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Baker Steel Resources Trust sees 4% increase in unaudited net asset value to 59.10p per share as at 31 May

Numis Securities completed an oversubscribed tender offer during May and, accordingly, 9,677,478 Baker Steel ordinary shares were purchased at 51p each and then cancelled
Investment growth
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%

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.

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