TIDMGCL TIDMTTM
RNS Number : 9384X
Geiger Counter Ltd
27 December 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.
Document Title (ncim.co.uk)
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 sector.
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 GBP98.9m
Reference Currency GBP
Ordinary Shares:
Net Asset Value 66.27p
Mid-Market Price 53.50p
Net gearing (4) 13.79%
Discount (19.27%)
Ordinary Share and NAV Performance (2)
One Month Three Months One Year Three Years Five Years
(%) (%) (%) (%) (%)
NAV 2.21 26.61 30.17 300.42 215.12
Share Price 10.88 22.99 11.92 205.71 132.61
Commentary (3)
Underpinned by continued utility buying activity, U3O8 ended the
month at $80.75/lb, up 8.3% and maintaining recent positive
momentum. Latest data from industry consultant UxC showed that
utility contracting had reached 200Mlbs in the year to
mid-November, the first time in a decade that purchasing had
exceeded annual requirements of approximately 170Mlbs. Within this,
longer-term contracting also reached a decade high of over 150Mlbs
- indicative of the necessity to secure future needs given
heightened supply-side risks. Such concerns are highlighted by
Niger's coup, the ongoing political tensions between Russia and
established Western nuclear markets, as well as the temporary
production issues experienced at Cameco operations.
Despite the pound gaining nearly 4% against the dollar, the Fund
NAV rose over 2% in
November, marginally ahead of sterling returns registered by the
Solactive Uranium Pure Play Index.
Policy support remained very much in the news with the proposals
of 22 countries attending the COP28 climate conference to triple
installed nuclear capacity by 2050.
Prior to the 1st December gathering, the Swedish nuclear utility
Vattenfall submitted detailed plans to enable the construction of
additional new reactors at the existing Ringhals facility, while
the government launched a review of nuclear power permitting
procedures. This was aimed at easing the process for new builds
beyond the current arbitrary limitation of 10 in-country reactors.
Beyond the delivery of these two new reactors by 2035, the
construction of a further ten new large-scale reactors is being
considered for commissioning by 2045.
The way is being paved for the construction of new generating
capacity in the US. The state of Illinois, having already passed
legislation allowing construction of Small Modular Reactors (SMRs)
of up to 300MW from 2026, is expected to lift the moratorium on new
large-scale reactor builds. Meanwhile, in Japan, authorities
approved a 20-year life extension for the two operational reactors
at Sendai.
Elsewhere, Honeywell indicated that its US-based Metropolis
conversion facility would reach its expanded output target by the
year-end and that its UF6 output was sold out until 2029. While
some modest incremental expansion is possible, more meaningful
expansion to double current run-rate capacity to licensed
operational levels would require government support.
Nexgen remained a significant performance contributor with the
share price rising over 4% in
sterling terms over the month following the receipt of its
provincial environmental permits (the first company in more than 20
years to receive full provincial approval for a uranium project in
Saskatchewan, Canada). Having all its First Nations benefits
agreements in place, the group has submitted relevant information
for the final Federal permit. Neighbouring Fission Energy also made
a positive contribution registering a 6% sterling rise in share
price. A 9% sterling return registered by Denison, following a
positive update on its Wheeler Rivers assets, also helped
performance. The main detractor was Ur-Energy which declined nearly
5% in sterling terms giving back some of the strong prior month's
14% sterling gain.
Gross Leverage Commitment Leverage
(%) (%)
Geiger Counter Ltd 114 11
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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December 27, 2023 06:15 ET (11:15 GMT)
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