Business
Share Buyback Programme
Share Buyback Programme.
About this update from Yellow Cake Plc
[{"type":"text","content":"\n \n \n RNS Number : 3990L\n Yellow Cake PLC\n 30 April 2020\n \n \n \n 30 April 2020\n \n \n \n \n \n \n \n \n \n \n \n Yellow Cake plc (\"Yellow Cake\" or the \"Company\")\n \n \n Share Buyback Programme\n \n \n 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 a three month extension of its share buyback programme, which commenced on 22 January 2020, to purchase up to US$2 million of the Company's Ordinary Shares (the Programme\"). \n At the Programme's inception, the Company's shares were trading at a material discount to its underlying net asset value. The Yellow Cake Board therefore took the decision to implement a share buyback programme as a means of effectively acquiring exposure to uranium at a discount to the commodity spot price and delivering value to its shareholders. \n As at 29 April 2020, the Company had purchased 413,067 shares (held in treasury) at a volume weighted average price of £1.87 per share and at a volume-weighted average discount to NAV of 16%. The Company has incurred US$985,868 on the purchase of its shares to date (inclusive of those purchases made to date). \n Given that the Company's shares continue to trade at a significant discount to net asset value, the Yellow Cake Board has decided to extend the Programme to the earlier of 21 July 2020 or the date on which US$2 million has been incurred in the purchase of the Company's shares.\n Purchases pursuant to the Programme will be made under the authority the Company has in place to make market acquisitions in accordance with the Jersey Companies Law (the \"Existing Authority\"). The Existing Authority permits the purchase of a maximum of 8,821,572 Ordinary Shares at a maximum price (excluding expenses) of 105 per cent. of the average market value of an Ordinary Share as derived from the AIM Appendix to the London Stock Exchange Daily Official List for the five business days immediately preceding the date of purchase. The Programme will be conducted in compliance with the Market Abuse Regulation (EU) No. 596/2014 and Commission Delegated Regulation (EU) No. 2016/1052. The Company intends to hold those Ordinary Shares purchased under the Programme in treasury. \n Purchases will...