REG - Yellow Cake PLC - Completion of Buyback Programme

Yellow CakeAnnouncement

09/05/2022 07:00

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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 £0.01 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 £0.01 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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