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The ASX’s uranium stocks are on a bull run – except this one

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You could not pick a better day to launch a uranium play’s equity raising. Stocks are flying. But investors see one company as nothing but a giant hole.

Already a subscriber?You could not pick a better day to launch an ASX-listed uranium play’s equity raising. Stocks are flying.

, crossed its biggest shareholders and got its investor presentation ready for a Monday-morning launch. Along the way, the world’s biggest uranium producer, Kazakhstan’s Kazatomprom, cut near-term production guidance and sent investors scrambling for uranium stocks. Happy days. The sector is on a tear.

Unofficially, it is about ticking boxes to make sure ERA has scoured all options in case this ends up at the Takeovers Panel or in court . ERA’s two big minority shareholders – Perth-based fund manager Packer & Co and family office Zentree Investments – together own the bulk of the rest of the shares and have been fighting Rio for years. It flares up whenever ERA returns to market with an equity raising.These investors, absent the Jabiluka option, have no reason to invest any more money.

 

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