21st Aug 2015 10:31
LONDON (Alliance News) - Baker Steel Resources Trust Ltd on Friday said its net asset value per share fell by 4.0% in the first half of 2015, hit by a weak market for mining shares, and said it will position itself for a recovery in the sector.
In a statement, the trust said its NAV per share was 43.1 pence at the end of June.
In the same period, the Euromoney Global Mining 100 Index was down 10.9% in sterling, the trust said.
Its unquoted investments were valued at GBP35.8 million at the end of June, while quoted investments were valued at GBP12.3 million.
The trust also had GBP1.6 million in net cash equivalents and accruals at the same stage.
"The company will continue to position itself for a recovery in the mining sector and in the remainder of the year it will also focus on narrowing the discount between the NAV and the share price through its buy-back programme," Baker Steel Capital Managers LLP said in the investment manager's report.
Shares in the trust were down 5.9% at 20.00 pence on Friday.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Baker Steel