http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Wed, 25 Apr 2018 10:02:14 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Final Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20180423145252_13614963/ Mon, 23 Apr 2018 14:52:52 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20180423145252_13614963/ <![CDATA[News - Baker Steel Resources Trust well placed to benefit from "battery metals" enthusiasm ]]> http://www.proactiveinvestors.co.uk/companies/news/195581/baker-steel-resources-trust-well-placed-to-benefit-from-battery-metals-enthusiasm-195581.html Natural resources companies backer Baker Steel Resources Trust Ltd (LON:BSRT) saw net asset value (NAV) per share rise by 18.6% in 2017 to 56.8p.

The increase in NAV was marginally lower than the 20.7% rise notched up by the trust’s benchmark index, the Euromoney Global Mining Index, although it is worth noting that 80.6% of Baker Steel’s holdings are in unquoted investments, which are carried at “fair value” - i.e. the directors’ best estimate of what they were worth.

READ Baker Steel Resources Trust boosts NAV with US$72 mln sale of Prognoz Silver mine

The largest 10 holdings were: Polar Acquisition Limited (37.4% of NAV); Bilboes Gold Limited (12.6%); Ivanhoe Mines Limited (11.3%); Cemos Group PLC (9.1%); Metals Exploration Plc (6.8%); Sarmin Minerals Exploration Inc (4.5%); Queensland Coal Investment Holdings Ltd (4.4%); Black Pearl Limited Partnership (3.9%); Ironstone Resources Limited (3.8%) and Nussir ASA (3.1%).

Towards the end of 2017 and early in 2018, the company made its first major new investment for three years, investing AS$10 million in Futura Resources Limited (formerly Queensland Coal Investment Holdings) through a convertible loan, which is the company’s preferred way of investing in companies as it provides a measure of downside protection.

Company chairman Howard Myles noted that the convertible loan to Future was completed before the 73.6% increase in the price of coking coal in the second half of the year.

The portfolio is well diversified both in terms of commodity and the geographical location of the projects, the investment manager said.

In terms of commodities the portfolio is concentrated on the large liquid markets of silver, gold, iron ore, coal, copper, platinum group metals and nickel. Its projects are located in Australia, Canada, Democratic Republic of Congo, Germany, Indonesia, Madagascar, Mongolia, Morocco, Norway, the Philippines, Republic of Congo, Russia, South Africa, Vietnam and Zimbabwe.

Myles told shareholders that the mining market moved further along the road to recovery in 2017 and that the current point in the cycle “appears to be an attractive time for investing in mining projects”.

The chairman asserted that the company is not one to jump on the latest bandwagon but noted that hot commodities appear to be those associated with the electrification of motor vehicles and battery technology; copper is likely to be one of the key beneficiaries of electric cars, Myles predicted, and the company already has significant exposure to copper through its investments in Ivanhoe and Nussir.

“On the ‘battery metal’ front the company has exposure to lithium and vanadium through PRISM Diversified Limited (formerly Ironstone Resources Ltd). In addition, the increasing use of silver for photovoltaic reinforces silver as a ‘green’ metal and should drive demand,” Myles predicted.

Shares in Baker Steel currently trade at 45.6p, compared to the most recently published NAV of 54.7p on April 6.


 

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Mon, 23 Apr 2018 11:50:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/195581/baker-steel-resources-trust-well-placed-to-benefit-from-battery-metals-enthusiasm-195581.html
<![CDATA[News - Baker Steel Resources Trust notes completion of Prognoz sale to Polymetal ]]> http://www.proactiveinvestors.co.uk/companies/news/195034/baker-steel-resources-trust-notes-completion-of-prognoz-sale-to-polymetal-195034.html Polar Acquisition Limited has completed the sale of its stake in the Prognoz silver mine in Russia to Polymetal International PLC (LON:POLY).

The consideration was US$72mln in Polymetal shares for the 45% stake, though volatility in the share of the Russian miner has since seen the current value drop to US$59.4mln.

Polar is one of the most significant investments held by Baker Steel Resources Investment Trust (LON:BSRT), which cautioned the volatility in the Polymetal share price will have an impact on the trust’s published NAV.

Over the past year, shares in Polymetal have traded between £10.95 and £5.91.

Polar intends to distribute the Polymetal shares received from Prognoz to its shareholders.

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Mon, 16 Apr 2018 09:34:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/195034/baker-steel-resources-trust-notes-completion-of-prognoz-sale-to-polymetal-195034.html
<![CDATA[RNS press release - Completion of transaction ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20180416072504_13604831/ Mon, 16 Apr 2018 07:25:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20180416072504_13604831/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20180406070004_13594242/ Fri, 06 Apr 2018 07:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20180406070004_13594242/ <![CDATA[News - Baker Steel well positioned as resources sector continues to pick up pace ]]> http://www.proactiveinvestors.co.uk/companies/news/193395/baker-steel-well-positioned-as-resources-sector-continues-to-pick-up-pace-193395.html Shares in Baker Steel Resources Trust (LON:BSRT) are currently trading a fraction off their three-year high of 51p.

The price has consolidated at a firm 50.5p following news of a US$72mln transaction on a major silver investment held by the company in Russia.

Under the terms of this transaction Baker Steel will end up coming in for a significant chunk of that US$72mln, which will be payable in shares of Polymetal (LON:POLY), one of Russia’s largest precious metals miners.

READ: Baker Steel Resources Trust boosts NAV with US$72 mln sale of Prognoz Silver mine

In turn, Polymetal consolidates control over the Prognoz silver mine, and its 292mln ounces of silver at 536 grams per tonne.

Trevor Steel, the driving force behind the Trust, is more than happy with this outcome.

“I think it’s a creditable return on an investment period of six or so years,” he says.

“It’s a big tick in the box and it’s not been easy.”

Along the way, markets first recovered before taking a turn for the worse and that necessitated a more hands on approach at Prognoz.

“At that point,” continues Steel, “we rolled up our sleeves and sorted it out. We brought in Polymetal and demonstrated the ability of our team to do quite complex transactions.”

So now Baker Steel gets to exit at a significant return, and retains its exposure to Prognoz via a royalty and via its Polymetal shares, which are likely to reflect the value of Prognoz too, given its size.

Long term?

And is Steel a long-term holder of Polymetal?

Actually, maybe

He’s a man with considerable experience in the Russian resources sector, which is how and why this deal got done in the first place.

And he points out that the benefits of holding Polymetal are there for all to see.

“It has a dividend yield of 3%,” he says, “and since it listed in 2010 it’s paid out more than US$1bn in dividends.”

What’s more, Polymetal is serious about Prognoz, which is good news for Baker Steel since it retains what could turn out to be quite a rich royalty on the project.

Last year, Polymetal undertook 37 kilometres of drilling across the property, and this year a further 40 kilometres is planned.

So all told, although Baker Steel is likely to balance up its portfolio in the long-term and scale back its position in Polymetal, there won’t necessarily be a rush to the door when the lock-in period expires.

After all, 10% of the shares are freely tradeable now, and Baker Steel also has a sizeable position in Ivanhoe Mines (TSE:IVN), a very tradeable asset which it could always sell down if there was a requirement for ready cash.

How likely such a requirement might be remains to be seen.

Certainly there is a more active market in mining now than has prevailed in recent years.

But Baker Steel has already been taking advantage.

Late last year, it took a position in a privately-held coal company in Australia, that needs about A$20mln to get into production and ought to be able to produce at a margin of around US$100 per tonne when it does so.

There’s also Bilboes in Zimbabwe, which has suddenly assumed a greater significance following the recent change of regime there. Baker Steel owns slightly shy of 22% of Bilboes, which boasts a total JORC resource of nearly five million ounces of gold.

The plan is to put together an initial 100,000 ounce per year mining operation, and then to increase production to 200,000 ounces in due course.

And there’s also the possibility that Bilboes could act as consolidator in the Zimbabwean gold industry.

With Zimbabwe coming back and mining on the turn, this could end up providing the perfect combination of maximum upside to Baker Steel.

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Tue, 20 Mar 2018 09:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/193395/baker-steel-well-positioned-as-resources-sector-continues-to-pick-up-pace-193395.html
<![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20180306070005_13555641/ Tue, 06 Mar 2018 07:00:05 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20180306070005_13555641/ <![CDATA[Media files - Baker Steel excited about potential in new A$10mln coking coal investment ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8822/baker-steel-excited-about-potential-in-new-a10mln-coking-coal-investment-8822.html Wed, 28 Feb 2018 13:05:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8822/baker-steel-excited-about-potential-in-new-a10mln-coking-coal-investment-8822.html <![CDATA[News - Baker Steel Resources Trust boosts NAV with US$72 mln sale of Prognoz Silver mine ]]> http://www.proactiveinvestors.co.uk/companies/news/191826/baker-steel-resources-trust-boosts-nav-with-us72-mln-sale-of-prognoz-silver-mine-191826.html One of the most significant investments held by Baker Steel Resources Investment Trust (LON:BSRT), Polar Acquisition Limited, has agreed to sell its interest in the Prognoz silver mine in Russia to Polymetal International PLC.

At the January monthly update, Polar Acquisition represented just under 38% of Baker Steel’s net asset value. But that’s likely to see significant uplift now.

WATCH: Baker Steel Resources Trust boosts NAV with US$72 mln sale of Prognoz Silver mine

The sale of 90 per cent of the silver resources at Prognoz will realise US$72 mln for Polar Acquisition, a boost to its valuation of approximately 25%.

The consideration is payable in shares in Polymetal.

In addition, Polar Acquisition will retain a continued interest through a royalty on future production.

The deal follows the sale in January 2017 of a 10% stake to Polymetal, which then committed to fund and undertake a pre-feasibility study on Prognoz. As part of that agreement Polymetal was granted an option to acquire the remaining 90% of Polar Silver in March 2019 for a price based on silver reserves and the silver price at that time.

READ: Baker Steel Resources investing for long-term in projects with excellent upside potential

But, following a successful field season in 2017, during which 37km of diamond drilling was undertaken, Polar Acquisition and Polymetal have now agreed to accelerate the exercise of the option.

Polar Silver holds a 50% interest in the Prognoz silver project which has JORC-compliant indicated and inferred Resources of 292 million ounces of silver at a grade of 586 grams per tonne.

Taking into account the value of the Polymetal shares to be received by Polar Acquisition and the valuation of the royalty, the Baker Steel’s carrying value of Polar Acquisition can be expected to increase to approximately US$41 million at the next NAV date, a 25% increase on the carrying value at 31 January 2018.

Baker Steel has invested a total of US$14.2mln over the past seven years into Polar Acquisition, realised US$6mln in cash during 2017, resulting in a return on investment of in excess of three times.

 

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Mon, 19 Feb 2018 08:02:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191826/baker-steel-resources-trust-boosts-nav-with-us72-mln-sale-of-prognoz-silver-mine-191826.html
<![CDATA[RNS press release - Sale of Interest in Prognoz Silver Mine ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20180219070002_13537111/ Mon, 19 Feb 2018 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20180219070002_13537111/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20180206070004_13522430/ Tue, 06 Feb 2018 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20180206070004_13522430/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20180110070003_13490850/ Wed, 10 Jan 2018 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20180110070003_13490850/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20171213145011_13464398/ Wed, 13 Dec 2017 14:50:11 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20171213145011_13464398/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20171206070006_13455235/ Wed, 06 Dec 2017 07:00:06 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20171206070006_13455235/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20171106070004_13420775/ Mon, 06 Nov 2017 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20171106070004_13420775/ <![CDATA[News - Baker Steel allows investors access to a mining world normally open only to private equity ]]> http://www.proactiveinvestors.co.uk/companies/news/186489/baker-steel-allows-investors-access-to-a-mining-world-normally-open-only-to-private-equity-186489.html “Resources equities are entering a recovery phase.”

That’s the straightforward strapline on one of the key slides in the latest presentation from Baker Steel Resources Trust Limited (LON:BSRT).

WATCH: Baker Steel Resources' nose for value beginning to sniff real opportunities

It’s a simple enough message that’s illustrated elsewhere in the same presentation with the use of the mining investment clock first devised by Lion Selection Trust back in the day.

According to the concept of the clock, a market crash happens at 12 o’clock. As the clock ticks round three then comes, in the following order: shock, cost cutting, company liquidations, dividend cuts, asset write downs, and credit agency downgrades.

By that time, the hour-hand has progressed to the four on the clockface. After that, between the hours of 4 o’clock and 5 o’clock comes: stabilising metals prices, a fall in debt levels, cautious buying, and the beginning of merger and acquisition activity.

By the time 6 o’clock comes round, the market is beginning to move into boom-time conditions, and a whole new phase of the cycle begins.

But according to the Baker Steel analysis, the clock now reads sometime between about five and six o’clock.

Accordingly, Baker Steel is now positioning itself for some busy times ahead.

Much groundwork has already been laid, as Trevor Steel explains.

“In bad times no-one has any money and that’s when things are cheap,” he says.

“And there’s a window when people get forced into deals. We were able to do a couple of nice deals at the bottom, in particular the restructuring of Polar Silver.”

WATCH: Baker Steel Resources investing for long-term in projects with excellent upside potential

Central to the opportunity at Polar Silver is a 293 mln ounce silver deposit in the Far East of Russia that looks highly attractive but which will take upwards of US$250mln to build.

During the bear market, the private vehicle controlling the project found itself on the wrong end of a convertible that it couldn’t repay, and accordingly Baker Steel emerged with control.

But Trevor Steel’s ties to Russia run deep. When he was still at Mercury Asset Management, he was on the board of a Russian gold mining company called Buryatzoloto and knows fine well that having a local partner makes things a run a great deal more smoothly in any business transaction in Russia.

Who better than Polymetal, the second largest gold producer in Russia and the largest producer of silver? Polymetal now has an option to buy, and it’s racing ahead with evaluation work.

Given that Polar Silver accounts for around 30% of the Baker Steel portfolio, this is good news, especially since, in Trevor Steels' words, “silver is not up with events.”

What else?

So plenty of upside there. But what else has Baker Steel got cooking as the mining investment clock continues to tick round?

In fact, the portfolio offers opportunity in commodities and jurisdictions across the board. Around 30% is in silver, accounted for by the investment in Polar.

Then, there’s 20% in gold, much of it accounted for by a multi-million ounce project in Zimbabwe which the company bought into for a relative song and which boasts discovery costs of less than a dollar an ounce. A further 13% of the asset portfolio is in copper, with 9% in iron ore, 5% in potash, 8% in cash, and some additional exposure to oil shale, cement, platinum, nickel and chrome.

If you’re bullish on commodities, this is a nice mix to be in. Notable by their absence also are some of the more racier and currently fashionable battery-related metals like lithium and cobalt, and almost the only major commodity missing is coal.

But that’s about to change. Baker Steel is currently putting the finishing touches on an A$8mln - A$10mln investment into a new Australian coal listing called Gateway. This has assets in the Bowen Basin in Queensland, an area that will be well-known to many UK investors, as both Rio Tinto (LON:RIO) and Anglo Pacific Group (LON:APF) have an interest in the nearby Kestrel mine.

Once that investment goes through, Baker Steel will be fully invested, but even so, there are no immediate plans for further fundraising. With Polar Silver, the Trust has already shown willingness to realise value, bringing in Sprott as an investor earlier this year and subsequently selling a 6.2% interest for £2.2mln in cash in July.

“We don’t anticipate doing any kind of capital raising at the moment,” says Steel.

After all, Baker Steel’s holding in Ivanhoe Mines (TSE:IVN) is very liquid and accounts for around 12% of the portfolio. That holding is almost as good as cash anyway, and should any choice opportunity emerge, could be liquidated and redeployed very rapidly.

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Tue, 31 Oct 2017 11:11:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/186489/baker-steel-allows-investors-access-to-a-mining-world-normally-open-only-to-private-equity-186489.html
<![CDATA[Media files - Baker Steel Resources' nose for value beginning to sniff real opportunities ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8266/baker-steel-resources-nose-for-value-beginning-to-sniff-real-opportunities-8266.html Fri, 20 Oct 2017 11:48:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/8266/baker-steel-resources-nose-for-value-beginning-to-sniff-real-opportunities-8266.html <![CDATA[Media files - Baker Steel Resources investing for long-term in projects with excellent upside potential ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8259/baker-steel-resources-investing-for-long-term-in-projects-with-excellent-upside-potential-8259.html Thu, 19 Oct 2017 10:07:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/8259/baker-steel-resources-investing-for-long-term-in-projects-with-excellent-upside-potential-8259.html <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20171005070005_13386584/ Thu, 05 Oct 2017 07:00:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20171005070005_13386584/ <![CDATA[RNS press release - Change of auditor ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170906102317_13353457/ Wed, 06 Sep 2017 10:23:17 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170906102317_13353457/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170906070005_13352936/ Wed, 06 Sep 2017 07:00:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170906070005_13352936/ <![CDATA[RNS press release - Half-year Report ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170816111312_13331977/ Wed, 16 Aug 2017 11:13:12 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170816111312_13331977/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170804070007_13319220/ Fri, 04 Aug 2017 07:00:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170804070007_13319220/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170707070004_13287147/ Fri, 07 Jul 2017 07:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170707070004_13287147/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170609125942_13255727/ Fri, 09 Jun 2017 12:59:42 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170609125942_13255727/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170606070006_13249980/ Tue, 06 Jun 2017 07:00:06 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170606070006_13249980/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170505070008_13215260/ Fri, 05 May 2017 07:00:08 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170505070008_13215260/ <![CDATA[RNS press release - Notice of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170407082902_13187506/ Fri, 07 Apr 2017 08:29:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170407082902_13187506/ <![CDATA[RNS press release - Annual Financial Report ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170407070006_13187012/ Fri, 07 Apr 2017 07:00:06 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170407070006_13187012/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170406070016_13185485/ Thu, 06 Apr 2017 07:00:16 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170406070016_13185485/ <![CDATA[RNS press release - Portfolio Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170403070011_13180150/ Mon, 03 Apr 2017 07:00:11 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170403070011_13180150/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170307070012_13149222/ Tue, 07 Mar 2017 07:00:12 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170307070012_13149222/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170207070008_13119230/ Tue, 07 Feb 2017 07:00:08 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20170207070008_13119230/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20161207070008_013058559/ Wed, 07 Dec 2016 07:00:08 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20161207070008_013058559/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20161104070007_013024039/ Fri, 04 Nov 2016 07:00:07 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20161104070007_013024039/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20161006070009_012991575/ Thu, 06 Oct 2016 07:00:09 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20161006070009_012991575/ <![CDATA[RNS press release - Revision to announcement ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160908070008_012958312/ Thu, 08 Sep 2016 07:00:08 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160908070008_012958312/ <![CDATA[RNS press release - Acquisition ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160907070009_012956793/ Wed, 07 Sep 2016 07:00:09 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160907070009_012956793/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160906070010_012955295/ Tue, 06 Sep 2016 07:00:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160906070010_012955295/ <![CDATA[RNS press release - Half-year Report ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160818082510_012935682/ Thu, 18 Aug 2016 08:25:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160818082510_012935682/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160809070011_012923740/ Tue, 09 Aug 2016 07:00:11 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160809070011_012923740/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160706070007_012881641/ Wed, 06 Jul 2016 07:00:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160706070007_012881641/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160614093747_012852913/ Tue, 14 Jun 2016 09:37:47 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160614093747_012852913/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160607070010_012843590/ Tue, 07 Jun 2016 07:00:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160607070010_012843590/ <![CDATA[RNS press release - Notice of AGM - Correction ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160511070009_012811125/ Wed, 11 May 2016 07:00:09 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160511070009_012811125/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160506070007_012805859/ Fri, 06 May 2016 07:00:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160506070007_012805859/ <![CDATA[RNS press release - Notice of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160503152137_012801717/ Tue, 03 May 2016 15:21:37 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160503152137_012801717/ <![CDATA[RNS press release - Polar Silver Investment ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160427070010_012793336/ Wed, 27 Apr 2016 07:00:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160427070010_012793336/ <![CDATA[RNS press release - Annual Financial Report ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160422070008_012787609/ Fri, 22 Apr 2016 07:00:08 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160422070008_012787609/ <![CDATA[RNS press release - Net Asset Value(s) ]]> http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160405070010_012763381/ Tue, 05 Apr 2016 07:00:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3685/LSE20160405070010_012763381/