REG - Geiger Counter Ltd Geiger Counter - GCS - Monthly factsheet December 2023

Geiger CounterAnnouncement

24/01/2024 10:15

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RNS Number : 7747A  Geiger Counter Ltd  24 January 2024

 

 

Geiger Counter Limited Plc

 

Monthly Investor Report - December

 

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

CQS (UK) LLP

Craig Cleland

0207 201 5368

 

For the Company Secretary and Administrator

BNP Paribas S.A., Jersey Branch

Dean Plowman/Ann-Marie Pereira

01534 813 967/ 01534 709198

 

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Fund Description

 

The objective of the Geiger Counter Fund 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                   £100.4m
 Reference Currency                   GBP
 Ordinary Shares:
   Net Asset Value                    67.07p
   Mid-Market Price                   54.00p
 Net gearing                          14.31%
 Discount                             (19.49%)

 

 

Ordinary Share and NAV Performance(2)

 

                One Month    Three Months    One Year    Three Years    Five Years
                (%)          (%)             (%)         (%)            (%)
 NAV            1.21         2.44            44.02       169.03         270.35
 Share Price    0.93         3.85            26.32       100.00         164.71

 

 

Commentary(3)

 

The spot U3O8 price ended December at $91.50/lb, up 13.3% over the month.

Symbolic of its ever more influential role in electricity generation, nuclear
power received

widespread endorsement from the COP 28 conference with an international
agreement to triple installed generating capacity by 2050. This boosted
uranium price momentum into the calendar

year-end.

 

The passing of a US House vote to restrict the importation of Russian-sourced
material saw the bill progress through to the Senate for consideration,
potentially adding impetus to fuel prices. However, equities did not keep pace
with the uranium price rise with the Fund NAV gaining 1.2% in December,
similar to the Solactive Uranium Pure Play Index sterling return.

 

During the month, Nexgen announced that it had received its provincial
environmental permits, the first company in more than 20 years to receive full
provincial EA approval for a uranium project in Saskatchewan. With all
necessary First Nations benefits agreements already in place, we believe the
development of the project has de-risked considerably. The issue of Federal
permits, which includes an official assessment of the Environmental Impact
Assessment by the Canadian Nuclear Safety Commission, and which is expected to
be issued later this year, represents the final step required for the
project's development. Permitting progress helped lift the Nexgen share price
by over 5% in sterling terms over the month. Fission Energy, which owns the
neighbouring Patterson Lake project, rose by nearly 9% in sterling terms over
the month.

 

Physically backed vehicles such as the Sprott Uranium Trust and Yellow Cake
also struggled to keep pace with the uranium price rise, although both
registered sterling returns of over 10% during December. The Sprott Trust
share price briefly exceeded its NAV allowing it to purchase a modest 256k lbs
of U3O8 during the month. The main detractors to Fund performance were Cameco
and Ur-Energy, whose share prices slipped over 6.7% and 5.0% respectively in
sterling terms during December.

 

 

                       Gross Leverage  Commitment Leverage

                       (%)             (%)
 Geiger Counter Ltd    115             115

 

 

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

 

CQS (Hong Kong) Limited

3305 AIA Tower, 183 Electric Road, North Point, Hong Kong, China

T: +852 3920 8600 | F: +852 2521 3189

 

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.

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