Geiger Counter has published its results for the year ended 30 September 2013. Over the year GCL’s NAV fell by 29% and its share price by 24%. The main problem for the fund (which is focused on the uranium market) has been the consequences of the Fukushima disaster on the current and potentially the future demand for uranium as some countries reassess their appetite for nuclear power.
The Board has negotiated a reduction in the management fee from 2% to 1.375% and the Board will also reduce its fees by 20%.
A continuation vote is scheduled for March 2014 and the Board is urging shareholders to vote in favour of continuation believing that the underlying fundamentals remain attractive in the medium to long-term.