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>>The trust's other unlisted investment is in royalty-like gold-linked preference shares issued by Banro (BAA.TO), a Canadian gold miner operating in the Democratic Republic of Congo. Banro is a listed company, but the preference shares are not. The trust bought $30 million-worth of these shares at $25 each in February 2013. They are redeemable at the price of 0.015625 ounces of gold - currently around $18 - and offer a yield of between 10% and 15% of that redemption price, based on Banro's production levels.
Since the trust made that investment, Banro's share price has fallen 90%. As the trust's holding is unlisted, its stake hasn't suffered that fall, although investors may worry the situation echoes the run-up to London Mining's problem. However, Hambro (pictured) said he was comfortable with the investment in the analyst meeting. 'Evy Hambro acknowledged that Banro's share price had been very weak, reflecting production problems at its Namoya mine,' said Urquhart. 'However, he stressed that this company has access to capital and is unaffected by ebola, and consequently he is comfortable with the position.'<<
