Many my mates and I are also waiting for UAU float. Hopefully the sentiment for Uranium float will improve and institutions will participate in the IPO. Some short term share holders bought before the SPP ex-data and entitled to the free UAU shares and have sold their KOR shares with modest/large profits and just waiting for UAU to be listed and lock in more profit. Medium term loyal share holders may consider UAU as the icing on the cake and it is not the main purpose of buying and holding KOR. In my humble opinion, Geolsec organic fertiliser project, Bobrikovo gold project and Melrose gold project, and Winchester Magnesium Project rank higher than the uranium project (UAU).
UAU intends to raise $ 11M late last year. The latest Uranium IPO in 2009 was EMX (Energia Minerals), a spin off from CNX and was listed on Thursday 24 December 2009, following the successful completion of its IPO which raised about $7.5M (39.5M shares at 20c) and was oversubscribed. The offer was widely supported by Carbon Energy Ltd (ASX:CNX) shareholders, who accounted for 85% of the offering and CNX will retains 42% equity in EMX. Bank of New York Mellon Corps applied for 5 M shares and got scale back to 3.5M shares and a substantial holder with 5.04% (ASX announcement 13 /01/10). UAU also needs a few overseas and local institutions for its IPO.
EMX stated that it is strategically positioned to capitalise on the growing demand for nuclear energy as a key component of the alternativ energy mix. Already approximately 15% of the worlds electricity is provided by nuclear power and this trend is forecast to increase significantly with more than 52reactors currently under construction worldwide and a further 135 planned.
KOR Price at posting:
35.5¢ Sentiment: ST Buy Disclosure: Held
