Under the Scheme of Arrangement, UPC acquired all of the shares of UL in exchange for 0.50 UPC share for each UL share outstanding. Kelvin Williams, a former director of UL will join the UPC board. UPC is undertaking a reorganization of the business and the uranium assets of UL will be transferred to UPC’s Cypress subsidiary.
UPC is an investment holding company, which invests substantially all of its assets in uranium oxide in concentrates (U3O8) and uranium hexafluoride (UF6) (collectively uranium), with the primary investment objective of achieving appreciation in the value of its uranium holdings.
Richard McCoy, chairman of UPC, said: “The completion of the acquisition of UL has added 1,725,000 pounds of uranium oxide (U3O8) and 412,000 kgU of uranium hexafluoride (UF6) for total holdings of uranium material of 7,250,000 pounds of uranium oxide (U3O8) and 2,374,230 kgU of uranium hexafluoride (UF6).
”The acquisition of these assets was effected in a manner that we believe was accretive to shareholders. We are also looking forward to Mr. Williams joining our board.”
