Yellow Cake PLC Completion of Buyback Programme (7032K)
May 09 2022 - 1:10PM
UK Regulatory
TIDMYCA
RNS Number : 7032K
Yellow Cake PLC
09 May 2022
09 May 2022
Yellow Cake plc ("Yellow Cake" or the "Company")
Completion of Buyback Programme
Yellow Cake, a specialist company operating in the uranium
sector with a view to holding physical uranium for the long term,
is pleased to announce that following the purchase of ordinary
shares on 6 May 2022, the Company's share buyback programme ("the
Programme"), as announced on 4 April 2022, has been completed.
Under the Programme, between 4 April and 6 May 2022, the Company
has repurchased in aggregate 566,833 ordinary shares of GBP0.01
pence each in the Company ( " Ordinary Shares " ) for a total
consideration of US$3 million, at a volume weighted average price
of 415.4 pence per share and a volume weighted average discount to
net asset value of 10.4%.
The Company has 187,740,730 ordinary shares of GBP0.01 each in
issue, of which 4,636,331 ordinary shares are held in treasury.
Therefore, the total number of ordinary shares carrying voting
rights is 183,104,339.
Andre Liebenberg, CEO of Yellow Cake, said:
"This buyback programme has enabled us to acquire additional
exposure to uranium per share at below the spot price, thereby
creating further value for our shareholders. Our decision to
conduct this programme was driven by our continued confidence in
the longer term outlook for uranium. This confidence is centred on
the consistent supply demand characteristics of constrained supply,
and growing demand, with the ever increasing importance of the role
of nuclear in our future energy mix, a key dynamic of our
investment case."
ENQUIRIES:
Yellow Cake plc
Andre Liebenberg, CEO Carole Whittall, CFO
Tel: +44 (0) 153 488 5200
Nominated Adviser and Joint Broker: Canaccord Genuity Limited
Henry Fitzgerald-O'Connor James Asensio
Gordon Hamilton
Tel: +44 (0) 207 523 8000
Joint Broker: Berenberg
Matthew Armitt Jennifer Wyllie
Detlir Elezi
Tel: +44 (0) 203 207 7800
Financial Adviser: Bacchus Capital Advisers
Peter Bacchus Richard Allan
Tel: +44 (0) 203 848 1640
Investor Relations: Powerscourt
Peter Ogden Molly Melville
Tel: +44 (0) 7793 858 211
ABOUT YELLOW CAKE
Yellow Cake is a London-listed company, headquartered in Jersey,
which offers exposure to the uranium spot price. This is achieved
through its strategy of buying and holding physical triuranium
octoxide ("U (3) O (8) "). It may also seek to add value through
the acquisition of uranium royalties and streams or other uranium
related activities. Yellow Cake seeks to generate returns for
shareholders through the appreciation of the value of its holding
of U (3) O (8) and its other uranium related activities in a rising
uranium price environment. The business is differentiated from its
peers by its ten-year Framework Agreement for the supply of U (3) O
(8) with Kazatomprom, the world's largest uranium producer. Yellow
Cake currently holds 15.83 million lb of U (3) O (8) , all of which
is held in storage in Canada and France.
FORWARD LOOKING STATEMENTS
Certain statements contained herein are forward looking
statements and are based on current expectations, estimates and
projections about the potential returns of the Company and the
industry and markets in which the Company will operate, the
Directors' beliefs and assumptions made by the Directors. Words
such as "expects", "anticipates", "should", "intends", "plans",
"believes", "seeks", "estimates", "projects", "pipeline", "aims",
"may", "targets", "would", "could" and variations of such words and
similar expressions are intended to identify such forward looking
statements and expectations. These statements are not guarantees of
future performance or the ability to identify and consummate
investments and involve certain risks, uncertainties and
assumptions that are difficult to predict, qualify or quantify.
Therefore, actual outcomes and results may differ materially from
what is expressed in such forward looking statements or
expectations. Among the factors that could cause actual results to
differ materially are: uranium price volatility, difficulty in
sourcing opportunities to buy or sell U (3) O (8) , foreign
exchange rates, changes in political and economic conditions,
competition from other energy sources, nuclear accident, loss of
key personnel or termination of the services agreement with 308
Services Limited, changes in the legal or regulatory environment,
insolvency of counterparties to the Company's material contracts or
breach of such material contracts by such counterparties. These
forward-looking statements speak only as at the date of this
announcement. The Company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any forward
looking statements contained herein to reflect any change in the
Company's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are based
unless required to do so by applicable law or the AIM Rules.
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END
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