Baker Steel Resources Trust Ltd Net Asset Value(s) (5502F)
11 Julio 2023 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 5502F
Baker Steel Resources Trust Ltd
11 July 2023
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
11 July 2023
LEI: 213800JUXEVF1QLKCC27
30 June 2023 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 June 2023.
Net asset value per Ordinary Share: 67.3 pence.
The NAV per share has decreased by 5.2% versus the unaudited NAV
at 31 May 2023 largely as a result of the half year review of
unlisted holdings detailed below, reflecting the weak market for
mining development shares during the first half of the year.
The Company had a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 30 June
2023.
Investment Update
The Company's top 10 investments were as follows as a percentage
of NAV:
30 June 2023 31 December 2022
Cemos Group plc 29.2% 22.8%
Futura Resources Ltd 25.4% 27.8%
Caledonia Mining Corporation 10.3% 9.2%*
Plc
Bilboes Royalty 7.9% 6.9%*
Kanga Investments Ltd 5.1% 5.6%
Silver X Mining Corporation 4.5% 5.4%
First Tin plc 3.8% 4.8%
Nussir ASA 3.7% 4.1%
Metals Exploration Plc 2.6% 1.7%
Tungsten West Plc 2.1% 5.4%
Other Investments 5.5% 6.1%
Net Cash, Equivalents and
Accruals 1.0% 0.2%
* pro forma
Half Year Review of Unlisted Investments
The Company has carried out its usual half yearly review of
general market movements in mining equities, taking into
consideration company-specific factors, as well as an assessment of
whether these should impact the carrying values of its unlisted
holdings.
The Investment Manager maintains an index of comparable listed
companies for each unlisted investment for comparison purposes and
as a benchmark against which the valuation of a particular unlisted
stock might have moved during the period had it been listed which
it terms "IndexVal". In addition, the Investment Manager has
updated its royalty models for the royalty interests it owns in
Futura Resources and Polar Acquisition Limited ("PAL") and Bilboes
Holdings to take account of the latest estimated production
profiles of the underlying projects and commodity prices. The net
present values produced by these royalty models are then discounted
for development risk to arrive at a valuation.
Futura Resources Ltd ("Futura")
Futura is currently in the process of raising the finance to
start production at its two steel making coal projects in
Queensland, Australia following the award of the mining licences in
November 2022. The success or otherwise of such financing during
the third quarter of 2023 could have a material impact on the
valuation of Futura. As none of the financing options being pursued
had been completed by 30 June 2023, the Company has decided to
reduce the valuation of its equity position by an amount equal to
the 24% decline in IndexVal for Futura during the first half of
2023. This has been the result of a decrease in spot and near-term
forward steel making coal prices which has also been reflected in a
12% reduction in the carrying value of the Company's gross revenue
royalties over Futura's two mines.
Other Significant Adjustments
The carrying value of Cemos Group plc has been increased by 9%
due to an increase in the market values of local cement companies
and taking into account the updated forecast production and
earnings for 2023. The valuations of Kanga Investments and Nussir
have been reduced by 21% and 11% respectively in accordance with
the fall in IndexVal during the period.
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.
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END
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July 11, 2023 02:00 ET (06:00 GMT)
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