Last checked at 
5 Feb 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)
5 February 2015
30 January 2015 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 January 2015:
Net asset value per Ordinary Share: 44.4 pence
Since 31 December 2014, the NAV per share has decreased by 1.1% largely due to a 25% fall in the share price of Ivanhoe Mines on the Toronto Stock Exchange.
At 30 January 2015, the Company had a total of 71,703,776 Ordinary Shares in issue.
Portfolio Update
The Company is fully invested with top 10 investments as follows as a percentage of NAV:
Black Pearl Limited Partnership | 21.3% | |
Polar Silver Resources Ltd | 18.0% | |
Bilboes Gold Limited | 15.2% | |
Gobi Coal & Energy Limited | 8.9% | |
Metals Exploration plc | 8.1% | |
Ivanhoe Mines Limited | 6.7% | |
Global Oil Shale Group plc | 6.6% | |
China Polymetallic Mining Limited | 4.7% | |
Ironstone Resources Limited | 4.4% | |
Ferrous Resources Limited | 3.1% | |
Other Investments | 3.0% | |
Net Cash, Equivalents and Accruals | 0.0% | |
Potential Acquisitions and Issue of Equity
On 27 January 2015, the Company announced that it had conditionally agreed to acquire additional assets for equity in the Company, valued at approximately £18.6 million as at 31 December 2014, together with proposals to raise up to £100 million through a Placing and Open Offer of new Ordinary Shares. The proposals are subject to an Extraordinary General Meeting of the Company on 23 February 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 31 March 2010.