REG - Yellow Cake PLC - Grant of Awards Under Long Term Incentive Plan

Yellow CakeAnnouncement

28/02/2025 07:15

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RNS Number : 7702Y  Yellow Cake PLC  28 February 2025

28 February 2025

 

 

 

Yellow Cake plc ("Yellow Cake" or the "Company" or the "Group")

Grant of Awards Under Long Term Incentive Plan

Yellow Cake, a specialist company operating in the uranium sector holding
physical uranium for the long term, announces that awards have been granted to
Persons Discharging Managerial Responsibility ("PDMRs") as detailed below.

Each of the following PDMRs has, on 27 February 2025, been granted awards in
the form of nil-cost options over the number of ordinary shares in the Company
("Performance Shares") under the terms of the Yellow Cake plc Share Option
Plan 2019, as amended, as set out below.

 PDMR              Position                 Number of shares subject to award
 Andre Liebenberg  Chief Executive Officer  23,921

 Carole Whittall   Chief Financial Officer  10,166

 

The awards are in line with the updated Company's Long Term Incentive Plan
(the "Updated LTIP") and remuneration policy, which have been updated
following consultation with the Company's largest shareholders. The Updated
LTIP was developed with advice from an independent remuneration consultant. To
summarise, the Updated LTIP provides PDMRs with nil-cost options over
Performance Shares, awarded on a conditional basis as determined by the
Remuneration Committee. The number of Performance Shares granted each year
will be based on the potential maximum LTI for the CEO and CFO, divided by the
higher of the net asset value per Yellow Cake Share and the Yellow Cake share
price on 31 March of the previous financial year. Performance Shares will vest
3 years after issue, subject to the satisfaction of performance conditions
linked to share price performance against comparators and growth in the
Group's uranium holdings and revenue. Full details of the Updated LTIP and
remuneration policy will be made available in the Company's annual report for
the year to 31 March 2025.

A share price of £6.88 ("Commencement Price"), being the higher of the net
asset value per Yellow Cake Share as at the Company's financial year-end of 31
March 2024 and the mid-market closing price of the ordinary shares of the
Company on AIM on the last trading day before the financial year-end, has been
used to determine the number of Performance Shares granted on 27 February
2025.

These awards will vest on 1 April 2027, subject to:

·     Yellow Cake's share price performance against various comparators
(see further details below) over the three-year period commencing 1 April 2024
(weighting of 80%); and

·     Yellow Cake achieving material growth in uranium holdings and
revenue over the three-year period commencing 1 April 2024, save in certain
circumstances including a change of control of the Company, as determined by
the Remuneration Committee (weighting of 20%).

Yellow Cake's relative share price performance will be measured against the
following three comparators:

 Comparator                                              Weighting  Performance                                            Vesting
 Sprott Physical Uranium Trust (SPUT)                    15%        ≥ 100%                                                 100%
                                                                    ≥ 95% but less than 100%                               50%
                                                                    Less than 95%                                          Nil
 Daily U(3)O(8) spot price                               15%        ≥ 100%                                                 100%
                                                                    ≥ 95% but less than 100%                               50%
                                                                    Less than 95%                                          Nil
 Basket of 3 equally weighted uranium ETF's 1  (#_ftn1)  50%        At or above the 75(th) percentile                      100%
                                                                    Between the 50(th) percentile and 75(th) percentile    Progressive pro-rata vesting between 50% to 100%
                                                                    Below the 50(th) percentile                            Nil
                                                         80%

 

The calculation of Yellow Cake's relative share price performance is based on
the average over the entire period (3 years) of the daily performance of each
closing daily inputs of the respective share prices and the U(3)O(8) price
("Daily Input") compared with the Commencement Price of each Daily Input
(expressed as a %).

All share price and U(3)O(8) relative performance comparators will be
converted into USD using respective daily FX rates, so as to eliminate
exchange rate impacts.

These comparators have been chosen because it is the Remuneration Committee's
view that they best reflect Yellow Cake's peers and therefore offer a basis on
which Yellow Cake's relative share price performance over the three-year
period can be objectively measured.

This notification is made under Article 19 of the UK Market Abuse Regulation.

 

 1.                                Details of the person discharging managerial responsibilities / person closely

                                 associated

 a.                                Name                                                                         Andre Liebenberg
 2.                                Reason for the notification
 a.                                Position/status                                                              Chief Executive Officer
 b.                                Initial notification /Amendment                                              Initial notification
 3.                                Details of the issuer, emission allowance market participant, auction
                                   platform, auctioneer or auction monitor
 a.                                Name                                                                         Yellow Cake plc
 b.                                LEI                                                                          213800CVMYUGOA9EZY95
 4.                                Details of the transaction(s): section to be repeated for (i) each type of
                                   instrument; (ii) each type of transaction; (iii) each date; and (iv) each
                                   place where transactions have been conducted
 a.                                Description of the financial instrument, type of instrument, identification  Ordinary Shares
                                   code

                                                                                                                ISIN Code JE00BF50RG45
 b.                                Nature of the transaction                                                    Grant of award in the form of nil-cost options over ordinary shares of Yellow
                                                                                                                Cake plc, under the terms of the Yellow Cake plc Share Option Plan 2019, as
                                                                                                                amended. Subject to the satisfaction of performance conditions, the award will
                                                                                                                vest in April 2027.
 c.                                Price(s) and volume(s)                                                       Price: Nil                                23,921
 d.                                Aggregated information

                                   ·      Aggregated volume                                                     As for c above

                                   ·      Price
 e.                                Date of the transaction                                                      2025-02-27
 f.                                Place of the transaction                                                     Outside a trading venue

 

 

 5.                                Details of the person discharging managerial responsibilities / person closely

                                 associated

 a.                                Name                                                                         Carole Whittall
 6.                                Reason for the notification
 a.                                Position/status                                                              Chief Financial Officer
 b.                                Initial notification /Amendment                                              Initial notification
 7.                                Details of the issuer, emission allowance market participant, auction
                                   platform, auctioneer or auction monitor
 a.                                Name                                                                         Yellow Cake plc
 b.                                LEI                                                                          213800CVMYUGOA9EZY95
 8.                                Details of the transaction(s): section to be repeated for (i) each type of
                                   instrument; (ii) each type of transaction; (iii) each date; and (iv) each
                                   place where transactions have been conducted
 a.                                Description of the financial instrument, type of instrument, identification  Ordinary Shares
                                   code

                                                                                                                ISIN Code JE00BF50RG45
 b.                                Nature of the transaction                                                    Grant of award in the form of nil-cost options over ordinary shares of Yellow
                                                                                                                Cake plc, under the terms of the Yellow Cake plc Share Option Plan 2019, as
                                                                                                                amended. Subject to the satisfaction of performance conditions, the award will
                                                                                                                vest in April 2027.
 c.                                Price(s) and volume(s)                                                       Price: Nil                                10,166
 d.                                Aggregated information

                                   ·      Aggregated volume                                                     As for c above

                                   ·      Price
 e.                                Date of the transaction                                                      2025-02-27
 f.                                Place of the transaction                                                     Outside a trading venue

 

 

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
 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
 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 ("U(3)O(8)"). It may also seek
to add value through 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 21.68
million pounds of U(3)O(8), all of which is held in storage in Canada and
France.

 

 1  (#_ftnref1)  Global X Uranium ETF (URA), Sprott Uranium Miners ETF (URNM)
and Sprott Junior Uranium Miners ETF (URNJ).

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