Member Info for Monddex

Finally!

Base Resources - Scheme of Arrangement

"We write regarding the offer by Energy Fuels Inc to buy Base Resources Ltd for 0.026 of an Energy Fuels Inc share and AUD0.065 cash per share by way of an unfranked special dividend. The dividend was paid on 1 October 2024.

We credited your account with the new Energy Fuels Inc shares on 14 April 2025 but these were not tradeable as we were working to re-register the shares into the UK Settlement system.

We can confirm that the shares have now been re-registered into the UK Settlement system and are available to trade. Please accept our apologies for the time taken for these shares to be re-registered.

How has my account been affected?

Your Stocks & Shares ISA was updated on 9 January 2026 on the following basis:

Holding of Energy Fuels Inc shares which are now tradeable: x shares

Energy Fuels Inc trades on the Toronto Stock Exchange (TSX) under ticker EFR.

You may find that if an equity share or fund holding is subject to a corporate action its valuation (online or otherwise) may be temporarily distorted.

This correspondence is for information only and no action is required. Should you have any queries relating to this matter please contact us."

It is Equiniti who screwed up by not registering the shares properly. However, if Equiniti do not respond to requests for information & HSBC appear not to care the only apparent recourse is a complaint to the FCA

I asked Google AI for clarification & received the following:

why has it taken so long for the conversion of my base resources shares into energy fuels shares?

Your share conversion from Base Resources to Energy Fuels has taken time due to administrative delays, particularly involving the share registrar Equiniti and custodian banks. The overall acquisition was finalized in October 2024, so the delay is in the final processing of your specific shares rather than the corporate transaction itself.

Key dates and events

April 2024: Energy Fuels announced its agreement to acquire all issued shares of Base Resources.

October 2, 2024: The acquisition officially closed. Each Base Resources shareholder was to receive 0.0260 of an Energy Fuels common share for every Base Resources share they held.

October 2, 2024, onwards: The share registry, Equiniti, began the process of mailing Direct Registration System (DRS) advices to shareholders to confirm their new holdings in Energy Fuels. This was initially estimated to take between 11 and 20 business days.

Administrative mistake: As noted by financial platforms, an administrative error occurred during the transfer process. The custodian bank, HSBC, informed brokers that the shares were incorrectly registered by Equiniti and required re-registration.

Why the delay has affected you

The delay is not a widespread failure to complete the transaction but a specific issue in the post-merger administration.

The mistake by Equiniti, the share registrar, has meant that your shares have to be re-registered.

The process involves multiple parties, including the transfer agent (Equiniti), the underlying custodian (HSBC), and your personal broker, which adds to the time required.

While the corporate deal was finalized a year ago, administrative issues like this can sometimes lead to prolonged delays for individual shareholders.

What you can do

Contact your broker: Your broker is the best source for updates specific to your account. They are aware of the problem and can provide information on the progress of the re-registration.

Contact Equiniti: You can also contact the transfer agent directly, as they are handling the registration. You can reach them at helpAST@equiniti.com or by phone at +1 (718) 921-8124.

AI responses may include mistakes. For financial advice, consult a professional. Learn more

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7 sites

Energy Fuels Completes Acquisition of Base Resources

2 Oct 2024 — Energy Fuels (TSX:EFR) Inc. (NYSE American:UUU; TSX:EFR), a prominent player in the nonmetallic minerals mining sector, ...

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Investing.com UK

Scheme Information - Base Resources

Refer to sections 4.4, 4.5 and 10.6 of the Scheme Booklet for further information. Energy Fuels Transfer Agent (share registry), E...

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Base Resources

Proposed combination with Energy Fuels to create global ...

21 Apr 2024 — Base Resources and Energy Fuels have reached a binding agreement for En

I have raised a complaint with HL. HL says the problem is they are still awaiting the registration of these shares in HSBC. Apparently a mistake was made previously with the registration & the process required starting again. No-one appears to know how long it will take for this to complete.

What has this to do with CAML "interim Results"?

HL is now showing UUUU shares in my account. No announcement & not sure if they are available to trade. Anyone else?

How exactly?

Scorpio, "Free cash flow (FCF) can be defined and calculated in many ways. However, in its most generic form, free cash flow is calculated as cash from operations minus capital expenditures." So I'm not ignoring Capex.

The figures given for EPS are obviously post mine completion. CAML have stated in the RNS there will be no share dilution. I suggest you read the available information more closely.

"approximately 30,000 tonnes (years 2-11) and average annual post-tax unlevered free cash flow of US$115 million according to the PFS"

At an approx. share count of 175 million that is equivalent to $0.65 per share. At a divi of 30% of FCF that gives 19.5 cents/share or 14.5 pence

"Please note that we are currently unable to trade the new Energy Fuels Inc shares.

This is because HSBC, the underlying custodian, has informed us that there was a mistake with the way Equiniti (the share registrar) originally registered the shares so they are having to get them re-registered which is causing a delay. Please be assured that we will continue to chase this as a matter of urgency.

You’ll be able to sell your shares on the Toronto Stock Exchange once they have been successfully registered into the HSBC Account.

We’ll contact you again once the shares are available to trade.

The shares will be held with our third-party custodian, HSBC, who may in turn hold the shares through a sub-custodian in the home country of the investment. The settlement, legal or regulatory requirements that apply to the shares may differ from those applicable in the UK. Your investment may not benefit from the same protections in the event of the insolvency of the third party that may apply under UK law. A more detailed explanation of these additional risks is provided in section A25 of our terms & conditions, which are available here.

If you are offering a quote please say so & tell us its origin

Still nothing from HL. They say:

"We are still waiting to receive the new Energy Fuels shares through HSBC following the acquisition of Base Resources.

We are actively chasing this as a matter of priority, but I am afraid we have been given no firm timeframe for when this process will be completed. This is a complex process which we are doing everything we can to expedite, and we will contact you as soon as it is complete."

I'm with HL & still waiting

Damofari,

I, like you, am involved with UUUU through holding BSE. Like all miners patience is needed to get payback, but UUUU is effectively split into 2 main areas:

1. Uranium (& vanadium)

2. Mineral sands

The mineral sands from the Toliara project will likely not produce revenue for another 3 to 4 years.

However, the increased requirement for uranium for (likely) SMR nuclear energy production to handle increased electricity requirements is expected & the SP of UUUU should rise accordingly. But what is the timeline?

Interesting activity on buys within the company. Time for a move up?

HL says they are still awaiting the conversion (through HSBC).

Good news is that Toliara has been approved & the UUUU share price rose today by approx. 9%.

At last!

https://finance.yahoo.com/news/madagascar-government-lifts-suspension-energy-173000557.html