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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.

Background

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

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