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LONDON - Yellow (OTC:YELLQ) Cake plc, a company specializing in the long-term holding of physical uranium, has granted nil-cost options to top executives under its Share Option Plan, the company announced on Thursday. CEO Andre Liebenberg and CFO Carole Whittall were awarded options over ordinary shares, which are set to vest in April 2027, subject to performance conditions.
The incentive plan, updated after consultations with major shareholders and advice from an independent consultant, aims to align management’s interests with those of shareholders. The plan sets performance conditions based on Yellow Cake’s share price relative to comparators and growth in uranium holdings and revenue over a three-year period starting April 1, 2024.
Liebenberg received options over 23,921 shares and Whittall over 10,166 shares. The number of shares was calculated using a share price of £6.88, the higher of the net asset value per share or the share price on the AIM market as of March 31, 2024.
Vesting of these awards depends on Yellow Cake’s performance against a basket of comparators, including the Sprott Physical Uranium Trust, the daily U3O8 spot price, and a group of three equally weighted uranium ETFs. The performance will be measured over the entire three-year period, with currency exchange impacts eliminated to ensure a fair comparison.
The company’s remuneration policy, including full details of the incentive plan, is expected to be disclosed in its annual report for the fiscal year ending March 31, 2025. This notification complies with the UK Market Abuse Regulation.
Yellow Cake’s strategy focuses on buying and holding uranium oxide, also known as U3O8, to offer investors exposure to the uranium spot price. The company holds 21.68 million pounds of U3O8 in storage facilities in Canada and France and has a ten-year framework agreement with Kazatomprom (LON:KAPq), the world’s largest uranium producer, for the supply of U3O8.
The information about the incentive awards and the terms of the plan is based on a press release statement from Yellow Cake plc.
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