TIDMYCA
RNS Number : 4512X
Yellow Cake PLC
26 April 2023
26 April 2023
Yellow Cake plc ("Yellow Cake" or the "Company")
QUARTERLY OPERATING UPDATE
Yellow Cake, a specialist company operating in the uranium
sector holding physical uranium for the long term, is pleased to
report its performance for the quarter ended 31 March 2023 (the
"Quarter").
Highlights
-- Yellow Cake successfully completed an oversubscribed share
placing of 15 million shares on 7 February 2023, which
raised gross proceeds of approximately GBP61.8 million
(US$74.3 million) (the "Placing").
-- Following the completion of the Placing, Yellow Cake informed
JSC National Atomic Company Kazatomprom ("Kazatomprom")
that it had elected to purchase 1,350,000 lb of U(3) O(8)
at a price of US$48.90/lb, or US$66.0 million in aggregate,
as part of Yellow Cake's 2022 uranium purchase option
under its agreement with Kazatomprom (the "Framework Agreement").
The Company expects delivery to take place in the second
half of 2023. On completion of the purchase, Yellow Cake
will hold 20.16 million lb of U(3) O(8) .
-- Yellow Cake retains its full option to purchase up to
an additional US$100 million of U(3) O(8) in 2023 under
the Framework Agreement.
-- Increase in the spot price over the Quarter of 5.5% from
US$48.00/lb ([1]) to US$50.65/lb ([2]) , resulted in a
corresponding increase in the value of U(3) O(8) held
by Yellow Cake over the Quarter from US$902.7 million
as at 31 December 2022 ([3]) to US$952.5 million ([4])
as at 31 March 2023.
-- Estimated net asset value as at 31 March 2023 of GBP4.23
per share [5] or US$1,035.3 million, comprising 18.81
million lb of U(3) O(8) valued at a spot price of US$50.65/lb
(2) and cash and other current assets and liabilities
of US$82.8 million.
-- Increase in estimated net asset value per share over the
Quarter of 2% from GBP4.15 per share [6] as at 31 December
2022 to GBP4.23 per share(5) as at 31 March 2023, as a
result of the increase in the uranium price, partly offset
by the appreciation of Sterling over the Quarter.
-- Yellow Cake's estimated proforma net asset value on 25
April 2023 was GBP4.46 per share or US$1,095.1 million,
assuming 20.16 million lb of U(3) O(8) valued at a spot
price of US$53.50/lb [7] and cash and other current assets
and liabilities [8] .
-- Yellow Cake's operations, financial condition and ability
to purchase and take delivery of U(3) O(8) from Kazatomprom,
or any other party, remain unaffected by the geopolitical
events in Ukraine. All U(3) O(8) 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.
Andre Liebenberg, CEO of Yellow Cake, said:
" We continue to deliver on our strategy. In the first quarter
we completed another oversubscribed share placing, raising over
GBP60 million which we immediately used to secure a further 1.35
million pounds of uranium from Kazatomprom as part of our framework
agreement. Once we take delivery later this year, our total uranium
holdings will exceed 20 million pounds, giving our shareholders a
substantial opportunity to participate in the continued strong
pricing environment. Our confidence in the outlook for uranium is
unchanged. In the first quarter, the price of uranium has continued
to rise, in contrast to other commodities, highlighting the low
correlation of the uranium price to other asset classes. More
significantly, there is a considerable positive shift in global
sentiment towards nuclear, with governments worldwide recognising
the need for clean base-load capacity. We continue to see rising
demand, driven in part by higher contracting activity, which
coupled with constrained supply, leads us to believe that this
marks a generational opportunity for investors in uranium."
Uranium Market Developments and Outlook
Global Uranium Market
The daily uranium spot price, as reported by UxC, stood at
US$48.00/lb [9] at the end of December 2022, increasing by almost
6% during the month of January to reach US$50.75/lb U(3) O(8) by
month-end. The spot price then traded in a narrow range through
February (US$50.85/lb U(3) O(8) ) and March (US$50.65/lb U(3) O(8)
), due to relatively limited market demand.
Transactional activity in the spot market continued to moderate
during the January-March timeframe. UxC reported total spot market
volume approximated 12.6 Mlb U(3) O(8) [10] for the Quarter
compared to slightly above 13.0Mlb U(3) O(8) in the last quarter of
2022. Spot market purchasing by the Sprott Physical Uranium Trust
("SPUT") fell markedly during the quarter with the uranium fund
acquiring a total of 2.38 Mlb U(3) O(8) , including a single
purchase of 100,000 lb in March. [11]
Longer term uranium price indicators remained fairly stable
throughout the Quarter as the Ux 3-yr Forward price ended December
at US$56.50/lb U(3) O(8) before rising to US$57.00/lb U(3) O(8)
during January and the 5-yr Forward price strengthened from
US$60.00/lb to US$61.00/lb U(3) O(8) during January, with both
indicators unchanged at the end of March. The Ux Long-Term Price
began the year at US$51.00/lb U(3) O(8) , increasing to US$52.00/lb
U(3) O(8) in January before stabilizing at US$53.00/lb U(3) O(8)
during February and March. During the Quarter, term uranium
contracting volume aggregated 51.7 Mlb U(3) O(8) (utility only),
comparable to the reported level in the first quarter of 2022 which
was reported as more than 55 Mlb. [12]
UxC released its annual review of the uranium spot market ("2022
Uranium Spot Market Review") on 30 January 2023. The global nuclear
fuel consulting firm reported that spot price volatility
intensified compared to 2021 due to multiple geopolitical issues
that unfolded throughout the year especially the "social unrest" in
Kazakhstan in January 2022 and the Russian invasion of Ukraine in
February 2022. The uranium spot price peaked in mid-April at
US$63.75/lb, its highest level since 2011 but finished 2022 at
US$48.00/lb, representing an increase of US$6.00/lb from the
beginning of CY2022 (a 14% increase). Regarding annual spot market
volume, CY2022 reported transactions totalling 60.8 million lb, as
compared to the 2021 level of 102.4 million lb.
Looking forward into CY2023, UxC observed that "As new
production is now even more important and utilities may need to
cover unexpected needs, the expectation is that this will result
primarily in additional utility focus on new term contracting.
However, additional contracting activity could also flow back into
the spot market, which would add to demand that is expected to be
heavily driven by the activity of financials." [13]
A new round of sanctions was placed on Russian entities and
citizens by the United States, the European Union and the United
Kingdom with effect from 24 February 2023. The sanctions included
several nuclear-related organisations identified as supporting the
Russian military, while the UK sanctions included senior executives
from Russia's state-owned nuclear company, Rosatom. [14]
Nuclear Generation / Uranium Demand
In January 2023, the Belgian federal government announced that
agreement had been reached to extend the operating life of both the
Doel-4 and Tihange-3 reactors which had been scheduled for final
shut-down in 2025. Both reactors will now be allowed to operate a
further ten years. [15]
The Swedish government is evaluating a proposal to amend the
current nuclear law which limits the number of operating reactors
to ten and which prohibits the building of new reactors at existing
nuclear power plant sites. The proposal also states that necessary
regulations should be adopted facilitating the construction and
operation of small modular reactors ("SMR") within the Nordic
country. [16]
In January 2023, the French Senate approved a draft bill
designed to accelerate procedures related to the construction of
new nuclear facilities near existing nuclear sites and to the
operation of existing facilities. In addition, the approved text
removes the objective of reducing the nuclear share of France's
electricity to 50% by 2035 and provides that the share of
electricity production contributed by nuclear will be "more than
50%" by 2050. [17]
South Korea has taken the decision to pursue restarting
construction of two 1,400 Mwe rectors (Shin Hanul 3 and 4) located
in the coastal county of Uljin (southeast of Seoul). Construction
activities were suspended in 2017 in accordance with the previous
administration's nuclear phase-out policy which has been reversed
by the recently elected government. South Korea now plans for
nuclear to generate more than 30 percent of the country's
electricity by 2030. [18]
Japanese public opinion has moved towards support of restarting
nuclear reactors in that country. One of Japan's leading
newspapers, the Asahi Shimbun, reported the results of a national
survey conducted 18-19 February which showed 51% of respondents
favoured resuming operations while 42% favoured leaving the
reactors offline. Previous public polling showed only 30% support
for reactor operations. [19]
Public support for nuclear power continues to increase in
Europe. A recent public opinion poll conducted by the Som Institute
at Gothenburg University reported that support for nuclear power in
Sweden has reached a record high of 56%, up from 42% in 2022. [20]
A public opinion poll in the UK found a 25% increase in net support
for new nuclear power since June 2021 while support in Switzerland
remains stable with about half of the surveyed persons in favour of
maintaining the current reactor fleet, while 45% favour the
construction of new reactors (43% support a legal ban on new
construction). [21]
The US Department of Energy released an initial report entitled
"Pathways to Commercial Liftoff" which sets forth a preliminary
roadmap for the commercialisation of clean energy technologies
including nuclear power. This department-wide initiative provides
"the private sector and other industry partners a valuable,
engagement-driven resource on how and when certain
technologies-beginning with clean hydrogen, advanced nuclear, and
long duration energy storage-can reach full scale deployment." The
report concludes that cumulative investment must increase from
approximately US$40 billion to US$300 billion by 2030 across those
technology areas with continued acceleration until 2050. The
implementation plan envisions an additional 200 Gwe of advanced
nuclear power by 2050 which would include current nuclear
technology (Gen III+) as well as Gen IV reactors utilising novel
fuels such as high assay-low-enriched uranium ("HALEU"), small
modular reactors and micro reactors. [22]
The European Commission published its proposed "Net-Zero
Industry Act (NZIA) in mid-March, a component of the EU's Green
Deal Industrial Plan. The proposed legislation lists technologies
that the EC believes will make a significant contribution to
decarbonisation which include: solar; wind; batteries and storage;
heat pumps and geothermal energy; electrolysers and fuel cells;
biogas/biomethane; carbon capture, utilisation, storage and grid
technologies; sustainable alternative fuels technologies, and;
advanced technologies to produce energy from nuclear processes with
minimal waste from the fuel cycle, small modular reactors and
related best-in-class fuels. [23] In subsequent negotiations,
parties agreed that countries with commercial nuclear power
programmes could reduce their green hydrogen targets for industries
by up to a fifth by 2030 if they mainly use nuclear power-rather
than fossil fuels for producing the remainder of their hydrogen and
remain on track to meet their overall renewable goals. [24]
Uranium Supply
On 17 March 2023, Kazatomprom announced CY2022 production
results and 2023 outlook. Total uranium production declined
slightly during 2022 recording 55.2 Mlb compared to 56.7 Mlb in
2021 (3% decrease). However, Kazatomprom group uranium sales
volumes fell by only 1% year-on-year while the average realised
sales price rose by 31% to US$43.46/lb compared to USD33.11/lb for
2021. Kazatomprom anticipates aggregate uranium production to be in
the range of 53.3-55.9 Mlb for CY2023 with the decline in
production "due to continued delays and/or limited access to
certain key materials, including sulphuric acid, and equipment
impacting the wellfield commissioning schedule in 2022."
Furthermore, "Wellfield development, procurement and supply chain
issues, including inflationary pressure on production materials and
reagents, are expected to continue throughout 2023, impacting the
Company's financial metrics." Finally, "the Company continues to
target ongoing inventory level of approximately six to seven months
of annual attributable production. The Company may purchase uranium
from the spot market, while continuing to monitor market conditions
for opportunities to optimise its inventory." [25]
Cameco Corporation held its 4Q 2022 Conference Call on 9
February 2023. Corporate executives characterised CY2022 as a
"transformative year" both for the company as well as the nuclear
power industry. Regarding uranium market fundamentals, Cameco
reported that global utility uncovered (yet-to-be-contracted)
uranium requirements total approximately 2.3 billion lb U(3) O(8)
to 2040 while there now exists a structural primary and secondary
uranium supply gap commencing in the near-term. Based on positive
market fundamentals coupled with significant long-term contracting,
Cameco is abandoning its previous planned restriction of mine
operations and now plans to ramp-up McArthur River to 18.0 Mlb/year
and maintain comparable output at Cigar Lake. Ramp-up of the
McArthur River Mine continues to progress with annual output
reaching 15.0 Mlb in 2023 (2022 - 1.1 M lb) before reaching 18.0
Mlb in 2024. [26]
On 8 February 2023, Cameco announced the finalisation of the
pending long-term uranium/conversion services agreement with the
Ukrainian nuclear power company, Energoatom. Under the terms of the
agreement, Cameco will provide 100% of Energoatom's uranium
hexafluoride (UF(6) ) requirements for reactors located at the
Rivne, Khmelnytskyi and South Ukraine Nuclear Power Plants. The
contract also incorporates an option for the fuel requirements of
Zaporizhzhia NPP "after its complete de-occupation" by the invading
Russian military. The agreement extends for a 12-year period from
2024 to 2035 and will total about 40.1 Mlb U(3) O(8) . In the event
that the six-reactor site at Zaporizhzhia returns to Ukrainian
control, a further 27.2 Mlb U(3) O(8) could be added by 2035.
Another agreement executed by the two parties provides for the sale
of Ukrainian-produced uranium which is mined by the domestic Mining
and Processing Plant (SkhidGZK) to "Canada." [27] WNA uranium
production data shows that the Ukrainian facility has been
producing 2.0-2.1 Mlb U(3) O(8) /year.
Nuclear Power Forecasts
On 30 January 2023, BP released its "Energy Outlook - 2023
Edition" which examines energy trends and uncertainties associated
with the expected energy transition over the next 30 years. Major
updating to the previous Energy Outlook incorporates impacts of the
Russia-Ukraine War as well as the adoption of the Inflation
Reduction Act in the US. The report assesses three main scenarios:
Accelerated, Net Zero and New Momentum. The global energy
conglomerate envisions wind and solar accounting for all or most of
the growth in electricity generation stating, "the role of
electricity increases substantially and broadly uniformly across
all three scenarios, with electricity consumption increasing by
around 75% by 2050." Regarding the future role of nuclear power in
the energy transition, BP states that "nuclear power generation
increases by around 80% by 2050 in Accelerated and more than
doubles in Net Zero." [28]
Uranium Market Outlook
As stated in the previous quarterly review and reflective of
expected market activity over the next quarter, the spot price
trend during the second quarter of 2023 is likely to continue to be
dictated by global economic conditions affecting near-term
purchasing decisions by financially oriented market participants.
Therefore, in the absence of more fundamental market factors being
exerted, it appears likely that spot market activity will remain
modest with a narrow trading range through mid-year.
As anticipated, term contracting remained at a relatively high
level during the Quarter driven by transactions involving
Energoatom (Ukraine) covering forward nuclear fuel requirements
with Western sources. In addition, Yellow Cake understands that
uranium suppliers and nuclear utilities continue to discuss forward
uranium contracting, especially in the United States, but firm
contracting appears to have subsided somewhat entering the second
quarter of 2023.
Net Asset Value
Yellow Cake's estimated net asset value on 31 March 2023 was
GBP4.23 per share or US$1,035.3 million, consisting of 18.81
million lb of U(3) O(8) , valued at a spot price of US$50.65/lb
[29] and cash and other current assets and liabilities of US$82.8
million. [30]
Yellow Cake Estimated Net Asset Value as at 31 March 2023
--------------------------------------------------------------------------
Units
Investment in Uranium
Uranium oxide in concentrates
("U(3) O(8) ") (A) lb 18,805,601
U(3) O(8) fair value per pound
(29) (B) US$/lb 50.65
(A) x (B)
U(3) O(8) fair value = (C) US$ m 952.5
------------
Cash and other net current
assets/(liabilities) (30) (D) US$ m 82.8
(C) + (D)
Net asset value in US$ m = (E) US$ m 1.035.3
------------
Exchange Rate ( [31] ) (F) USD/GBP 1.2364
(E) / (F)
Net asset value in GBP m = (G) GBP m 837.4
Number of shares in issue
less shares held in treasury
( [32] ) (H) 198,104,399
Net asset value per share (G) / (H) GBP/share 4.23
---------------------------------- ----------- ----------- ------------
Yellow Cake's estimated proforma net asset value on 25 April
2023 was GBP4.46 per share or US$1,095.1 million, based on 20.16
million lb of U(3) O(8) valued at a spot price of US$53.50/lb [33]
and cash and other current assets and liabilities of US$82.8
million as at 31 March 2023, less a cash consideration of US$66.0
million to be paid to Kazatomprom following delivery of 1.35
million lb of U(3) O(8) in H2 2023.
Yellow Cake Estimated Proforma Net Asset Value as at 25
April 2023
--------------------------------------------------------------------------
Units
Investment in Uranium
Uranium oxide in concentrates
("U(3) O(8) ") (A) Lb 20,155,601
U(3) O(8) fair value per pound
(33) (B) US$/lb 53.50
(A) x (B)
U(3) O(8) fair value = (C) US$ m 1,078.3
------------
Cash and other net current
assets/(liabilities) ( [34]
) (D) US$ m 16.8
(C) + (D)
Net asset value in US$ m = (E) US$ m 1,095.1
------------
Exchange Rate (F) USD/GBP 1.2408
(E) / (F)
Net asset value in GBP m = (G) GBP m 882.6
Number of shares in issue
less shares held in treasury
( [35] ) (H) 198,104,399
Net asset value per share (G) / (H) GBP/share 4.46
---------------------------------- ----------- ----------- ------------
ENQUIRIES:
Yellow Cake plc
Andre Liebenberg, CEO Carole Whittall, CFO
Tel: +44 (0) 153 488 5200
Nominated Adviser and Joint Broker: Canaccord Genuity Limited
Henry Fitzgerald-O'Connor James Asensio
G ordon Hamilton
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: Powerscourt
Peter Ogden Molly Melville
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 18.81 million pounds
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.
[1] Daily spot price published by UxC, LLC on 31 December 2022.
[2] Daily spot price published by UxC, LLC on 31 March 2023.
[3] Based on the daily spot price of US$48.00/lb published by
UxC, LLC on 31 December 2022 and 18,805,601 lb U O held by the
Company as at 31 December 2022.
[4] Based on the daily spot price of US$50.65/lb published by
UxC, LLC on 31 March 2023 and 18,805,601 lb U O held by the Company
as at 31 March 2023.
[5] Estimated net asset value per share as at 31 March 2023 is
calculated assuming 202 ,740,730 ordinary shares in issue less
4,636,331 shares held in treasury, the Bank of England's daily USD/
GBP exchange rate of 1.2364 and the daily spot price published by
UxC, LLC on 31 March 2023.
[6] Estimated net asset value per share as at 31 December 2022
is calculated assuming 187 ,740,730 ordinary shares in issue less
4,636,331 shares held in treasury, the Bank of England's daily USD/
GBP exchange rate of 1.2039 and the daily spot price published by
UxC, LLC on 31 December 2022.
[7] Daily spot price published by UxC, LLC on 25 April 2023.
[8] Estimated net asset value per share as at 25 April 2023 is
calculated assuming 202 ,740,730 ordinary shares in issue, less
4,636,331 shares held in treasury, a USD/ GBP exchange rate of
1.2408 and the daily spot price published by UxC, LLC on 25 April
2023. For purposes of estimating proforma net asset value, cash and
other current assets and liabilities is calculated as US$82.8
million as at 31 March 2023, less a cash consideration of US$66.0
million to be paid to Kazatomprom following delivery of 1.35
million lb of U(3) O(8) in H2 2023.
[9] Daily spot price published by UxC, LLC on 31 December 2022.
[10] Ux Weekly Ux Weekly vol 37 no 14, 3 April 2023.
[11] Sprott.com; "Daily and Cumulative Pounds of Uranium (U(3)
O(8) ) Acquired by Trust"; 31 March 2023.
[12] Ux Weekly; "UxC Market Statistics"; 28 March 2022.
[13] Ux Weekly; "2022 Uranium Spot Market Review"; 30 January 2023.
[14] TradeTech InFocus; "New Sanctions Declared on Russia as War
in Ukraine Passes One-Year Milestone"; Nuclear Market Review; 24
February 2023.
[15] World Nuclear News; "Accord reached on extending operation
of Belgian units"; 10 January 2023.
[16] World Nuclear News; "Changes to Swedish law proposed to
enable nuclear new build"; 12 January 2023.
[17] World Nuclear News; "French Senate adopts bill on
accelerating nuclear new build"; 25 January 2023.
[18] Yonhap News Agency; "S. Korea to resume construction of
Shin Hanul 3 and 4 nuclear reactors this year"; 31 January
2023.
[19] World Nuclear News; "Poll finds record support for Japanese
reactor restarts"; 21 February 2023.
[20] BNN Bloomberg News; "Swedes' Support for Nuclear Power Hits
Highest Since Fukushima"; 29 March 2023.
[21] World Nuclear News; "Polls find strong support for nuclear
in UK and Switzerland"; 10 March 2023.
[22] US DOE press release; "DOE Releases New Reports on Pathways
to Commercial Liftoff to Accelerate Clean energy Technologies"; 21
March 2023.
[23] World Nuclear News; "Nuclear "partially" included in EU's
Net-Zero Industry Act"; 16 March 2023.
[24] BNN Bloomberg News; "EU Agrees Nuclear Has Role in Meeting
Ambitious Climate Goal"; 30 March 2023.
[25] Kazatomprom Press Release; "Kazatomprom 2022 Full-Year
Operating and Financial Results"; 17 March 2023.
[26] Cameco Corporation Press Announcement; Fourth Quarter 2022
Conference Call; 9 February 2023.
[27] Energoatom Press Release; "Energoatom and Cameco Sign
Agreements to Secure Stable Supplies of Nuclear Fuel"; 19 March
2023.
[28] "BP Energy Outlook - 2023 edition"; 30 January 2023.
[29] Daily spot price published by UxC, LLC on 31 March 2023.
[30] Cash and cash equivalents and other net current assets and
liabilities as at 31 March 2023.
[31] Bank of England's daily USD/ GBP exchange rate as at 31 March 2023.
[32] Net asset value per share on 31 March 2023 is calculated
assuming 202 ,740,730 ordinary shares in issue less 4,636,331
shares held in treasury on that date.
[33] Daily spot price published by UxC, LLC on 25 April 2023.
[34] Cash and other current assets and liabilities of US$82.8
million as at 31 March 2023, less cash consideration of US$66.0
million to be paid to Kazatomprom following delivery of 1.35
million lb of U(3) O(8) in H2 2023.
[35] Net asset value per share on 25 April 2023 is calculated
assuming 202 ,740,730 ordinary shares in issue, less 4,636,331
shares held in treasury on that date.
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