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YELLOW CAKE PLC
Share Issue/Capital Change • Dec 10, 2020
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Share Issue/Capital Change
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National Storage Mechanism | Additional information 
RNS Number : 1184I
Yellow Cake PLC
10 December 2020
10 December 2020
Yellow Cake plc ("Yellow Cake" or the "Company")
Variation of long-term Incentive Share Options
Yellow Cake ("Yellow Cake" or the "Company"), a specialist company operating in the uranium sector with a view to holding physical uranium for the long term, announces the variation of certain terms of the long-term Incentive Options which were awarded to the Chief Executive Officer and the Chief Financial Officer of the Company on 24 February 2020 and 8 July 2020 (the "Variation") in accordance with the rules of the Yellow Cake plc Share Option Plan 2019 (as amended on 9 December 2020).
Background to the Variation
On 7 May 2020, Yellow Cake announced the grant of new long-term Incentive Options to the Chief Executive Officer and Chief Financial Officer relating to the 2019 financial year. The Company awarded 84,480 new long-term Incentive Options to the Chief Executive Officer and 67,584 new long-term Incentive Options to the Chief Financial Officer of the Company on 24 February 2020, at an exercise price of 196.92 pence per share (the "Initial Incentive Options").
Additionally, on 13 July 2020, Yellow Cake announced the grant of new long-term Incentive Options to the Chief Executive Officer and Chief Financial Officer relating to the 2020 financial year. The Company awarded 78,262 new long-term Incentive Options to the Chief Executive Officer and 62,609 new long-term Incentive Options to the Chief Financial Officer of the Company on 8 July 2020, at an exercise price of 218.10 pence per share (the "Additional Incentive Options").
Variation to Long Term Incentive Options
On 9 December 2020, the Initial Incentive Options and the Additional Incentive Options were varied with effect from the relevant date of grant, such that: (i) the exercise price of the Initial Incentive Options was increased to 213 pence per share (being the net asset value per share of the Company on 24 February 2020); (ii) the exercise price of the Additional Incentive Options was increased to 288 pence per share (being the net asset value per share of the Company on 8 July 2020); and (iii) the exercise of each of the Initial Incentive Options and the Additional Incentive Options is now conditional upon the share price as at the exercise date being equal to or greater than the net asset value per share of the Company as at the date of grant.
The Notification of Dealing Form set out below is made in fulfilment of the obligation under Article 19 of the EU Market Abuse Regulation.
| 1. | Details of the person discharging managerial responsibilities / person closely associated | ||
| a. | Name | Andre Liebenberg | |
| 2. | Reason for the notification | ||
| a. | Position/status | Chief Executive Officer | |
| b. | Initial notification /Amendment | Initial Notification | |
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a. | Name | Yellow Cake plc | |
| b. | LEI | 213800CVMYUGOA9EZY95 | |
| 4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
| a. | Description of the financial instrument, type of instrument, identification code | Ordinary Shares ISIN Code JE00BF50RG45 |
|
| b. | Nature of the transaction | Variation (change of exercise price) to Options awarded by the issuer on 24 February 2020 | |
| c. | Price(s) and volume(s) | Exercise price: 213.0 p per share |
84,480 options |
| d. | Aggregated information · Aggregated volume · Price |
As for c above | |
| e. | Date of the transaction | Grant of options took place on 24 February 2020. Variation took place on 10 December 2020 | |
| f. | Place of the transaction | Off market |
| 5. | Details of the person discharging managerial responsibilities / person closely associated | ||
| a. | Name | Carole Whittall | |
| 6. | Reason for the notification | ||
| a. | Position/status | Chief Financial Officer | |
| b. | Initial notification /Amendment | Initial notification | |
| 7. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a. | Name | Yellow Cake plc | |
| b. | LEI | 213800CVMYUGOA9EZY95 | |
| 8. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
| a. | Description of the financial instrument, type of instrument, identification code | Ordinary Shares ISIN Code JE00BF50RG45 |
|
| b. | Nature of the transaction | Variation (change of exercise price) to Options awarded by the issuer on 24 February 2020 | |
| c. | Price(s) and volume(s) | Exercise price: 213.0 p per share |
67,584 options |
| d. | Aggregated information · Aggregated volume · Price |
As for c above | |
| e. | Date of the transaction | Grant of options took place on 24 February 2020. Variation took place on 10 December 2020 | |
| f. | Place of the transaction | Off market |
| 5. | Details of the person discharging managerial responsibilities / person closely associated | ||
| a. | Name | Andre Liebenberg | |
| 6. | Reason for the notification | ||
| a. | Position/status | Chief Executive Officer | |
| b. | Initial notification /Amendment | Initial notification | |
| 7. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a. | Name | Yellow Cake plc | |
| b. | LEI | 213800CVMYUGOA9EZY95 | |
| 8. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
| a. | Description of the financial instrument, type of instrument, identification code | Ordinary Shares ISIN Code JE00BF50RG45 |
|
| b. | Nature of the transaction | Variation (change of exercise price) to Options awarded by the issuer on 8 July 2020 | |
| c. | Price(s) and volume(s) | Exercise price: 288.0 p per share |
78,262 options |
| d. | Aggregated information · Aggregated volume · Price |
As for c above | |
| e. | Date of the transaction | Grant of options took place on 8 July 2020. Variation took place on 10 December 2020 | |
| f. | Place of the transaction | Off market |
| 13. | Details of the person discharging managerial responsibilities / person closely associated | ||
| a. | Name | Carole Whittall | |
| 14. | Reason for the notification | ||
| a. | Position/status | Chief Financial Officer | |
| b. | Initial notification /Amendment | Initial notification | |
| 15. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a. | Name | Yellow Cake plc | |
| b. | LEI | 213800CVMYUGOA9EZY95 | |
| 16. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
| a. | Description of the financial instrument, type of instrument, identification code | Ordinary Shares ISIN Code JE00BF50RG45 |
|
| b. | Nature of the transaction | Variation (change of exercise price) to Options awarded by the issuer on 8 July 2020 | |
| c. | Price(s) and volume(s) | Exercise price: 288.0 p per share |
62,609 options |
| d. | Aggregated information · Aggregated volume · Price |
As for c above | |
| e. | Date of the transaction | Grant of options took place on 8 July 2020. Variation took place on 10 December 2020 | |
| f. | Place of the transaction | Off market |
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 | |
| Georgina McCooke | ||
| Tel: +44 (0) 207 523 8000 | ||
| Joint Broker: Berenberg | ||
| Matthew Armitt Detlir Elezi |
Jennifer Wyllie | |
| 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 | Linda Gu | |
| Tel: +44 (0) 7793 858 211 | ||
ABOUT YELLOW CAKE
Yellow Cake is a London-listed 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 the acquisition of uranium royalties and streams or 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 lower cost base and ten-year Framework Agreement for the supply of U3O8 with Kazatomprom, the world's largest uranium producer. Yellow Cake currently holds 9.32 million lb 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.
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