Business
US$3 million Share Buyback Programme
US$3 million Share Buyback Programme.
About this update from Yellow Cake Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0596H\n Yellow Cake PLC\n 04 April 2022\n \n \n \n \n 4 April 2022\n \n \n \n \n \n \n \n \n \n \n Yellow Cake plc (\"Yellow Cake\" or the \"Company\")\n \n \n Yellow Cake begins US$3 million Share Buyback Programme\n \n \n Yellow Cake, a specialist company operating in the uranium sector holding physical uranium for the long term, is pleased to announce the initiation of a share buyback programme to purchase up to US$3\n million of the Company's Ordinary Shares over 30 calendar days commencing on 4 April 2022 (the \"Programme\").\n \n \n The Yellow Cake Board notes that the Company's shares have traded at a material discount to its underlying net asset value\n since mid-January this year. The Yellow Cake Board has therefore taken 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. The Programme forms part of the Company's stated broader strategy to deliver value to its shareholders. \n \n \n Yellow Cake confirms the geopolitical events in Kazakhstan and Russia/Ukraine have not had a material impact to date on the Company's operations, nor affected its financial position, while both demand and supply side fundamentals around the outlook for uranium remain compelling. The \n tragic war in Ukraine, as well as the conclusions of COP26 have resulted in a comprehensive review of the benefits of nuclear energy. By way of\n example, the \n UK government has brought forward plans to build more nuclear energy plants and \n the \n Belgian and South Korean governments \n are reviewing their\n planned phaseouts of nuclear power given concerns over future energy security. \n We\n are seeing an acceleration in the transition away from fossil fuels driven by fears over security of supply and significant fossil fuel price increases. \n \n \n \n \n \n While the Company has purchased and intends to continue to purchase U3O8 from Kazatomprom, all U3O8 to which the Company has title and has paid for, is held at the Cameco storage facility in Canada and the Orano storage facility in France. Furthermore, Yellow Cake does not anticipate any material delay in completing the delivery of uranium it has agreed to purchase as part of agreements announced last year. \n \n \n Yellow Cak...