Baker Steel Resources Trust Ltd Edison update on Baker Steel Resources Trust
22 Gennaio 2021 - 9:00AM
RNS Non-Regulatory
TIDMBSRT
Baker Steel Resources Trust Ltd
22 January 2021
London, UK, 22 January 2021
Edison issues update on Baker Steel Resources Trust (BSRT)
Baker Steel Resources Trust (BSRT) reported an impressive NAV
total return (TR) of 29.2% for 2020, visibly ahead of the EMIX
Global Mining Index (22.2% TR in sterling). This largely resulted
from a yearend valuation review of unlisted portfolio holdings and
was driven by a combination of projects moving up the development
curve, the rebound in commodity prices (CRB Commodity Index up by
21% in H220) and higher market multiples of listed peers (vs
end-June). Key contributors include Cemos reaching full production
capacity and Tungsten West being revalued after recent first
closing of its GBP5.0m funding round. Their carrying value almost
doubled, adding 8.9pp and 8.0pp to portfolio NAV TR,
respectively.
In 2020 BSRT's shares traded at an average discount to NAV of c
20%, compared to its five-year average of c 25%. The discount has
significantly narrowed by the year-end and turned into a slight
premium (1.5%) on 30 December 2020 close, which may suggest
investors already anticipated a significant NAV uplift. As such,
the immediate share price response to the end-2020 NAV announcement
on 14 January 2021 was only a c 10% increase compared to the 27.5%
NAV uplift versus end-November, resulting in a double-digit
discount to NAV (currently c 14.1%).
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January 22, 2021 03:00 ET (08:00 GMT)
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