Last checked at 22 Jun 2022 07:00
22 June 2022
Yellow Cake plc ("Yellow Cake" or the "Company")
COMMENCEMENT OF TRADING ON OTCQX
Yellow Cake, a specialist company operating in the uranium sector holding physical uranium for the long term, is pleased to announce that it has qualified to trade on the OTCQX® Best Market, the OTC Markets Group's premier market for established companies. Yellow Cake upgraded to OTCQX from the Pink® market and begins trading today on OTCQX under the symbol "YLLXF". Yellow Cake's ordinary shares will remain quoted on the AIM market of the London Stock exchange under the ticker symbol "YCA".
By upgrading to the OTCQX, Yellow Cake offers its current and prospective U.S. investors improved market visibility, increased trading liquidity and the most up-to-date information otherwise not found on the Pink® market. Approximately 48% of the Company's investor base is in North America. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.
OTC Markets Group Inc. is an operator of financial markets for 12,000 U.S. and global securities. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company at www.otcmarkets.com/stock/YLLXF.
Galanopoulos & Company acted as the company's OTCQX sponsor.
Andre Liebenberg, CEO of Yellow Cake, said:
"We are delighted to have qualified to begin trading our shares on the OTCQX Market. It highlights the growing profile of our business, but also the increased awareness and endorsement of our long term investment case. Further, around half of our investors are already based in North America, so it is only right we take the steps to provide them with greater liquidity and market visibility. Trading on OTCQX Market is another important milestone in the continued development of Yellow Cake. The supply demand fundamentals that have driven the growth in Yellow Cake to date are as relevant today as they were when we first chose to list in London. Recent geopolitical events only serve to reaffirm those fundamentals. We remain as confident as ever in our strategy and in our ability to deliver long term value for our shareholders."
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 | |
Gordon 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 | ||
Investor Relations: 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 ("U3O8"). 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 U3O8 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 U3O8 with Kazatomprom, the world's largest uranium producer. Yellow Cake currently holds 17.86 million pounds of U3O8, 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 U3O8, 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.