLZM