YELLOW CAKE PLC: Results of Placing
Yellow Cake plc (AIM: YCA) ("Yellow Cake" or the "Company"), a specialist company operating in the uranium sector founded by Bacchus Capital Advisers ("Bacchus Capital"), holding physical uranium ("U3O8") for the long term and engaged in uranium-related commercial activities, is pleased to announce that 12,818,760 new Ordinary Shares (the "Placing Shares") have been placed with existing and new institutional investors at a fixed price of £6.29 per share (the "Placing Price") via an accelerated bookbuild (the "Placing").
Due to strong investor demand, the Company agreed with the Joint Bookrunners to increase the gross proceeds from the Placing to approximately US$110 million from the minimum of US$75 million originally proposed. Additional proceeds are intended to be used to fund opportunistic and strategic purchases of further U3O8.
The Placing of 12,818,760 new Ordinary Shares raised gross proceeds of approximately US$110 million (equivalent to approximately £80.6 million). The Placing Shares being issued represent approximately 5.3% of the existing issued ordinary share capital (excluding treasury shares) of the Company prior to the Placing. The Placing was conducted using the Company's existing share authorities.
Andre Liebenberg, Chief Executive Office of Yellow Cake, commented:
"We are pleased by the strong support shown by both new and existing institutional investors in this placing. This raise enables us to fully exercise our 2026 uranium purchase option under the Framework Agreement with Kazatomprom, while retaining flexibility to pursue further strategic and opportunistic purchases of physical uranium. The backdrop for uranium continues to strengthen in our view. Supply remains tight, and structural demand is accelerating through electrification and the substantial baseload requirements of AI and hyperscale data centres. Increasing our physical holdings at this point in the market strengthens our strategic position and supports the continued delivery of long-term value for shareholders through direct exposure to physical uranium"
Placing:
Application has been made for the Placing Shares to be admitted to trading on the AIM market of London Stock Exchange plc ("AIM") ("Admission"). It is expected that Admission will become effective at commencement of trading on 17 February 2026 and settlement is expected to take place on the same date on a T+3 basis.
The Placing is conditional upon, inter alia, Admission becoming effective and the Placing Agreement not being terminated in accordance with its terms.
Following Admission: (a) the total number of shares of the Company in issue will be 257,243,467 of which 4,584,283 are held in treasury; and (b) the total number of voting shares in the Company will be 252,659,184.
Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Announcement released by the Company at 17:29 p.m. (London time) on 11 February 2026.
Canaccord Genuity Limited ("Canaccord") acted as sole bookrunner, Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg") and Panmure Liberum Limited ("Panmure Liberum") acted as joint co-managers (together with the Bookrunner, the "Managers"). Bacchus Capital acted as Financial Adviser in connection with the Placing.
