Geiger Counter Share Discussion Threads

[7kiwi] 09/5/2024 00:43

Today's FD NAV announcement of 75.84p looks suspect as well.

Current Full NAV = £0.7752 * 138.38m shares = £107.28m

If they issue Euro8m worth of shares, at GBPEUR exchange rate of 1.16, that's £6.88m, or 9.23m shares at £0.7458.

So new NAV = (£107.28 + £6.88m) / (138.38 + 9.23) = £0.7734.


The implication of this being that at this NAV, we can only subscribe for about 1 share for every 15 held without being scaled back.

[7kiwi] 08/5/2024 21:21

I think that correction is nonsense though. How can the fully diluted NAV at 72.89p be below the issue price of the new subscription rights issue price of 74.58p?

[jaf111] 08/5/2024 16:57

Correction made to yesterday’s NAV announcement…..

[1solon] 08/5/2024 16:11

I've been in here since Nov 2019 currently + 77 % and bought URNP in June 2022 ~ + 48% . The outperformance of URNP has been significant. I held on to GCL for the subscription but should have sold & bought more URNPI think a mixture of the management fees & subscription offer has hampered GCL in relation to URNP plus Sprott liquidity & as such I sold 80% of my holding today & will plough into URNP.I will hold on to my remaining GCL + subscription shares in hope the buy back helps reduce the discount

[bpdon] 08/5/2024 13:07

I have to agree with pretty much every comment on here recently. The subscription offer is quite ridiculous in the current climate. Rather than wasting time and energy trying to swell the value of the trust via issuance (and not doing a particular good job of it), the managers should be fully focussed on resolving the depressing under performance (relative to URNP) and the perpetual drift in the discount – this must now be circa -27%. In a bull market this is bordering on unforgivable.

I still have about 50% of my uranium exposure in GCL. Possibly foolishly, I keep holding in hope of a momentum squeeze and discount narrowing to add some torque. My resolve is being tested.

[riskvsreward] 08/5/2024 13:04

Unless they also scale back the untaken subs, otherwise the untaken subs will be valued more than those taken.

[steve73] 08/5/2024 10:38

They would be better to have used the un-taken rights to reduce the cut-backs to those who wanted to exercise. Anyone holding un-taken rights will get very little (IME).

[7kiwi] 08/5/2024 10:01

I think that's right Steve. I have had to amend my calc based on the max raise of Euro8m. Trouble is it fluctuates a bit with the exchange rate. But I am there +/- 0.02p, which is close enough.

SO now, they're going to sell the subscription rights that weren't taken up, which will likely suppress the share price After all, there wasn't a market for those rights. Then later, they will buyback the shares because they're trading at such a discount to NAV. It makes no sense to me.

As I was taking up my rights, I sold out of my holding and reinvested in URNP/URJP because I can't get my head round how they are behaving. Yet to make a decision on what I do with the shares I got through exercising my rights. Probably best to wait a little while and see how things settle down.

[steve73] 08/5/2024 08:33

I'm assuming yesterday's NAV calcs are based on NEXT YEARS Rights price of 74.58p...

The difference between dilutes vs undiluted look about right on that basis.

[jaf111] 07/5/2024 17:56

NAV now out (5.30pm) but almost certainly wrong…..NAV 77.82 / Fully diluted NAV 77.60!!!
I would think (hope) the latter is correct……;

[7kiwi] 07/5/2024 16:53

And no NAV notification today either.

[riskvsreward] 07/5/2024 15:13

That is total rubbish. If they have a limit of €8m, they should not have issued sub shares @ 1 for 5 in the first place. Also if they issue subs with reference price in British currency then why setting limit in €?

[7kiwi] 07/5/2024 14:05

Yes, scaled back. But the Subscription Notice didn't mention a maximum Euro8m issue value.



And the Notice ambiguous saying that if you didn't exercise your rights, they would "lapse with no value" expire worthless. But it then goes on to say:

"The Subscription Trustee shall distribute pro rata the Net Profit to the persons entitled thereto at the risk of such persons within 56 days of the Subscription Date, provided that entitlements of under £5 shall be retained for the benefit of the Company." This seems contradictory.


And that first RNS today says "all shareholders will have a further right to subscribe for shares on 30 April 2025 (on the basis of one new Ordinary Share for every five Ordinary Shares held). The subscription price will be equal to the unaudited diluted net asset value per share on 1 May 2024."

The NAV on 1 May was recorded here:




NAV 74.58

Fully diluted NAV* 69.95

But they now send out another RNS saying the subscription price will be the undiluted NAV of 74.58p. I think that's the right answer, but they should have got the first RNS right.



Amateurs.

[bpdon] 07/5/2024 13:27

That's the subscription results out now:

"....as there is a cap of Euro 8 million on the value of Ordinary Shares that can be issued at the subscription price, each successful applicant has had the number of shares they have applied for scaled back to approximately 70.96 per cent of the number applied for."

[bpdon] 07/5/2024 10:13

Yes @kiwi I mentioned last week that I was expecting news on Friday but I see it didn't appear. I am keen to see this subscription concluded and hopefully the share price and liquidity normalise and we can finally move forward. After the recent market moves, the GCL discount must be over 25% again.

[7kiwi] 07/5/2024 09:13

They were supposed to have announced the results of the subscription rights on Friday. Where's the RNS?

[7kiwi] 07/5/2024 07:33

Paladin +8% overnight in Oz.

[quepassa] 06/5/2024 17:42

Bellwether Cameco new All-Time-High

[7kiwi] 06/5/2024 16:52

Yes, and Canada. And healthy moves in Oz overnight too.

[donald pond] 06/5/2024 15:56

Big moves in the US again

[888icb] 02/5/2024 13:14

Mine were added to my existing holdings by Barclays and II days ago.

[bpdon] 02/5/2024 12:36

Yes, I think they will announce the subscription results tomorrow(3rd May) and I think the conversion to ordinary shares would be circa 10th May.

[weaverbeever] 02/5/2024 12:22

Ah. I just read it might take 14 days.

[weaverbeever] 02/5/2024 12:21

I subscribed to my 5-1 shares. Its said the transaction would happen on 30th April. Its now 2nd May. The funds are still sat showing as cash in my AJbell account and I've had no confirmation notices. Can anyone educate me as to how the process should be working please