Grant of Awards Under Long Term Incentive Plan
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 U3O8 spot price |
15% |
≥ 100% |
100% |
|
|
|
≥ 95% but less than 100% |
50% |
|
|
|
Less than 95% |
Nil |
|
Basket of 3 equally weighted uranium ETF's[1] |
50% |
At or above the 75th percentile |
100% |
|
|
|
Between the 50th percentile and 75th percentile |
Progressive pro-rata vesting between 50% to 100% |
|
|
|
Below the 50th 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 U3O8 price ("Daily Input") compared with the Commencement Price of each Daily Input (expressed as a %).
All share price and U3O8 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 code |
Ordinary Shares 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 · Price |
As for c above |
|
|
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 code |
Ordinary Shares 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 · Price |
As for c above |
|
|
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 |
|
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|
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|
|
|
|
|
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 seeks 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. Yellow Cake currently holds 21.68 million pounds of U3O8, all of which is held in storage in Canada and France.
[1] Global X Uranium ETF (URA), Sprott Uranium Miners ETF (URNM) and Sprott Junior Uranium Miners ETF (URNJ).
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