Board Change
19 October 2026
Yellow Cake plc (“Yellow Cake”, the “Company” or “Group”)
BOARD CHANGE
Yellow Cake, a specialist Group operating in the uranium sector, holding physical uranium (“U3O8”) for the long term and engaged in uranium-related commercial activities, is pleased to confirm the appointment of Wendy Walker as a non-executive director with effect from 16 October 2026.
Wendy Walker is a Senior Client Director at Langham Hall Fund Management (Jersey) Limited, having joined the firm in 2020. She is a member of the Jersey Senior Management Team and is responsible for overseeing fund administration services across private equity, real estate and other fund structures, including client relationships, governance, regulatory compliance and the delivery of key client obligations.
Ms Walker is a qualified lawyer with extensive corporate and finance experience, having previously worked as a Senior Associate at Ogier LLP in London and Jersey. She has particular expertise in equity capital markets, real estate and structured finance, cross-border M&A and corporate restructuring, and has acted as a director across a broad range of companies in multiple asset classes and jurisdictions.
Ms Walker’s appointment follows the resignation of Zoe Rizzuto as an independent non-executive director with effect from 16 October 2026. The Board would like to take this opportunity to express its sincere gratitude to Zoe for her contribution to Yellow Cake.
Further information in relation to the Director appointment
Wendy Walker
Ms Walker brings valuable expertise, particularly in governance, compliance, and the Jersey regulatory environment, along with extensive knowledge of asset management and administration. Her insights are expected to enhance Board discussions and provide objective scrutiny and constructive challenge to both management and fellow directors.
Wendy Walker is a Senior Client Director at Langham Hall Fund Management (Jersey) Limited. Langham Hall provides administration services to the Group, which will include the services of Ms Walker. In light of the Group’s business relationship with Langham Hall, Ms Walker will not be classified as independent for the purposes of the UK Corporate Governance Code. Ms Walker will not serve on the Company’s audit, remuneration, or nomination committees.
Wendy Antoinette Walker (aged 54) has held the following directorships and/or partnerships in the past five years:
Current directorships or partnerships
Previous directorships or partnerships
130 Woodstreet Trustees (No.1) Limited
Anglo Securities Poole Limited
130 Woodstreet Trustees (No.2) Limited
AUG Limited
Aeon Capital Investments GP Jersey Limited
Augusta Real Estate Limited
Apache Sustainable Living InvestCo Limited
Baumont Co-Invest General Partner Limited
ASF UK I (Trustee) Limited
Benson Elliot GP (Jersey) Limited
ASF UK Industrial Portfolio 2 Trustee 1 Limited
BOB Limited
ASF UK Industrial Portfolio 2 Trustee 2 Limited
Dove (Industrial IV) Trustee I Limited
ASF UK Industrial Portfolio Trustee 1 Limited
Dove (Industrial IV) Trustee II Limited
ASF UK Industrial Portfolio Trustee 2 Limited
Dove (Unitholder) I Limited
ASF UK Touchwood Trustee 1 Limited
DV4 Properties Orchard Brae Co. Limited
ASF UK Touchwood Trustee 2 Limited
EHP II TopCo Ltd
Averna Invesco IV Limited
Emerisque Cavaliere Limited
BLG Capital Limited
Emerisque Holdings Limited
BLG Real Estate II Limited
Green Logistics Ltd
BLG Real Estate Limited
HEREF Fareham Limited
BREC Fund I CIP GP Limited
HEREF Warwick Limited
BREC Fund I GP Limited
Huris (Swindon) Limited
BREC Fund I Jersey Limited
Huris (Thames Park) Limited
Broad Haven I CIP GP Limited
IQL S10 Trustee I Limited
Broad Haven I GP Limited
IQL S10 Trustee II Limited
Caribbean Hotels Limited
IQL S1S11 Trustee Limited
Charterhouse Property Group GP Limited
IQL S2 Trustee I Limited
CSHV IUK BW Holdco Limited
IQL S2 Trustee II Limited
CSHV IUK ET DevCo Limited
IQL S3 Trustee I Limited
CSHV IUK ET Holdco Limited
IQL S3 Trustee II Limited
CSHV IUK ET OfficeCo Limited
IQL S4 Trustee I Limited
CSHV IUK ET Propco Limited
IQL S4 Trustee II Limited
CSHV IUK ET ResiCo Limited
IQL South Holdings Trustee Limited
CSHV IUK KB Holdco Limited
LOB Limited
CSHV IUK KB Propco Limited
Lutetia Limited
Dove GP Limited
Montana Capital Partners Jersey (GP) II Limited
Dragon Capital Advisors Limited
Montana Capital Partners Jersey (GP) Limited
EHP 2 (GP) Limited
Moorfields Trustee 1 Limited
EHP 3 (GP) Limited
Moorfields Trustee 2 Limited
EHP Co-Invest GP Limited
Paloma Carry GP (Dove) Limited
EHP I (GP) Limited
Paloma I (Industrial I) Trustee I Limited
Elevation Managers GP Limited
Paloma I (Industrial I) Trustee II Limited
Esas Real Estate Management Ltd
Paloma I (Industrial II) Trustee I Limited
GMPF BST Investment GP Limited
Paloma I (Industrial II) Trustee II Limited
Hermiston Trustee One Limited
Paloma I (Industrial III) Trustee I Limited
Hermiston Trustee Two Limited
Paloma I (Industrial III) Trustee II Limited
Hersimont Limited
Paloma I (Office I) Trustee I Limited
NCTF 1 Aggregator Limited
Paloma I (Office I) Trustee II Limited
NCTF 1 Blocker Limited
Paloma I (Retail I) Trustee I Limited
Paloma GP I Limited
Paloma I (Retail I) Trustee II Limited
Paloma GP II Limited
Paloma I (Unitholder) Limited
Paloma III GP Limited
Paloma I Propco Limited
Present Made Eddington Project Company Limited
Paloma II (Industrial I) Trustee Limited
Present Made Eddington Property Company Limited
Paloma II (Industrial II) Trustee I Limited
Present Made Houghton Conquest Investment Company Limited
Paloma II (Industrial II) Trustee II Limited
Present Made Houghton Conquest Project Company Limited
Paloma II (Industrial III) Trustee I Limited
Present Made Houghton Conquest Property Company Limited
Paloma II (Industrial III) Trustee II Limited
Prime London Residential Development Jersey GP Limited
Paloma II (Industrial IV) Trustee I Limited
Prime London Residential Development Jersey Holding Limited
Paloma II (Industrial IV) Trustee II Limited
Prime London Residential Development Jersey II GP Limited
Paloma II (Industrial V) Trustee I Limited
Prime London Residential Development Jersey II Holding Limited
Paloma II (Industrial V) Trustee II Limited
Prime London Residential Development Jersey II L.P.
Paloma II (Industrial VI) Trustee I Limited
Prime London Residential Development Jersey II Master Holding Limited
Paloma II (Industrial VI) Trustee II Limited
Prime London Residential Development Jersey L.P.
Paloma II (Industrial VII) Trustee I Limited
Prime London Residential Development Jersey Master Holding Limited
Paloma II (Industrial VII) Trustee II Limited
Salonica GP Limited
Paloma II (Industrial VIII) Trustee I Limited
Silvetta Jersey (GP) Limited
Paloma II (Industrial VIII) Trustee II Limited
Solas Property Holding GP Limited
Paloma II (Office I) Trustee I Limited
The Royal Exchange Investments Limited
Paloma II (Office I) Trustee II Limited
UK Housing Platform GP Limited
Paloma II (Unitholder) I Limited
UK Housing Platform Special Limited Partner Limited
Reading Nominee No 1 Limited
UK SFH Eddington Nominee 1 Limited
Reading Nominee No 2 Limited
UK SFH Eddington Nominee 2 Limited
Reading Trustee Limited
UK SFH Eddington Operations (GP) Limited
Savills IM Single Asset Vehicle Fund ICC
UK SFH Eddington Property (GP) Limited
Savills Investment Management (Jersey) Limited
Urban Impact GP Ltd
Selina Sound Ventures GP Limited
Venta Belgarum G.P. Limited
Signal RH I Limited
Venta Belgarum II G.P. Limited
Signal RH II Limited
WGIF (Jersey) Trustee I Limited
Signal RP I Limited
WGIF (Jersey) Trustee II Limited
Signal RP II Limited
WLIF (Jersey) Trustee I Limited
Student Homes GP Limited
WLIF (Jersey) Trustee II Limited
USTA Limited
WLIF Unitholder Limited
WH 101 Old Hall Street Limited
Ms Walker was a director of Selina Sound Ventures GP Limited, a Jersey incorporated entity which was struck off the Jersey companies register. Ms Walker was not a director of any other entity within the wider Selina group, which subsequently entered administration and liquidation.
Other than the information disclosed above, there are no matters to be disclosed under Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated by the Market Abuse Regulation (EU) No.596/2014, as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of this announcement, this inside information is now considered to be in the public domain.
ENQUIRIES:
Yellow Cake plc
Andre Liebenberg, CEO
Carole Whittall, CFO
Tel: +44 (0) 153 488 5200
Nominated Adviser and Joint Broker: Canaccord Genuity Limited
James Asensio
Henry Fitzgerald-O'Connor
Charlie Hammond
Tel: +44 (0) 207 523 8000
Joint Broker: Berenberg
Matthew Armitt
Jennifer Lee
Detlir Elezi
Tel: +44 (0) 203 207 7800
Financial Adviser: Bacchus Capital Advisers
Peter Bacchus
Richard Allan
Tel: +44 (0) 203 848 1640
Communications Adviser: Sodali & Co
Peter Ogden
James Whitaker
Tel: +44 (0) 7793 858 211
ABOUT YELLOW CAKE
Yellow Cake is a London-quoted 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 (“U3O8”). It may also seek to add value through other uranium-related activities. Yellow Cake and its wholly owned subsidiary (together, the “Group”) seek to generate returns for shareholders through the appreciation of the value of its holding of U3O8 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 U3O8 with Kazatomprom, the world’s largest uranium producer. The Group currently holds 24.37 million lb of U3O8, all of which is held in storage in Canada and France.
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