Sign up Australia
Proactive Investors - Run By Investors For Investors

Peninsula Energy shares ride higher following successful block trade

The company's shares are trading about 12% higher intra-day, at 28 cents.
shares rise represented
Patersons negotiated a deal with institutional and high net worth clients

Peninsula Energy Ltd (ASX:PEN) has completed a block trade of the majority of shares held by Global X Uranium ETF in Peninsula to clients of Patersons Securities.

Patersons successfully negotiated a block trade sale of 24 million shares at 24 cents each to its institutional and high net worth clients.

Peninsula’s shares were last trading about 12% higher intra-day, at 28 cents.


Peninsula’s second largest shareholder, Global X Uranium ETF, is reducing its holdings in uranium mining and development companies, as a result of changes being incorporated in the underlying index.

These changes expanded the underlying index to include select large companies involved in the global nuclear fuel cycle industry, thereby reducing the proportional representation of all uranium mining and development companies included in the index.

Peninsula finance director and chief financial officer David Coyne said: “we are very pleased that Paterson’s have completed this block trade in an orderly manner as it removes existing downward pressure on our share price caused by Global X’s recent underlying index changes”.

READ: Peninsula Energy confirms withdrawal from Karoo to focus on Lance Uranium Project

The company recently withdrew from any further development activities at the Karoo project in South Africa.

This decision was well received as it will allow Peninsula to fully focus on the development of its Lance Uranium Project in Wyoming, US.

Unlike Karoo, Lance is a producing asset which is driving earnings even in a low uranium price environment.

READ: Peninsula Energy outlines efficient transition strategy to low pH operations

View full PSM profile View Profile

Peninsula Mines Ltd Timeline

Related Articles

worker on a hill
April 18 2018
The turnaround plan at the Drakelands mine is beginning to take effect
Picture of area surrounding Paradox Lithium Project
May 07 2018
Cloud, Cane and LC South will be part of Anson's Paradox project with the claims being close to oil wells with historically recorded lithium values.
maps of Australia with company projects marked
April 18 2018
Samples from the Mt Read Cobalt Project graded up to 7,800 ppm cobalt.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use