TIDMYCA
RNS Number : 5845L
Yellow Cake PLC
06 September 2023
6 September 2023
Yellow Cake plc ("Yellow Cake" or the "Company")
Results of 2023 Annual General Meeting
Yellow Cake, a specialist company operating in the uranium
sector with a view to holding physical uranium ("U(3) O(8) ") for
the long term, is pleased to announce that at the Annual General
Meeting of the Company held on 6 September 2023 ("AGM" or the
"Meeting") all resolutions were duly passed. Resolutions 1-11 were
passed as ordinary resolutions and resolutions 12 and 13 were
passed as special resolutions.
The full text of the resolutions passed at the Meeting can be
found in the Notice of Annual General Meeting, which is available
on the Company's website at www.yellowcakeplc.com.
The following table shows the votes cast on each resolution:
VOTES % VOTES % TOTAL % OF VOTES
FOR AGAINST VOTES SHARE WITHHELD
VALIDLY CAPITAL
CAST WITH
VOTING
RIGHTS
Annual Report
1 and Accounts 66,462,151 72.4 25,280,031 27.6 91,742,182 46.3 200,065
----------------------- ----------- ------- ----------- ----- ----------- --------- -----------
Re-appoint Anthony
Tudor St John,
The Lord St John
2 of Bletso 85,446,658 93.0 6,390,677 7.0 91,837,335 46.3 104,912
----------------------- ----------- ------- ----------- ----- ----------- --------- -----------
Re-appoint Andre
3 Liebenberg 91,326,409 99.4 512,120 0.6 91,838,529 46.3 103,718
----------------------- ----------- ------- ----------- ----- ----------- --------- -----------
Re-appoint Carole
4 Whittall 61,699,633 97.6 1,508,043 2.4 63,207,676 31.9 28,734,571
----------------------- ----------- ------- ----------- ----- ----------- --------- -----------
Re-appoint Sofia
5 Bianchi 90,707,257 98.8 1,129,841 1.2 91,837,098 46.3 105,149
----------------------- ----------- ------- ----------- ----- ----------- --------- -----------
Re-appoint Alexander
6 Downer 91,376,276 99.5 464,494 0.5 91,840,770 46.3 101,477
----------------------- ----------- ------- ----------- ----- ----------- --------- -----------
Re-appoint Alan
7 Rule 91,377,953 99.5 461,704 0.5 91,839,657 46.3 102,590
----------------------- ----------- ------- ----------- ----- ----------- --------- -----------
Re-appoint Claire
8 Brazenall 91,449,090 99.6 380,113 0.4 91,829,203 46.3 113,044
----------------------- ----------- ------- ----------- ----- ----------- --------- -----------
9 Re-appoint auditor 91,826,316 100.0 11,911 0.0 91,838,227 46.3 104,020
----------------------- ----------- ------- ----------- ----- ----------- --------- -----------
10 Auditor's remuneration 91,837,957 100.0 1,308 0.0 91,839,265 46.3 102,982
----------------------- ----------- ------- ----------- ----- ----------- --------- -----------
Authority to
11 allot shares 81,213,369 88.4 10,629,225 11.6 91,842,594 46.3 99,653
----------------------- ----------- ------- ----------- ----- ----------- --------- -----------
Disapply pre-emption
12 rights 87,583,885 95.4 4,253,768 4.6 91,837,653 46.3 104,594
----------------------- ----------- ------- ----------- ----- ----------- --------- -----------
Authority to
purchase own
13 shares 91,705,666 100.0 3,209 0.0 91,708,875 46.3 233,372
----------------------- ----------- ------- ----------- ----- ----------- --------- -----------
Notes:
(1) A vote withheld is not a vote in law and is not counted in
the calculation of votes for or against a resolution.
(2) As at close of business on 4 September 2023, being the date
used to determine the entitlement of shareholders to attend and
vote at the Annual General Meeting, the Company's issued share
capital was 202,740,700 Ordinary Shares, the number of Ordinary
Shares held in treasury was 4,584,283 and the total voting rights
in the Company were therefore 198,156,477 .
The Board notes that resolution 1 (to receive the Company's
Annual Report and Accounts for the financial year ended 31 March
2023) was passed with the necessary majority but received less than
80% of votes in favour.
The Company is aware that Investor Shareholder Services (ISS), a
proxy advisory firm, recommended that shareholders vote against
resolution 1 due to the non-conditionality of vesting of the
Company's long-term incentive awards. As an AIM listed company,
Yellow Cake is not required to and does not offer a separate vote
in respect of its directors' remuneration report and ISS therefore
recommended a vote against the approval of the Company's Annual
Report and Accounts which included the directors' remuneration
report.
Given that Yellow Cake does not have operations, the Board
considers that its Long Term Incentive Plan ("LTIP"), which was
developed on the advice of external independent remuneration
consultants, is appropriate for Yellow Cake. As per the terms of
the LTIP, the amount of awards granted pursuant to Yellow Cake's
LTIP is determined by a performance underpin. In addition, the
strike price of the grant is set at the higher of the NAV on the
grant date and the market price in the week prior to the grant
date, thereby introducing a penalty to the extent that a discount
to NAV exists and an incentive to close any NAV discount.
The Company aspires to the highest level of shareholder and
stakeholder engagement and intends to consult with those
shareholders who voted against this resolution to better understand
their specific concerns. The Company will provide an update on this
in the coming months in line with the UK Corporate Governance
Code.
Enquiries:
Yellow Cake plc
Andre Liebenberg, CEO Carole Whittall, CFO
+44 (0) 153 488 5200
Nominated Adviser and Joint Broker: Canaccord Genuity Limited
Henry Fitzgerald-O'Connor James Asensio
Gordon Hamilton
+ 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
C ommunications Adviser : Powerscourt
Peter Ogden Molly Melville
+44 (0) 779 385 8211
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 lb of
U(3) O(8) , all of which is held in storage in Canada and
France.
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END
RAGSSWFSMEDSEEU
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September 06, 2023 06:30 ET (10:30 GMT)
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