Yellow Cake PLC said Monday that it has started a $3 million share buyback program to capitalize on its shares trading at a discount to its underlying net asset value since mid-January.
The London-listed uranium company said the buyback program will enable it to acquire exposure to uranium at a discount to the commodity spot price and to deliver value to shareholders.
The company also said events in Kazakhstan, Russia and Ukraine haven’t had a material impact on its operations to date, but it will continue to monitor the situation.
Chief Executive Andre Liebenberg said the geopolitical events have made governments refocus on energy security and its notes the decisions by various governments to delay planned phase outs or extend the life of their nuclear energy capacity.