Member Info for snooz

Yield to call-date is about 5.85% by my calcs, vs a running yield just ~6.5%.

Do ppl expect this to be called when callable? It's not obvious to me either way.

And in the spirit of this being a quiet board - feel free to answer even if years have passed since I ask!

>Then came all the way down to 386p by 4/4/25.

I distinctly remember £3.69 was traded on the Monday morning after.

> Price is locked in at Spot price on the day that $YCA calls $KAP to exercise its option $YCA then has 10 business days to raise the $100M cash needed for final payment.

Pretty sure this isn't the rule, as there would just a be a dumb phone call being made everyday just in case. It's more like the exercise price is some function (weighted average) of the previous 2 weekly tradetech figures: https://www.uranium.info/weekly_U3O8_spot_price_indicator.php .

I suspect the actual rule is part of an NDA as it seems to be actively kept secret.

I've been saying that it would be a sensible but of business for Orano to buy YCA for a couple of years now, has that idea caught on?

First prints are ~362p

Ngl...

I am feeling a bit nervous today that all I've done is provide exit liquidity for some hedge fund.

I guess the lesson I am learning is to not hold so much that you feel uncomfy over such a weekend.

I bailed out of this a few weeks back, back in large size today. 21% discount to spot, which itself running a 24% discount to the term market looks like a bargain even if supply and demand is balanced over the next few years.

If you aren't a believer in YCA - there's plenty of other bargains out there & you have all weekend to choose your favourites to get your order in for on Monday morning!

GLA

>I've tried my own amateur calcs and figure it's going to be somewhere between £100m and £260m. Quite a range, are there any more professional estimates out there?

I'd find it funny, but I must be still in shock.

Evidently the board were working towards very different metrics vs maximising value per share.

I'm hoping that there is a secret reason for doing this like that there's a big investor that owns lots of duty-free stores who's expressed that they are interested in what's left + the brand name, and that's the reason they've dumped the high street stores socheap. Wild hope isn't a good enough reason to stay invested though.

What's the expectation of what they'll be able to get for the high street stores?

I've tried my own amateur calcs and figure it's going to be somewhere between £100m and £260m. Quite a range, are there any more professional estimates out there?

If they sell them off at the lower end of the range, I'd be hoping it's because they've had someone show some interest in buying just the airports and branch for a good rate.

Long Term for Feb is $80. Down from $81. On the bright side, still much higher than Spot

Seeing as you mention a maturity of 2035:

TG35 @ 0.625% is the tax-friendliest maturing then if you wish to avoid capital gains tax (which is the main reason ppl are looking at gilts now).

I.e. buy a 1000 units, it'll pay you £6.25 per year (income taxable), and return you £1000 when it matures in 2035. Right now (OK, not right now as the market is closed) you can buy those 1000 units for £674.30 . Attractive because the £1000-674.3=£325.70 gain is tax-free.

'course, there's always a chance between now and then that the gov will remove the tax-free status from these, but same goes for ISAs too.

Without paywall : https://archive.is/NIKBs

Https://www.yieldgimp.com/gilt-yields seems to be the next best thing to a Bloomberg terminal to help you decide which to choose. I think the cheapest way to buy is via FreeTrade, as it appears that would be complete fee-free (no monthly/annual/trade fees) to open an account and buy and hold gilts. Would be interested in hearing best value alternatives.

Bit of news coverage recently:

https://www.thisismoney.co.uk/money/diyinvesting/article-14381493/Investors-cash-gilts-UK-borrowing-costs-soared-January.html

https://www.ajbell.co.uk/articles/investmentarticles/284424/why-gilts-have-been-popular-investments-so-far-2025

https://www.investmentweek.co.uk:8443/news/4409043/hargreaves-lansdown-gilt-purchases-following-january-yield-spike

>I’m going to see about a long dated GILT.

Don't forget the CGT on them is 0%. Quite a lot of retail customers buying the TG50 and TG61 as it's a a super-low coupon, so mostly capital gain to maturity.

YCA fixed their feed. Looks like the feed might be via ince (https://www.ince.co.za/ ) rather than kitco now. Not sure if that's a new relationship.

>cameco long term and spot prices - monthly prices

Graphed on here: https://tinyurl.com/YCA-U3O8

>Which other countries are buying cakes from YCA? $Can they sell it at the same price as in US?

They don't sell any. They buy U3O8 and hold it in France & Canada.

Some info about spot being cheaper in potentially tariffed locations: https://x.com/quakes99/status/1887258737301463302

"a premium price for #U3O8 held in the US💲⤴️🇺🇸 versus a discount for lbs stored in #Canada & #France"

Ngl - I've got no idea what's happened with this afternoon's move. I bought some today at 492 thinking I was getting a bargain.

Someone posted below:

Bid at CVD in US $71

Ask at CXO in Canada or France $69.75

That was surely an effect of the tariffs that were expected at the time. The value of what was stored in Canada was cheaper than the the value of the same in the US.

So, if a 10% tariff was back on the cards, then I'd expect this $1-$2 differential to re-appear.

Even if US imposed tariffs on Chinese Itaconic Acid, there's a good chance that the products made using it as an ingredient exported to the US from the UK would be exempt because if would qualify for the "Substantial Transformation" rules:

If the product undergoes significant manufacturing or processing in a third country, it might be considered to originate from that country. This is known as "substantial transformation" and varies by product and trade agreement.