Geiger Counter Limited (LON:GCL) has announced the release of the Annual Report and Financial Statements for the year ended 30 September 2025, which are included as an attachment to this announcement.
CHAIRMAN’S STATEMENT – FOR THE YEAR ENDED 30 SEPTEMBER 2025
When I last wrote to Shareholders in the interim report earlier this year uranium markets were recovering from a period of underperformance. The net asset value per ordinary share of the Company as at 31 March 2025 was 33.71p compared to 53.93p as at 30 September 2024. Since then, I am pleased to report that the momentum in uranium equities has returned, represented by an improvement in the Company’s NAV per ordinary share as at 30 September 2025 to 71.66p, representing an increase of 32.89% for the full year under review. The Company’s share price return has also recovered with the full year share price appreciation to 30 September 2025 coming in at 32.88%. The discount to NAV per ordinary share closed at 17.39%.
In my opinion the principal reasons for the strong recovery in our NAV per ordinary share is two fold – first, the world is embracing and recognising the resurgence in demand for electrical energy, generated by nuclear power stations, which in turn are fuelled by enriched uranium; second, our highly experienced and knowledgeable fund managers, have identified the optimal investment opportunities to benefit from resultant demand growth for uranium.
Essentially, the market is unbalanced, in that the fuel supply chain does not currently have the capacity to meet future demand. We have seen various attempts to alleviate this supply shortfall with the most notable being the US Government announcing executive orders in May 2025 to accelerate the deployment of new nuclear capacity as well as increase funding for the development of enriching and conversion facilities.
The private sector has also invested in nuclear reactor life extensions and restarts as the power source of choice to power their new AI data centres. These initiatives along with many others have driven price increases in the portfolio companies in which we invest. The investment manager’s report on pages 13 to 19 sets out the investment position in more detail.
Share Buybacks and Corporate Activity
On 11 December 2024, the Company’s ordinary shares were admitted to listing in the closed-ended investment funds category of the Official List of the FCA and to trading on the Main Market of the London Stock Exchange. The previous listing on The International Stock Exchange was subsequently cancelled. The Board anticipates that the Main Market listing will continue to bring the Company to the attention of a wider group of potential shareholders and improve liquidity in the Company’s shares.
The Company has continued to engage in a program of stock buybacks to provide liquidity, increase the NAV per ordinary share and ideally narrow the discount. During the period under review the Board has utilised its share buyback powers to repurchase 28,210,360 ordinary shares at a cost of £12.3m.
It is disappointing to note that although the Company continues to provide investors with excellent capital growth over one year (+32.88%), three years (+49.57%) and five years (+332.02%) to 30 September 2025, the discount has remained stubbornly wide at times over the last 12 months. This is not uncommon in the wider investment company sector and your Board has engaged with several advisers to try to increase the appeal of the Company’s shares and widen the shareholder base.
Since the end of September, the Company has continued to utilise the share buyback authority and has repurchased a further 8,144,747 shares at a cost of £4.7m.
Subscription Rights
The Annual Subscription Right enables Shareholders to subscribe for 1 new Ordinary Share for every 5 Ordinary Shares held on 30 April in each year at a price equal to the undiluted NAV per ordinary share on 1 May one year prior.
The Company announced on 1 May 2025 that the fifth Subscription Rights price would be 37.20 pence per share and that the exercise date would be 30 April 2026. Shareholders will be sent details of how to subscribe a few weeks prior to that date.
In anticipation of this five year term expiring in April 2026, the Board has resolved to propose an ordinary resolution for the continuation of the Subscription Right mechanism on an annual basis thereafter. If such resolution is not passed, the Directors will formulate proposals to be put to Shareholders to amend the Articles in order to remove the Subscription Right.
Outlook
The recently released, World Nuclear Outlook Report Preview 2025, has highlighted that Global nuclear capacity could reach 1428 GWe by 2050, exceeding the 1200 GWe target set in the December 2023. For this and an abundance of other well telegraphed drivers behind the positive sentiment, your investment managers and Board of Directors believe that the fundamental structural support for uranium equities remains as strong as ever, and that with growing global nuclear power demand coupled with a highly constrained and fragile supply landscape, our portfolio is well-positioned to benefit.
On behalf of the Board, I would like to thank shareholders for their continued support in the Company.
Ian Reeves CBE
Chairman
December 2025
