Proactiveinvestors United Kingdom Baker Steel Resources Trust Proactiveinvestors United Kingdom Baker Steel Resources Trust RSS feed en Wed, 17 Jul 2019 07:30:30 +0100 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[RNS press release - Holding(s) in Company ]]> Tue, 09 Jul 2019 10:31:41 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Mon, 08 Jul 2019 08:54:12 +0100 <![CDATA[RNS press release - Net Asset Value(s) ]]> Fri, 05 Jul 2019 07:00:04 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Wed, 26 Jun 2019 09:20:30 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Fri, 21 Jun 2019 16:07:59 +0100 <![CDATA[News - Baker Steel Resources Trust investments offer potential for outsize returns, says research firm ]]> Baker Steel Resources Trust Ltd (BSRT) is unique in offering UK investors access to early-stage mining companies, which can be higher-risk but have the potential to deliver outsize returns, according to Edison Group.

Edison, an investment research and advisory firm, initiated its coverage of Baker Steel by saying the trust’s investors are “highly experienced” and “very selective”.

The investment team aims to generate gains through “specific risks being mitigated as projects progress along the development curve, rather than relying on commodity price rises”, Edison said.

The research group added: “Investments are typically made via convertible loan notes, often in stages, to limit downside risk. BSRT proactively works with investee companies to unlock value and investments can take a number of years to mature.

“Performance has varied since its launch (although ahead of most peers over one and three years), but BSRT's investment team sees a number of near-term catalysts for potentially significant valuation gains.”

Edison said recent net asset value (NAV) returns have been positive and Baker Steel’s 16.4% share price discount to NAV is narrower than its 20.7% one-year average.

The broker highlighted that Baker Steel conducted a tender offer for 9.7m shares at 51p per share in May 2019 as part of its policy to distribute at least 15% of net realised gains. The trust held a 2.0% net cash position after the tender offer.

“Future distributions could be made via dividends, supported by prospective royalty income,” Edison said.

On the sector as a whole, Edison said mining equities have recovered from the lows of early 2016, but concerns over China’s economic growth and the wider effects of the US-China trade dispute continue to weigh on sentiment.

"Nevertheless, mining stocks remain at a significant discount to global equities and valuations appear attractive relative to historical levels, suggesting scope for the sector to outperform as sentiment improves," it said. 

Fri, 21 Jun 2019 15:47:00 +0100
<![CDATA[RNS press release - Edison initiates on Baker Steel Resources Trust ]]> Fri, 21 Jun 2019 15:17:02 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Mon, 17 Jun 2019 16:20:28 +0100 <![CDATA[News - Baker Steel Resources eyeing valuation uplifts in four significant investments ]]> Still flushed with the success of its investment in the Prognoz silver mine last year, Baker Steel Resources Trust Limited (LON:BSRT) is hoping to repeat the trick.

The mineral resources-focused trust’s largest investment, Polar Acquisition Limited (PAL), agreed last February to sell Polar Silver Resources, which owns 50% of the Prognoz silver mine in Russia, for US$72mln worth of Polymetal International PLC (LON:POLY) shares.

“We made three times our money on Prognoz over a period when the silver price halved,” Trevor Steel, the chief investment officer and co-founder of Baker Steel, told Proactive Investors.

“10% is retained in terms of a revenue royalty on Prognoz so … that sets us up in terms of having more liquidity in the portfolio to pursue new ideas if we wish,” he added.

Recent ideas


Since then, Baker Steel has employed some of its cash by acquiring an Australian coal royalty and investing US$3mln via a convertible loan and warrants in Canadian-listed Azarga Metals Corp (CVE:AZR) as it undertakes a second-phase of exploration drilling at its Unkur copper-silver project in Russia.

In June 2019, the trust reported an unaudited net asset value per share at 31 May of 59.10p, boosted by a tender offer where 9.68mln shares were purchased at 51p apiece and then cancelled. NAV was up from 56.9p at the December year-end, of which 6% was in cash. 

At a Mining Capital conference in May, Steel, a former Merrill Lynch and Blackrock mining fund manager, said the company was also currently in advanced evaluation of two more potential royalties, a pair of convertible loan opportunities as well as how best to rotate the Polymetal funds. 

Chief investment officer highlights four investments with revaluation potential

Although more than 40% of the portfolio is in early stage investments, Steel said the team believe the portfolio was "maturing nicely and it's ripe for some further realisations in due course".

He has outlined four stocks that he thinks could provide significant uplifts to the trust’s NAV in the short- to medium-term, led by Futura Resources.

Futura, at 14.7% of the portfolio as of May 2019, has two advanced coking coal developments in the Bowen Basin in Australia, where capital costs to bring the projects into production are likely to be low and Futura anticipates first positive cash flows shortly.

Another investment that could see a valuation catalyst is Sarmin, a world-class potash discovery in what Steel termed as “the good Congo”, i.e. the Republic of Congo.

Attention has also been moving towards Bilboes, a Zimbabwean gold mine, and Cemos, a private company that is about to start producing cement from its Moroccan operations.

Bilboes, currently representing 14.4% of Baker Steel’s portfolio, is due to complete a feasibility study in mid-2019, at which point Steel thinks there could be a re-rating of the investment, either through a trade transaction of the pursuit of a market listing.

As for Cemos, that is currently being carried at book cost but Steel thinks that valuation will need to be revised next year.

“We anticipate the company will make US$10mln a year of Ebitda for next year and we’re carrying that at a valuation of around US$20mln so we think there’s meaningful upside potentially there,” Steel revealed.

The shares have been whittling away an absurdly large discount to NAV

The company's share price has still got some way to go before it catches up with the NAV – and that’s before the NAV uplifts Steel is expecting – but the discount to NAV has come down to about 17% compared to around 30% a year and a half ago.

Cosmo Sturge, the company’s director of marketing, outlined for Proactive Investors how he feels it is a very interesting time to be looking at the mining sector.

“If you look at where we are in the natural resources cycle, most fundamentally, the return of inflation has been a very influential point for the resources sector and, of course, current robust levels of economic growth are positive for us,” Sturge said.

Of course the US tariffs are potentially highly inflationary.

“We believe the longer-term outlook is very much supported by strong growth from China’s ambitious infrastructure plans,” Sturge added.

Tit-for-tat tariffs may have a short-term effect but it is important to take a longer-term view

Steel concedes that there are risks from the trade war but emphasised – as just about all investment officers do – that the company takes a longer-term view on commodity prices.

For instance, the company has some exposure to copper through its investment in Nussir, which is moving forward with a definitive feasibility study on its Nussir/Ulveryggen copper project in Norway, and sentiment towards the metal might take a short-term hit from the wrangling between the US and China.

“In the case of copper, we feel that the medium to longer-term fundamentals are really excellent with the demand and prospects from electric vehicles. I think that’s actually the more important driver than potentially the tariffs,” Steel opined.

About half of the company’s current portfolio is currently in precious metals but this is largely a by-product of the company’s successful investment in the Prognoz asset.

Steel clearly likes the battery metals but it steers clear of what he calls “the more esoteric metals” that are not traded on an exchange; geographically, it also steers clear of projected in “risky countries like the Democratic Republic of Congo”, so do not expect to see the trust taking a punt on cobalt any time soon.

Fri, 07 Jun 2019 15:24:00 +0100
<![CDATA[News - Baker Steel Resources Trust sees 4% increase in unaudited net asset value to 59.10p per share as at 31 May ]]> Baker Steel Resources Trust Limited (LON:BSRT) revealed an increase in its unaudited net asset value (NAV) per share at 31 May 2019 to 59.10p, up 4.0% on the NAV as at 30 April.

The investment firm said this increase was primarily due to a 5.4% rise in the share price of its biggest holding Polymetal International PLC (LON:POLY), despite the firm paying a 3.5% dividend during the month, together with the effect of Baker Steel’s tender offer during the month.

READ: Baker Steel Resources Trust to buy back shares through tender offer

Numis Securities completed the oversubscribed tender offer during May and, accordingly, 9,677,478 ordinary shares were purchased at 51p each and then cancelled.

As the tender offer was undertaken at a discount to Baker Steel’s NAV per share, the firm said it had the effect of increasing the NAV per share by approximately 0.7% after expenses.

In afternoon trading, Baker Steel shares held steady at 47.50p.

Thu, 06 Jun 2019 13:32:00 +0100
<![CDATA[RNS press release - Net Asset Value(s) ]]> Thu, 06 Jun 2019 07:00:08 +0100 <![CDATA[RNS press release - Result of AGM and Tender Offer ]]> Tue, 28 May 2019 17:15:42 +0100 <![CDATA[RNS press release - Directorate Change ]]> Fri, 24 May 2019 16:06:44 +0100 <![CDATA[News - Baker Steel Resources Trust to buy back shares through tender offer ]]> Baker Steel Resources Trust PLC (LON:BSRT) has a launched a tender offer to buy back around 8% of its share capital.

The offer is at fixed price of 51p for 9,677,498 shares or roughly one in 12 of the amount currently in issue.

WATCH: Baker Steel Resources Trust - Mining Capital May 2019

The tender price is a premium of 10.9% to the market price and a discount of 10.2% discount to the unaudited NAV on 30 April.

Shareholders need to approve a special resolution at the AGM for the tender offer to proceed.

Thu, 09 May 2019 08:53:00 +0100
<![CDATA[Media files - Baker Steel Resources Trust - Mining Capital May 2019 ]]> Thu, 09 May 2019 07:55:00 +0100 <![CDATA[RNS press release - Tender Offer ]]> Thu, 09 May 2019 07:00:06 +0100 <![CDATA[RNS press release - Net Asset Value(s) ]]> Tue, 07 May 2019 07:00:09 +0100 <![CDATA[News - Baker Steel completes on US$3mln investment into Azarga Metals ]]> Baker Steel Resources Trust Ltd (LON:BSRT) has completed on its agreement to invest into Azarga Metals Corp (CVE:AZR)

The deal was previously announced on 14 February.

Baker Steel will invest US$3mln into Canadian-listed Azarga Metals via an 8% secured convertible loan due 31 December 2022.

WATCH: Baker Steel Resources details 2019 investments and ambitions

The loan is convertible at C$0.14.

The first tranche of US$1mln of the US$3mln convertible Loan has been drawn, with the second tranche of US$2mln to be drawn no later than six months from now

 Azarga Metals will use the convertible Loan proceeds to undertake a second-phase drilling and exploration programme at the Unkur copper-silver project in Russia.

An existing preliminary economic assessment on Unkur gives the project a post-tax net present value at an 8% discount rate of US$147.5mln.

In addition to the loan, Baker Steel has been issued with 13.49mln warrants with an exercise price of C$0.17 per share. 

 It also gets an option to acquire a 2% net smelter revenue royalty on the Unkur Project from Azarga Metals for US$5mln.

Unkur currently has an NI 43-101 compliant resource of 724mln pounds of copper and 76.8mln ounces of silver, equating to a total silver equivalent resource of 182mln ounces.

Mon, 15 Apr 2019 08:04:00 +0100
<![CDATA[RNS press release - Completion of investment into Azarga Metals Corp ]]> Mon, 15 Apr 2019 07:00:04 +0100 <![CDATA[RNS press release - Annual Financial Report ]]> Wed, 10 Apr 2019 07:00:02 +0100 <![CDATA[RNS press release - Net Asset Value(s) ]]> Thu, 04 Apr 2019 07:00:11 +0100 <![CDATA[Media files - Baker Steel Resources details 2019 investments and ambitions ]]> Thu, 28 Mar 2019 14:49:00 +0000 <![CDATA[RNS press release - Net Asset Value(s) ]]> Wed, 06 Mar 2019 07:00:07 +0000 <![CDATA[Media files - Bellwether copper mirrors concerns over the global economy ]]> Fri, 15 Feb 2019 10:52:00 +0000 <![CDATA[News - Baker Steel Resources Trust agrees to invest in Azarga Metals ]]> Baker Steel Resources Trust Ltd (LON:BRST), in a statement after Thursday’s close, revealed an agreement to invest US$3mln into Azarga Metals Corp, a company listed on the Toronto Ventures Exchange.

It is investing via a 4-year term 8% secured convertible loan.

Azarga intends to use the injection of funds to support a second-phase drilling and exploration programme, aimed at increasing resources at its wholly owned Unkur copper-silver project, in Russia.

WATCH:  Baker Steel's new coal royalty should provide 'long-term and significant cash flow'

BSRT will also receive share warrants and it will secure an option to acquire a net smelter royalty (of up to 2%) for US$5mln.

The company highlighted that the investment valued Azarga at US$9mln on a pre-money basis.

It also noted that a preliminary economic assessment last year valued the project at US$206mln, based on an 8-year open pit mining operation producing 13,200 tonnes of copper and 3.7mln ounces of silver per year.

“A significant increase in the resource is anticipated to lead to further improvement on the initial positive PEA results,” BSRT said in the statement.

“The project benefits from good existing infrastructure such as grid power, road access and nearby rail and is located around 20km from Udokan, one of the world's largest copper development projects.”

Fri, 15 Feb 2019 08:24:00 +0000
<![CDATA[RNS press release - Agreement to Invest US$3M into Azarga Metals Corp ]]> Thu, 14 Feb 2019 17:26:14 +0000 <![CDATA[RNS press release - Net Asset Value(s) ]]> Tue, 05 Feb 2019 07:00:09 +0000 <![CDATA[Media files - Baker Steel's new coal royalty should provide 'long-term and significant cash flow' ]]> Fri, 01 Feb 2019 11:22:00 +0000 <![CDATA[News - Polymetal’s strong operating and share price performance should bode well for Baker Steel ]]> Shares in Russian gold miner Polymetal International PLC (LON:POLY) have performed very strongly over the past six months, rising from a low of 597p in September to the current 871p.

That’s a chunky 45% rise for a company that’s now capitalised in London at over £4bn.

So Polymetal’s share price weakness of 2018 is now a thing of the past, although there is still ground to be made up on 2017 and 2016 when the shares often traded above the 1,000p mark.

Still, the ongoing recovery is a positive sign. And there two reasons for the recent uptick.


First, sentiment towards gold has been steadily improving as the US Federal Reserve has grown more cautious about its interest rate outlook in the face of ongoing uncertainties in the global economy.

Second, Polymetal’s own operating performance is also improving.

Full year gold equivalent production for the year to 31 December 2018 rang in at a healthy 1.5mln ounces, ahead of guidance, helped by a 22% increase in gold equivalent production in the final quarter, as against the corresponding period a year ago.

What’s more, net debt fell, although not by as much as some analysts had expected, to US$1.52bn.

At this stage, Polymetal hasn’t released hard data on costs, saying instead that it expects all-in sustaining costs to come in US$875 and US$925 per gold equivalent ounce.

Cost outlook

What’s more, costs next year are likely to fall to between US$800 and US$850 per ounce, with production currently forecast to hit 1.55mln ounces of gold equivalent.

All of which bodes well for Baker Steel Resources Trust LTD (LON:BSRT), the listed investment vehicle run by mining industry professionals Trevor Steel, David Baker, and Francis Johnstone. Fully 28% of the Baker Steel portfolio is accounted for by Polymetal shares, according to a filing of 11 January 2019.

With that in mind, it’s not surprising to see Baker Steel’s shares tracking up in line with Polymetal’s over the past few months, even though the net asset value of Baker Steel itself suffered a recent correction following a steep decline in the value of another holding, Metals Exploration.

In addition, around 9% of the portfolio by value is accounted for by a stake in Polar Acquisition LTD, a vehicle which holds a variable rate royalty over future production from another Polymetal mine, Prognoz.

So, for those whose taste in Russian risk is also tempered by caution, Baker Steel looks like a useful way to gain exposure to the upside that Polymetal is now delivering, whilst also allowing for some hedge on any downside through exposure to gold and other assets elsewhere in the world.

Foremost amongst the jurisdictions represented in the portfolio are Australia, Morocco, Norway, Zimbabwe, Indonesia, Republic of Congo, Canada, Philippines, and the DRC.

And the most recent acquisition, that of a royalty on two Australia coal mines, looks decidedly useful. For a total investment of A$8mln, Baker Steel looks set to reap annual pre-tax cash flow of around A$3.5mln from the royalty for upwards of 25 years.

It’s a deal that will pay for itself many times over and is a testament to the ability of the Baker Steel team to unearth value in what remains a very tough market.

So, the non-Russian assets provide extra upside to a portfolio that’s solidly anchored around a stake in one of the world’s major producing precious metals miners.

And if the Polymetal upside does begin to taper off, a big boost from one of these other development projects could still put wind in Baker Steel’s sails. In the medium-term, there’ll be useful cash flow from the Australian coal projects.

For the meantime though, watch as Polymetal’s ongoing strong performance continues to feed through into the Baker Steel share price.



Fri, 01 Feb 2019 10:13:00 +0000
<![CDATA[News - Baker Steel acquires Australian coal royalty, likely to be highly cash generative ]]> Baker Steel Resources Trust LTD (LON:BSRT) has acquired a 0.75% gross revenue royalty on future coal production from the Wilton and Fairhill projects in Queensland, Australia.

The consideration is A$6mln. For an additional A$2mln, Baker Steel can also acquire an additional 0.25% once production reaches 2mln tonnes.

READ: Baker Steel Resources looks to new investment

The properties subject to the royalties contain 2.6bn tonnes of coal, of which 738mln tonnes are less than 100 metres below the surface. Production from Wilton is expected to commence mid-2019, with first royalty payments to be made on a quarterly basis thereafter, by the owner Futura Resources.

Baker Steel invested A$10mln in Futura via a convertible loan note back in December 2017 and has kept a close eye on developments ever since. Discussions are now well advanced with lenders to provide finance to bring the properties into production.

Production from Fairhill is scheduled to commence in 2020. Aggregate coal production will then ramp-up to 2.5mln tonnes of coal per annum by 2021 or 2022 and run at that rate for at least 25 years.

Assuming the option is exercised and using consensus forecasts, the royalties are anticipated to generate around A$3.5mln per year before tax.

The coal royalty is the second significant royalty asset to be acquired by Baker Steel after the net smelter royalty on the Prognoz silver asset held through Polar Acquisition Limited.

Pro-forma 31 December 2018, the initial Futura Royalty holding would represent 4.9% of Baker Steel’s net asset value.

Fri, 01 Feb 2019 08:08:00 +0000
<![CDATA[RNS press release - Acquisition of Gross Revenue Royalty ]]> Fri, 01 Feb 2019 07:00:01 +0000 <![CDATA[RNS press release - Net Asset Value(s) ]]> Fri, 11 Jan 2019 07:00:04 +0000 <![CDATA[RNS press release - Net Asset Value(s) ]]> Fri, 07 Dec 2018 13:03:04 +0000 <![CDATA[RNS press release - Net Asset Value(s) ]]> Tue, 06 Nov 2018 07:00:11 +0000 <![CDATA[RNS press release - Director Declaration ]]> Fri, 19 Oct 2018 08:26:41 +0100 <![CDATA[RNS press release - Net Asset Value(s) ]]> Fri, 05 Oct 2018 07:00:04 +0100 <![CDATA[RNS press release - Net Asset Value(s) ]]> Mon, 10 Sep 2018 07:00:07 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Tue, 04 Sep 2018 07:24:31 +0100 <![CDATA[News - Baker Steel Resources looks to new investment ]]> Investment group Baker Steel Resources Trust Ltd (LON:BSRT), which earlier this year became fully invested, is waiting to cash out of Polymetal and put money into alternative opportunities.

Lock-up agreements prevent Baker Steel from selling the majority Polymetal shares until October.

“Polymetal is a cash generative mid-size producer with a good growth profile and progressive dividend policy but does not fit into the strategy of the company,” Baker Steel Resources said in Friday’s interim results statement.

READ: Baker Steel Resources eyeing valuation uplifts in four significant investments

“The company will therefore utilise the high liquidity of Polymetal's shares to provide funds when the company has a strong investment proposition more in line with its strategy.”

Looking ahead to new investments, the company added that it would seek to invest, via convertible instruments, into projects where it can have a significant interest and be able to proactively influence policy.

Baker Steel also highlighted its existing policy to distribute at least 15% of aggregate realised cash gains.

The shareholding in Polymetal represents 29.8% of all the investment group’s holdings.

Baker Steel reported that its net asset value had reduced by 0.5% in the first six months of 2018, at 57.1p per share.

Fri, 17 Aug 2018 11:31:00 +0100
<![CDATA[RNS press release - Half-year Report ]]> Fri, 17 Aug 2018 09:06:52 +0100 <![CDATA[RNS press release - Net Asset Value(s) ]]> Fri, 03 Aug 2018 07:00:04 +0100 <![CDATA[RNS press release - Net Asset Value(s) ]]> Thu, 05 Jul 2018 07:00:07 +0100 <![CDATA[Media files - Baker Steel Resources Trust outlines 2018 growth drivers and upcoming milestones ]]> Tue, 26 Jun 2018 13:48:00 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Thu, 21 Jun 2018 07:26:49 +0100 <![CDATA[RNS press release - AGM Statement ]]> Mon, 18 Jun 2018 08:27:27 +0100 <![CDATA[RNS press release - Net Asset Value(s) ]]> Tue, 05 Jun 2018 07:00:07 +0100 <![CDATA[RNS press release - Notice of AGM ]]> Thu, 03 May 2018 10:14:55 +0100 <![CDATA[RNS press release - Net Asset Value(s) ]]> Thu, 03 May 2018 07:00:04 +0100 <![CDATA[RNS press release - Final Results ]]> Mon, 23 Apr 2018 14:52:52 +0100 <![CDATA[News - Baker Steel Resources Trust well placed to benefit from "battery metals" enthusiasm ]]> 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.

WATCH: Baker Steel Resources Trust outlines 2018 growth drivers and upcoming milestones

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.


Mon, 23 Apr 2018 11:50:00 +0100