Completion of Buyback Programme
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:
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Yellow Cake plc
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Andre Liebenberg, CEO
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Carole Whittall, CFO |
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Tel: +44 (0) 153 488 5200
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Nominated Adviser and Joint Broker: Canaccord Genuity Limited
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Henry Fitzgerald-O'Connor
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James Asensio |
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Gordon Hamilton
Tel: +44 (0) 207 523 8000
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Joint Broker: Berenberg
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Matthew Armitt
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Jennifer Wyllie |
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Detlir Elezi
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Tel: +44 (0) 203 207 7800
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Financial Adviser: Bacchus Capital Advisers
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Peter Bacchus
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Richard Allan |
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Tel: +44 (0) 203 848 1640
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Investor Relations: Powerscourt
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Peter Ogden
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Molly Melville |
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Tel: +44 (0) 7793 858 211
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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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