Yellow Cake PLC (YCA), the Jersey-incorporated uranium holding company, has disclosed that Van Eck Associates Corporation crossed the 10% voting rights threshold in the business on 4 November 2026. The TR-1 major holdings notification, filed on 5 November 2026 and published on 6 November 2026, confirms Van Eck's combined direct stake rose to 10.036% from a previous position of 9.974%. The move consolidates Van Eck's position as a significant shareholder across a range of funds with exposure to uranium and natural resources, and investors in Yellow Cake may be watching the development closely given the scale of the holding.

Key Points

  • Yellow Cake PLC (YCA), ISIN JE00BF50RG45, is a non-UK issuer incorporated in Jersey focused on physical uranium holdings
  • Van Eck Associates Corporation crossed the 10% voting rights threshold in Yellow Cake on 4 November 2026
  • Van Eck's total voting rights now stand at 10.036%, representing 25,219,751 shares, up from a prior notified position of 9.974%
  • Investors should watch whether Van Eck's combined uranium-focused fund exposure increases further, given the range of vehicles involved

Van Eck Associates Reaches 10.036% in Yellow Cake via Multiple Fund Vehicles

The notification confirms that Van Eck Associates Corporation, headquartered in New York, United States, holds its Yellow Cake stake across twelve named funds and accounts. The largest single contributor is the VanEck Uranium and Nuclear ETF, which accounts for 5.817% of voting rights, followed by the VanEck Uranium and Nuclear Technologies UCITS ETF at 2.086%. Other vehicles including the VanEck Global Resources Fund (0.562%), Metlife Natural Resources (0.638%), and several Nomura-branded natural resources funds contribute smaller proportions. All voting rights are held directly, with no financial instruments such as options or convertibles disclosed.

Yellow Cake's Physical Uranium Model Underpins Specialist Fund Interest

Yellow Cake PLC operates as a specialist uranium company, holding physical uranium oxide — known as U3O8 — purchased under a framework agreement with Kazatomprom, the world's largest uranium producer. The company's business model is designed to provide investors with direct exposure to the uranium spot price without operational mining risk. This structure has attracted dedicated uranium and nuclear energy funds, as reflected in the Van Eck notification. The VanEck Uranium and Nuclear ETF and its UCITS equivalent together account for the dominant portion of the aggregated stake, underscoring the thematic overlap between Yellow Cake's asset base and Van Eck's sector-focused product range.

Proxy Voting Arrangements Assigned to Glass Lewis on an Open-Ended Basis

The TR-1 filing discloses that proxy voting rights over the 25,219,751 shares — representing 10.03% of Yellow Cake's voting rights — have been assigned to Glass Lewis, the independent proxy advisory and voting services firm. The arrangement is described as open-ended, with no specified end date provided in the notification. The filing was completed on 5 November 2026 in Tampa, Florida, USA. The disclosure was made in accordance with the UK's Disclosure Guidance and Transparency Rules, specifically DTR 5, which requires notification when a major holding crosses defined percentage thresholds.