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To deliver attractive returns to shareholders principally in the form of capital growth, through investment in companies involved in the exploration, development and production of uranium to supply the nuclear power industry.
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Yes as per previous post and RNS, the new shares are issued today
Reading todays RNS they appear to have the diluted price of the shares at the same as the current price. Has the dilution hit already happened? Didn't even notice it if it did. The drop the other day I thought was due to the NexGen uranium purchase and their 13% drop.
Shares are due to hit the market today. The 'additional' shares are the unallocated rump from the subscription as laid out in the RNS.
Paultervit, Are you sure that's correct?
Looks like they issued additional shares.
Looks like the rights issue was over subscribed so we only get a percentage of what we thought we would get.
I'm taking my full allocation or as many as they will sell me. The difference in value and the potential for the second half of the year means it would be mad not to.
Previous years, providing the subscription rights were in the money I was eager to take up the offer but i'm in two minds currently with many now favouring the Uranium ETF's, can't say I've been that impressed with this fund's performance given the fees.
I'm keen to find the answer to that one out also. Not sure I want to be putting more into this trust at the moment I'm already sitting with about as much as I can handle.
Still sitting at a 20+% discount! This needs to turn at some point surely. Getting back to 2022 premium days would make this fly.
If one does not take up the subscription rights, does one receive a cash differential payment between the prevailing share price on the day of entitlement against the sub price , or does out completely lose out financially .
Thank you Icwaderer I wasn't sure whether it was via broker (which is easier ) or getting contact with the company ,
and the price I saw in the annual result of a closer look. It looks like if today's price holds up it be worth taking up the
subscription as it would bring down my average buying in price down. Thanks
Bipos - your broker / platform should notify you (nearer the time) of your right to purchase 1 new share for every 5 shares you hold on 30th April 2024.
The price this year will be 37.74p
See RNS dated 4th May 2023 - link below...
https://www.lse.co.uk/rns/GCL/subscription-rights-price-2024-yltuv6gpall30i9.html
Could anyone explain to me what the proceed er is to apply for the subscription and what price expected to be,thanks
A bit of profit taking or selling with the intention of buying back in lower, seems like a risky strategy to me in this Uranium market, talk of Cameco & Kazatomprom running low on inventory and possibly buying from spot to fulfil contracts, also there's still talk of a US ban on shipments of U308/UF6 to Russia and EUP out of Russia. Just holding myself and plan on taking up the subscription rights.
Note the 1 to 5 sub on the 30th April with the offer based on 37.74p = end of remaining discount before then?
GCL straight Up 4.1% closely followed by YCA Up 4%. Another positive day for Uranium is underway.
This from another bb last night should see another good day for GCL:
“ Ozzie GCL portfolio members up strongly at the open
PDN +8%
BMN +6.5%
AGE +13%, yes +13%.
Other popular Ozzie names like LAM, 92E, LOT and DYL up ~8+%”
Perhaps the time will soon arise when the percentage gains at GCL start to outperform YCA,which is what you would expect to happen.
Still value here and the discount should narrow in due course.
Compared to URNP (which I also hold) GCL is biased towards the blue-r chip names which, of the non producers, had performed the strongest in the autumn run up. Nexgen, Denison, Paladin, URG etc performed better than the juniors (Baselode, Canalaska etc).
If we're going to see another run up, which looks like it's started, it'll be interesting to see which strata of U stocks does the best. Paladin action overnight on the ASX was beautiful, and looking for more of the same later from Denison, NXE etc. I bought more GCL this morning: sector is only going one way imo
I'm getting a bit perplexed by it myself ColinL1 tbh, I just put it down to the fact that YCA is purely a physical uranium fund so the sp will inevitably track the spot price, GCL holds a basket of miners, out of their top 5 holdings - although advanced projects & a restart, 3 of the companies aren't currently producing any uranium. It's my understanding that the market is still waiting on higher spot prices and then term contracts of +$80/lb to start being signed.
Yellow Cake has seen a good steady rise in price - why not GCL's too?
According to Quakes on X, Uranium ETF's URNM & URNJ have been dumping large amounts of the shares they hold in uranium miners to raise cash for the year end dividend they pay out.
Spot now at $88 ask, the dip looks like it's been bought up in the US and the FED is pivoting to dovish, hopefully we'll start to move up here.
Spot is hitting 15 years highs and we've not yet seen the equities fly. This must be due a good run shortly. Whats everyones thoughts on what is keeping them down?
All fair comments masplin. I also hold YCA & URNP (larger positions than my GCL) plus a couple of the earlier stage miners for torque.
GCL is far from perfect (the fees, the somewhat lopsided portfolio - ISO @ 7% is also too high, the annual 1:5 subscription issue is an unnecessary moving part) but despite this I'm happy to own during potential upswings in the sector because the discount should provide additional upside.
Personally don't have an issue with NXE as it's key holding in the large cap ETFs (6% of URA and 4% of URNM) and is liquid enough for the fundies to get involved, so I don't see it lagging.
According to AIC fees are now 3.1%!!!! So whats the big thing with having 25% of the portfolio in NexGen? these are guys with the Rook Project which is yet to come on line so I guess there is still considerable risk of them starting to produce. This sort of makes sense to have been trading at a premium when the price was low as this was pure optionality, whereas with uranium prices here there is a risk they dont get to produce in time to enjoy the current imbalance. seems there is a major funding risk to the project. Ok well good to try and understand the dynamics. i'll keep watching. thanks
Geiger Counter used to be the ugly duckling of the sector; it's always been overweight NXE but from memory the other holdings weren't attractive, plus previously the liquidity was so bad that it wasn't a realistic option to own it; some days there were only a handful of trades.
Fees at 2.61% (might be wrong on this) are also way out of kilter with URNM/URNP (quite frankly they're outrageous in this day and age) however with the current liquidity vastly improved and a whopping 20% discount to NAV, in this current Uranium market those fees are a rounding error.