Blackrock World Mining Trust PLC — Net Asset Value 2014

Dec 11, 2014

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BLACKROCK WORLD MINING TRUST PLC - Net Asset Value(s)

PR Newswire

London, December 10

NET ASSET VALUEBLACKROCK WORLD MINING TRUST PLCThe unaudited net asset values for BlackRock World Mining Trust plc at close ofbusiness on 10 December 2014 were:338.42p Capital only (undiluted)351.35p including current year income (undiluted)Notes:1.Banro Corporation announced on 4th November 2014 that they had secured US$41mof financing through the forward sale of 40,500 ounces to Gold Holding Ltd.Subsequent uncertainty over the timing of the closure of this transaction,coupled with a balance sheet update provided in their Q3 results released on11 November, meant as at the end November 2014 the Trust held the Banrogold-linked preference shares at a 30% discount to the implied gold priceused in the valuation of these preference shares.Post month end, the Board has noted the lack of recent trading activity andongoing financing uncertainty in Banro Corp 10% Note (March 2017), in whichthe Company is invested. The Board has concluded, based on a recommendationfrom BlackRock’s pricing committee, that it is appropriate to value the Company’sinvestment in the Banro Corp 10% Note at a 25% discount to its last traded price(on 21 November 2014). This gives a valuation for the Company’s investment in theBanro Corp 10% Note of £6.45m (previous valuation £9.09m), an impact to the NAV ofapproximately 1.49 pence.As at 10 December 2014, the total exposure to Banro Corporation sits at 2.88% ofthe NAV, of which the corporate bond represents 1.03% and the gold-linked preferenceshare represents 1.85%.2. Revenue items included in net asset value, with dividends payable deductedon the ex-dividend date.3. The undiluted net asset value per share has been calculated on 177,287,242ordinary shares excluding 15,724,600 held in treasury.4. For the latest daily net asset value, previous month end performancestatistics, asset allocation and ten largest holdings of the BlackRock managedInvestment Trusts; see BLRKINDEX on Reuters or page 8800 on ICB (Topic 3).5. Investments have been valued on a bid price basis.