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.

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

View full PSM profile View Profile

Peninsula Mines Ltd Timeline

Related Articles

Trio undertaking survey work at Rockford project
October 09 2018
The company is seeking to emulate Independence Group’s successes at Nova-Bollinger and Andromeda.
1535974884_Afarak---Mogale-refining-plant.jpg
September 03 2018
Afarak has some of the lowest cost chrome projects in South Africa, and a niche speciality alloys business in Germany
1537926138_cobalt-on-periodic-table.jpg
September 26 2018
Mt Gilmore Project and the Cobalt Ridge cobalt prospect are priority focuses for the company which will present at the RIU Resources Investor Roadshow in Melbourne tomorrow.

© 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