At Baker Steel Resources Trust’s EGM held on Monday 23 February all the resolutions were passed. the issue price for shares available under the open offer was 36.2p and 3,368,488 new shares are being issued in response to that (the share price is still c10% below the 36.2p level so the low level of take up is maybe unsurprising). However a further 38.8m shares are also being issued in exchange for the assets held by various funds that Baker Steel is involved with.
The much larger transaction – to fold in assets worth £61m held by entities affiliated with Salamanca Group Advisers may still take place – they say at some point before 31 July 2015. In addition, the company still has powers to issue many more shares (up to £98.8m worth) for cash as and when there is appetite for them.
They are still pressing ahead with plans to introduce a discount control mechanism in the summer.
BSRT : Baker Steel makes significant progress on expansion plans