TIDMBSRT

RNS Number : 4407D

Baker Steel Resources Trust Ltd

20 October 2022

BAKER STEEL RESOURCES TRUST LIMITED

(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)

Proposed amendment of the Company's investment policy

Notice of Extraordinary General Meeting

LEI: 213800JUXEVF1QLKCC27

The Board today announced that, following consultation with a number of the largest Shareholders, it is seeking approval from Shareholders for amendments to the Company's investment policy (the Proposal). The amendments, if approved, will (i) enable the Company to increase its existing investment in Futura Resources Limited (Futura) so that such investment may represent up to 35 per cent. of the value of the Company's gross assets at the time of the relevant transaction; and (ii) remove an earlier amendment to the Company's investment policy relating to the Polar Silver Group which has become unnecessary given that the only remaining part of that investment is a net smelter royalty held through Polar Acquisition Limited which now represents less than 5 per cent. of the Company's portfolio.

The purpose of the proposed increase in the Company's maximum exposure to Futura is to allow the Company to provide short term support to Futura, in which it is the largest shareholder, so as to provide it with the best opportunity to close its major financing efforts, as described below. It will also give the Company additional flexibility to protect its interests should Futura's financing efforts take longer than expected. A similar amendment was made to the Company's investment policy in 2016 in respect of the Company's investment in the Polar Silver Group which allowed the facilitation of certain transactions, leading to a successful divestment of most of the Company's interest in the Polar Silver Group and benefiting Shareholders.

As the Proposal involves a material amendment to the Company's existing investment policy, the approval of the holders of Ordinary Shares is required in accordance with the Listing Rules. The Proposal is therefore conditional on the passing of the Resolution, which will be proposed at the Extraordinary General Meeting of the Company as an ordinary resolution.

For full details of the proposal and the notice of the Extraordinary General Meeting please click on, or paste the following link into your web browser.

http://www.rns-pdf.londonstockexchange.com/rns/4407D_1-2022-10-19.pdf

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October 20, 2022 02:00 ET (06:00 GMT)

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