REG - Geiger Counter Ltd Geiger Counter - GCS - Monthly Factsheet- April 2025

Geiger CounterAnnouncement

22/05/2025 11:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250522:nRSV7965Ja&default-theme=true

RNS Number : 7965J  Geiger Counter Ltd  22 May 2025

 

 

Geiger Counter Limited Plc

 

Monthly Investor Report 22 May 2025

(All Factsheet data is at 30 April 2025)

 

The full monthly factsheet is now available on the Company's website and a
summary can be found below.

 

NCIM - Geiger Counter Ltd - Fund Page for Geiger Counter Ltd
(https://ncim.co.uk/geiger-counter-ltd/)

 

 

Enquiries:

 

For the Investment Manager

Craig Cleland

Manulife CQS Investment Management

0207 201 5368

 

For the Company Secretary and Administrator

R&H Fund Services (Jersey) Limited

Jane De Barros/Katie De La Cour

01534 825259/01534 825337

 

-----------------------------------------------------------------------

 

 

Fund Description

 

The objective of Geiger Counter Limited is to provide investors with the
potential for capital growth through investment primarily in the securities of
companies involved in the exploration, development and production of energy,
predominantly within the uranium industry. Up to 30% of the value of the
Company's investment portfolio may be invested in other resource- related
companies from outside the energy sector.

 

Portfolio Managers

 

Keith Watson and Robert Crayfourd

 

 

Key Advantages for the Investor

·      Access to mining assets in the uranium sector

·      May benefit from embedded subscription share

·      Low correlation to major asset classes

 

 

 

Key Fund Facts(1)

 

 

 Total Gross Assets                   £58.6m
 Reference Currency                   GBP
 Ordinary Shares:
   Net Asset Value                    36.76p
   Mid-Market Price                   33.80p
 Net gearing(4)                       20.44%
 Discount                             (8.05%)

 

 

Ordinary Share and NAV Performance(2)

 

                One Month    Three Months    One Year    Three Years    Five Years
                (%)          (%)             (%)         (%)            (%)
 NAV            7.20         (31.76)         (49.18)     (30.88)        129.18
 Share Price    0.30         (34.11)         (37.75)     (48.40)        111.25

 

 

Commentary(3)

 

 

After a torrid year-to-date performance from the uranium mining sector despite
positive demand developments, the month began to show to some price recovery.
This sell off appears to have been led by speculative flows following the
release of the Chinese DeepSeek Artificial Intelligence (AI) model dampening
power demand expectations, but the trend to greater AI power demand clearly
remains.

 

Despite weakness in the spot uranium price and corresponding miners, we
believe fundamentals for the sector remain positive. China announced towards
the end of the month that it had approved the construction of 10 new reactors
for a combined cost of $27bn. This represents a cost/GW of just a sixth of
what was invested by EDF for the Hinkley Point reactor in the UK. China had 30
reactors under construction coming into April and this latest announcement
means the country will represent the majority share of the total number of
reactors being built globally. With over 150 additional reactors (with 180GW
capacity) in its development pipeline, the nation's technical standardisation
will likely pay dividends in optimising its overall roll out costs. China is
targeting nuclear generation capacity of 65GW by the end of 2025 and 200GW by
2040. In comparison the EU has 98GW, a similar level to the US.

 

Elsewhere, Japanese nuclear regulators also approved the first reactor restart
in four years, with Hokkaido Electric's Tomari 3 reactor, which had been shut
since 2012, given clearance to restart. It was notable that Spain suffered a
grid collapse during the month, with the effects reaching into Portugal and
some southern regions of France. Although Spain's grid operator has yet to
clarify the cause, several prior warnings of grid instability emerged
following some localised blackouts in the prior week. In addition, given the
cascade was triggered in the southern region that had a heavy 55% solar
loading just before the blackout, it is difficult to escape the conclusion
that the grid was unable to offset the instability using conventional baseload
power sources.

The event may add pressure for Spain to reconsider its planned premature power
station closures. As with a prior blackout in Texas when wind turbines froze
in the winter of 2021, the event may also focus regulators globally on
instability that can result from too high a variable power loading. We believe
this further strengthens the case for nuclear in the power mix as the only
zero carbon baseload power generator to help balance out such fluctuations.
This will also likely support life extension of western reactors and the
accelerated small modular reactor (SMR) development later this decade.

 

The announcement from China helped revive the spot U3O8 (uranium) price which
rose 5% to end April at $67.5/lb and equities recovered well with the Company
NAV rising 7% compared to a 4% sterling return registered by the Solactive
Uranium Pure Play Index. Notable positive contributors were made by Nexgen and
Ur-Energy.

 

 

 

                       Gross Leverage(6)  Commitment Leverage(7)

                       (%)                (%)
 Geiger Counter Ltd    120                120

 

 

CQS (UK) LLP

4th Floor, One Strand, London WC2N 5HR, United Kingdom

T: +44 (0) 20 7201 6900 | F: +44 (0) 20 7201 1200

 

CQS (US), LLC

152 West 57th Street, 40th Floor, New York, NY 10019, US

T: +1 212 259 2900 | F: +1 212 259 2699

 

Tavistock Communications

18 St. Swithin's Lane, London EC4N 8AD

T: +44 20 7920 3150 | geigercounter@tavistock.co.uk

 

Sources: (1)R&H Fund Services (Jersey) Limited, as at the last business
day of the month indicated at the top of this report. (2)R&H Fund Services
Limited/DataStream, as at the last business day of the month indicated at the
top of this report, total return performance net of fees and expenses based on
bid prices. These include historic returns and past performance is not a
reliable indicator of future results. The value of investments can go down as
well as up. Please read the important legal notice at the end of this
document. (3)Market data sourced from Bloomberg unless otherwise stated. The
Fund may since have exited some or all of the positions detailed in the
commentary. (4) BMO, UxC, Company data September 2023. (5) www.eia.gov
(http://www.eia.gov) . (6)CQS, as at the last business day of the month
indicated at the top of this report. For methodology details see Article 4(3)
of Directive 2011/61/EU (AIFMD) and Articles 6, 7, 9 and 10 of Delegated
Regulation 231/2013. (7)CQS, as at the last business day of the month
indicated at the top of this report. For methodology details see Article 4(3)
of Directive 2011/61/EU (AIFMD) and Articles 6, 8, 9, 10 and 11 of Delegated
Regulation 231/2013.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DOCPPUGAAUPAUBP