TIDMGCL TIDMTTM
RNS Number : 6106U
Geiger Counter Ltd
24 November 2023
Geiger Counter Limited Plc
Monthly Investor Report - November
The full monthly factsheet is now available on the Company's
website and a summary can be found below.
NCIM - Geiger Counter Ltd - Fund Page for Geiger Counter Ltd
Enquiries:
For the Investment Manager
CQS (UK) LLP
Craig Cleland
0207 201 5368
For the Company Secretary and Administrator
BNP Paribas S.A., Jersey Branch
Dean Plowman/Ann-Marie Pereira
01534 813 967/ 01534 709198
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Fund Description
The objective of the Geiger Counter Fund is to provide investors
with the potential for capital growth through investment primarily
in the securities of companies involved in the exploration,
development and production of energy, predominantly within the
uranium industry. Up to 30% of the value of the Company's
investment portfolio may be invested in other resource-related
companies from outside the energy sec
Portfolio Managers
Keith Watson and Robert Crayfourd
Key Advantages for the Investor
-- Access to mining assets in the uranium sector
-- May benefit from embedded subscription share
-- Low correlation to major asset classes
Key Fund Facts (1)
Total Gross Assets GBP99.1m
Reference Currency GBP
Ordinary Shares:
Net Asset Value 64.84p
Mid-Market Price 48.25p
Net gearing (4) 16.09%
Discount (25.59%)
Ordinary Share and NAV Performance (2)
One Month Three Months One Year Three Years Five Years
(%) (%) (%) (%) (%)
NAV 0.96 42.88 24.48 317.51 219.72
Share Price -7.21 24.52 -7.21 194.21 135.37
Commentary (3)
After the previous month's price jump, the spot U3O8 price made
a modest further gain in
October, closing the month up 1.9% at $74.5/lb. While the
uranium market price continued to
rise, the Fund NAV slipped marginally, consolidating 1% in
October versus a sterling decline of 2.4% registered by the
Solactive Uranium Pure Play Index. The funds NAV discount widened
slightly over the month, close to the highest in 7 years, despite
the strong performance and positive sector fundamentals. The fund
bought back shares which was accretive to the NAV per share.
Strong performance contributions were made by US in-situ project
developers, UEC and Ur-Energy which rose 22% and 14% respectively
in sterling terms. The pull-back by Paladin and Iso Energy largely
offset these gains with both stocks retracing 15% in sterling
terms, giving back nearly half their prior month increases.
Explorer Iso Energy's decline followed an all-share acquisition of
Uranium Consolidated, which owns a portfolio of development assets,
at the end of September and the subsequent equity issue to raise
proceeds to pursue a larger exploration programme on its expanded
portfolio. The Fund participated in the placing by Iso Energy,
alongside the group's other largest shareholders NexGen, Energy
Fuels and Mega Uranium.
Cameco's Q3 results showed that the group achieved a sales price
of US$52.57/lb during the period, versus spot prices which remained
above $55/lb. Following the rise in spot uranium prices, which
exceeded US$70/lb at the end of the quarter, the group updated its
expectations for its full year realised price of C$63.50/lb, or
approximately US$47/lb when translated using the exchange rate at
end-September. This is indicative of the drag effect of prior
forward sales contract terms on its uranium mining revenues.
Cameco's guidance for full year uranium deliveries was maintained
at between 31-33Mlbs U3O8, of which around 29Mlbs per annum is
already contracted for the five years.
Elsewhere, French state-owned uranium fuel supplier Orano
announced plans to expand
capacity at its Tricastin processing facility. An investment of
$1.8bn is being made to increase capacity at the Georges Besse II
enrichment plant by more than 30% in recognition of western
government's desire to reduce the risk of fuel disruption given
Russia's dominant global position in this area. In addition, the
European Council reached a tentative agreement to reform an EU
electricity price mechanism. This may remove the requirement for
France's state-owned utility EDF to sell over a third of its
nuclear energy production at below market prices, which should now
increase the company's motivation to expedite repairs and reconnect
the remaining offline reactors to the grid.
Gross Leverage Commitment Leverage
(%) (%)
Geiger Counter Ltd 116 116
CQS (UK) LLP
4th Floor, One Strand, London WC2N 5HR, United Kingdom
T: +44 (0) 20 7201 6900 | F: +44 (0) 20 7201 1200
CQS (US), LLC
152 West 57th Street, 40th Floor, New York, NY 10019, US
T: +1 212 259 2900 | F: +1 212 259 2699
CQS (Hong Kong) Limited
3305 AIA Tower, 183 Electric Road, North Point, Hong Kong,
China
T: +852 3920 8600 | F: +852 2521 3189
Tavistock Communications
18 St. Swithin's Lane, London EC4N 8AD
T: +44 20 7920 3150 | geigercounter@tavistock.co.uk
Sources: 1R&H Fund Services (Jersey) Limited, as at the last
business day of the month indicated at the top of this report.
2R&H Fund Services Limited/DataStream, as at the last business
day of the month indicated at the top of this report, total return
performance net of fees and expenses based on bid prices. These
include historic returns and past performance is not a reliable
indicator of future results. The value of investments can go down
as well as up. Please read the important legal notice at the end of
this document. 3Market data sourced from Bloomberg unless otherwise
stated. The Fund may since have exited some or all of the positions
detailed in the commentary.
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DOCUSVWROKUAURA
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November 24, 2023 04:30 ET (09:30 GMT)
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