Overview
Baker Steel Resources seeks capital growth over the long term through a focused global portfolio consisting principally of the equities, or related instruments, of natural resources companies. Baker Steel Resources invests predominantly in unlisted companies (i.e. in those companies that have not yet made an initial public offering) but also in listed securities with a view to exploiting value inherent in market inefficiencies and pricing anomalies.
The fund’s website can be found here.
Fundamentals
Price
Research History
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17 Oct 2023 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2023
Third quarter of 2023 Investment Companies | Quarterly roundup | October 2023 Kindly sponsored by abrdn ‘Uncomfortable’ Following a fast start to the first half of the year, globally equities took a breather in Q3, as markets assessed the implications of the worst bond sell-off in a generation. Yields on 10-year US treasuries and UK […]
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14 Sep 2023 9 min read
QuotedData’s Investment Companies Roundup – September 2023
September 2023 Monthly roundup | Investment companies Kindly sponsored by abrdn Winners and losers in August 2023 Share price total returns for investment companies were generally poor over August, with the best performing sector, Debt – Structured Finance, returning just 2.1%, with only a few sectors managing to eke out a positive total return. Funds […]
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09 Feb 2023 9 min read
QuotedData’s Investment Companies Roundup – February 2023
February 2023 Monthly roundup | Investment companies Winners and losers in January 2023 In a month where winners far outweighed losers, once again Chinese funds feature amongst the best-performing investment companies over the month, taking many of the top slots. China has barrelled ahead with the reopening of its economy following the lifting of COVID-related […]
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06 Oct 2022 111 min read
QuotedData’s Economic and Political Monthly Roundup October 2022
Economic and Political Monthly Roundup Investment companies | Monthly | October 2022 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to […]
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07 May 2020 4 min read
QuotedData’s Economic Roundup – May 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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07 Feb 2020 7 min read
QuotedData’s Investment Companies Roundup – February 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide New research Here is a list of research we published over January: An annual overview note on Shires Income (SHRS) “Shires Income (SHRS) will […]
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07 Oct 2019 6 min read
QuotedData’s economic roundup – October 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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08 May 2019 3 min read
QuotedData’s investment companies roundup – May 2019
Investment Companies Roundup New research Over April, we published notes on Henderson Diversified Income, Ecofin Global Utilities and Infrastructure, Jupiter Emerging and Frontier Income, Seneca Global Income & Growth and Polar Capital Global Financials Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was […]
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4 min read
QuotedData’s economic roundup – May 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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22 Mar 2019 1 min read
QuotedData’s investment companies roundup – March 2019
QuotedData’s investment companies roundup – March 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2019. Kindly sponsored by Baillie Gifford. JPMorgan Chinese, Fidelity China and Pacific Horizon benefited from a booming Chinese market in […]
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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12 Oct 2018 1 min read
QuotedData’s investment companies roundup – October 2018
QuotedData’s investment companies roundup – October 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in September Trian Investors 1 is a new fund that will adopt […]
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11 May 2018 1 min read
QuotedData’s Economic round up – May 2018
QuotedData’s economic round up – May 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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18 Apr 2018 1 min read
QuotedData’s Economic round up – April 2018
QuotedData’s economic round up – April 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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13 Mar 2018 1 min read
QuotedData’s investment companies roundup – March 2018
QuotedData investment companies roundup – March 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2018. Kindly sponsored by Baillie Gifford. Equity markets continued to run up in early February, supported by strong corporate earnings […]
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07 Feb 2018 2 min read
QuotedData investment companies roundup – February 2018
QuotedData investment companies roundup – February 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2018. Kindly sponsored by Baillie Gifford. The oil price was up again over the month and this helped propel […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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10 Jan 2018 2 min read
QuotedData investment companies roundup – January 2018
QuotedData investment companies roundup – January 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2017. Kindly sponsored by Baillie Gifford. January Investment Companies Roundup Winners and losers in December Infrastructure India’s share price […]
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19 Oct 2017 1 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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16 May 2017 2 min read
QuotedData investment companies roundup – May 2017
QuotedData investment companies roundup: Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2017. Kindly sponsored by Baillie Gifford. Money in: The only new launch in April was EJF Investments, a £69m fund trying to take advantage of […]
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13 Oct 2016 1 min read
QuotedData investment companies roundup – October 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2016. october-investment-companies-roundup
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08 Dec 2014 1 min read
Commodities & Natural Resources
Specialist Commodities and Natural Resources Please click on the link above for the first of what will be a regular series of articles focusing on a particular area of the investment companies market. This month the theme is the Specialist Commodities and Natural Resources sector.
News
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29 Nov 2024 1 min read
Baker Steel Resources agrees to sell Nussir to Blue Moon
Baker Steel Resources (BSRT) has announced that it and the other 3 main shareholders of Nussir ASA, together representing 70.8% of Nussir’s issued share capital, have agreed to sell their shares in Nussir to Blue Moon Metals Inc. The transaction values Nussir at US$55.3m and is conditional upon Blue Moon: raising between US$21.4m and US$35.7m […]
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13 Sep 2024 4 min read
QuotedData’s morning briefing 13 September 2024 – RTW, MNTN, BSRT, JEMA, PCT, TPOU
In QuotedData’s morning briefing 13 September 2024: RTW Biotech Opportunities (RTW) has announced its interim results for the six months ended 30 June 2024, during which its NAV was up 3.0% and its share price was up 10.1%. In comparison, RTW says that its comparator indices – Russell 2000 Biotech and Nasdaq Biotech were up […]
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29 Apr 2024 3 min read
BSRT’s NAV falls on the back of a challenging market for junior miners
Baker Steel Resources Trust (BSRT) has released its annual results for the 12 months ending 31 December 2023. Over the year BSRT’s NAV per share decreased by 2.8%, compared with the increase in the MSCI World Metals and Mining Index of 13.8%. BSRT’s share price fell by 15.1%, finishing the year on a 48.8% discount. […]
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24 Apr 2023 2 min read
Stock-specific issues weigh on Baker Steel Resources
Baker Steel Resources Trust (BSRT) has released its annual results for the financial year ending 31 December 2022. Over the 12 month period BSRT reported a NAV total return of -19.3%, compared to the 10.2% increase in the EMIX Global Mining Index. BSRT’s underperformance was attributed to a series of investment-specific factors, primarily due to […]
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09 Jan 2023 2 min read
QuotedData’s morning briefing 9 January 2023
In QuotedData’s morning briefing 9 January 2023: Downing Strategic Micro-Cap (DSM) has announced a cash exit facility, share buybacks, and subsequent strategic review. The board has previously announced its intention to offer shareholders a 50% share redemption opportunity in May 2024 at NAV. Should the cash exit facility be fully subscribed and, as a result, […]
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20 Oct 2022 1 min read
QuotedData’s morning briefing 20 October 2022
In QuotedData’s morning briefing 20 October 2022: Riverstone Credit Opportunities (RCOI) says that its NAV rose by 7% over the third quarter of 2022, hitting $1.10. The major driver was Seawolf Water Resources but the fund also realised its investment in FS Crude LLC, crystallising a 14.8% gross IRR and a 1.23x gross MOIC; Circulus Holdings […]
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21 Jul 2022 2 min read
Baker Steel Resources sells Bilboes Gold
Baker Steel Resources Trust says that it and the other shareholders of Bilboes Gold have signed an agreement to sell Bilboes to Caledonia Mining Corporation for a total consideration of 5,123,044 Caledonia shares and a 1% net smelter royalty on Bilboes’s gold project. Completion of the transaction is subject to a number of conditions precedent […]
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19 Apr 2022 1 min read
QuotedData’s morning briefing 19 April 2022
In QuotedData’s morning briefing 19 April 2022: Baker Steel Resources (BSRT) reports that its NAV total return for 2021 was 1.2%, behind the 5% return on its EMIX Global Mining benchmark. Although two core investments, Tungsten West and Silver X listed during the year, it did not monetise either of these investments and therefore did […]
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04 Mar 2022 5 min read
QD view – Feeling resourceful?
I started writing this article a week ago – the day before Russia launched its invasion of Ukraine. With the events unfolding in Eastern Europe and a harsh increase in sanctions a foregone conclusion, I pressed pause on looking at the commodities and natural resources sector to focus on the immediate impact on trusts with […]
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15 Sep 2021 2 min read
QuotedData’s morning briefing 15 September 2021
In QuotedData’s morning briefing 15 September 2021: The Renewables Infrastructure Group (TRIG) has announced the results of its issue (by way of placing) under the its Share Issuance Programme and PrimaryBid Offer announced on 31 August 2021.TRIG will issue 161,290,323 New Ordinary Shares at 124 pence per share, raising gross proceeds of £200m in aggregate. […]
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16 Sep 2020 2 min read
Interims from Baker Steel Resources as mining shares bounce back strongly
Baker Steel Resources (BSRT)’s NAV rose by 4.5% over the six-month interim period to 30 June 2020. Mining shares recovered strongly following the March collapse, with the EMIX Global Mining Index rising 5.8% in sterling terms over the half-year period. ‘Mining shares rebounded strongly in reaction to the inflationary risk of global stimulus’ BSRT’s chairman, Howard Myles, […]
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21 Apr 2020 2 min read
Precious metals help Baker Steel shine
Precious metals help Baker Steel shine – Baker Steel Resources Trust has just released results covering the year ended 31 December 2019. This is looking a bit like ancient history given developments since. However, it is worth saying that the trust had a good 2019, with a 29.9% return on NAV (this compares favourably to a […]
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1 min read
QuotedData’s morning briefing 21 April 2020
In QuotedData’s morning briefing 21 April 2020, as US oil prices go negative for the first time: Yesterday Big Yellow announced plans to raise up to £80m via a placing of shares. It wants the money to buy land to expand its portfolio. It has 13 development sites, three of which are soon to complete (adding […]
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09 May 2019 1 min read
QuotedData’s other news 9 May 2019
Baker Steel has announced details of its tender – a tender offer for up to 9,677,498 shares (about one share for every 12 issued shares) at a tender price of 51p per share. The price represents a premium of 10.9% to the closing bid price on 7 May 2019 and a discount of 10.2% to the […]
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10 Apr 2019 1 min read
Baker Steel plans tender offer
Baker Steel plans tender offer – after a year when Baker Steel managed to generate a small NAV increase (0.2%) while the wider EMIX Global Mining Index fell by 5.9%, the trust has now announced it wants to hand back £4m/£5m to shareholders. The money comes from the sale of the Prognoz silver project to […]
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01 Feb 2019 2 min read
Baker Steel Resources buys royalty in Queensland coal
Baker Steel Resources buys royalty in Queensland coal – Baker Steel Resources Trust has bought a 0.75% gross revenue royalty over the future production of coal from the Wilton and Fairhill properties in Queensland, Australia for A$6 million. The deal includes the option to acquire an additional 0.25% for a further A$2 million (exercisable any time […]
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19 Feb 2018 2 min read
Baker Steel Resources sells Prognoz Silver Mine
Baker Steel Resources sells Prognoz Silver Mine – Baker Steel Resources Trust says that its largest investment, Polar Acquisition Limited has agreed to sell its 90% interest in Polar Silver Resources Limited to Polymetal International plc for US$72 million (to be satisfied in Polymetal shares). In January 2017, Polar sold a 10% stake in its subsidiary […]
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03 Apr 2017 1 min read
Baker Steel Resources benefits from Polar buy-back
Baker Steel Resources Trust Limited says its 64% owned investment Polar Acquisition Limited (PAL) has agreed to issue a new zero coupon US$4.75 million convertible loan to discretionary clients of Sprott Inc (a Toronto listed fund management company well known for its expertise in natural resources investment and its interest in silver). The proceeds of the convertible […]
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07 Feb 2017 1 min read
All trust sectors bar one made money in ’16
UK Smaller Companies was the only investment sector to lose money in 2016 despite a turbulent political and economic landscape, new research has revealed. See more here
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07 Sep 2016 1 min read
Baker Steel Resources Trust increases stake in Nussir
Baker Steel Resources Trust has announced that it has acquired a further 5.4% interest in Norwegian Copper company, Nussir ASA (Nussir), to add to the 9.8% of Nussir it already holds, for a consideration of £625k. The company says that the consideration has been satisfied through the issue to the vendors of 1,561,822 new ordinary […]
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19 Aug 2016 3 min read
Baker Steel Resources hit by Black Pearl writedown
Baker Steel Resources Trust says that, during the first six months of the year, the unaudited net asset value per share rose 15.7% to 38.8p in a recovering market for mining shares, with the Euromoney Global Mining 100 Index rising 58.9% in Sterling terms. The most significant factor in the recovery of the Euromoney Global […]
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27 Apr 2016 2 min read
Baker Steel Resources is moving ahead with Prognoz acquisition
Baker Steel Resources Trust has provided an update on its intention to increase its ownership in Polar Silver Resources Limited. Polar Silver Resources is the trust’s largest investment (25.8% of net assets as at 31 March 2016). It is a private limited company, incorporated in the British Virgin Islands, which owns 100% of ZAO Argentum. […]
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22 Apr 2016 3 min read
Baker Steel Resources Trust makes up some ground against benchmark
Baker Steel Resources Trust has published its results for 2015. The Euromoney Global Mining Index fell 39.3% in Sterling terms during the year and at 31 December 2015 was down 68.2% from the date of the Company’s first Net Asset Value (NAV) on 30 April 2010. By comparison, the Company’s NAV per share fell 25.4% […]
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21 Apr 2016 1 min read
Top ten risers and fallers in March
http://view.ceros.com/citywire/it-insider-april-2016/p/21 Investors appeared to have a greater appetite for risk during March, with trusts which have invested in Brazil, Latin America, and Russia all featuring in the top 10 risers.
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18 Dec 2015 1 min read
Baker Steel calls meeting to approve Polar Silver purchase
Baker Steel Resources Trust’s Board has announced that, following consultation with a number of the Company’s largest Shareholders, it is seeking approval from Shareholders for an amendment to the Company’s investment policy. The amendment, if approved, will enable the Company to increase its existing investment in Polar Silver Resources Limited and/or any company within its […]
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24 Aug 2015 2 min read
Baker Steel says Ivanhoe stake valued below cash
Baker Steel Resources Trust reports a 4% fall in its net asset value for the six months ended 30 June 2015, much better than the 10.9% fall reported for the Euromoney Global Mining 100 Index. The report says the fall in NAV can largely be attributed to a 11.8% fall in the share price of […]
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22 Jul 2015 1 min read
Discount trends, big names big prices
http://www.moneyobserver.com/news/21-07-2015/discount-trends-big-names-big-prices Investment trusts with big name managers saw their share prices soar over the second quarter as investors sought out the best active management.
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15 May 2015 1 min read
New Look sale adds £15m to SVG
SVG Capital has announced this morning that funds advised by Permira have signed a definitive agreement to sell New Look to Brait SA. The transaction values SVG Capital’s holding in New Look at £37 million, a £15 million uplift (8p per share) to the 31 January 2015 valuation of £22 million. New Look is a leading […]
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15 Apr 2015 1 min read
Baker Steel hit hardest by iron ore price falls
Over the year to the end of December 2015 Baker Steel Resources net asset value fell by 27.6% – somewhat more than comparative indices such as the Euromoney Global Mining 100 Index which fell by 15.4% and the FTSE Gold Mines Index which fell by 9.8% over the same period. The statement says that some of […]
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24 Feb 2015 1 min read
Baker Steel makes significant progress on expansion plans
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 […]
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27 Jan 2015 2 min read
Baker Steel unveils expansion plans
Baker Steel Resources Trust has published more detail on its proposed expansion plans. Shareholders get to vote on elements of the proposed plans at an EGM being held on 23 February 2015. They will acquire a portfolio worth £18.6m and potentially buy a further £60.7m worth of investments – issuing new shares to pay for […]
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27 Aug 2014 1 min read
Baker Steel Resources Trust reports underperformance in the first half of 2014
BSRT : Baker Steel Resources Trust reports underperformance in the first half of 2014 Baker Steel Resources Trust‘s recent interims report a 14.5% fall in the trusts NAV (in sterling terms) during the first of 2014. This compares against a rise in the Euromoney Global Mining 100 Index of 1.2% (in sterling terms). The largest […]
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25 Jun 2014 1 min read
Baker Steel Resources Trust : BSRT – acquisition
Baker Steel Resources Trust has bought $2.5m of convertible loans to ZAO Argentum and 500 shares in Polar Silver Resources Limited for £ 1.32m. It is paying for this by issuing 2,259,357 new ordinary shares at 58.5p (equivalent to the latest NAV). Polar Silver is a holding company which holds 100% of ZAO Argentum, which in turn is the holder […]
