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Exchange rate error delays Alligator Energy (ASX:AGE) uranium index listing

Energy
ASX:AGE      MCAP $235.6M
06 August 2021 12:50 (AEST)
Alligator Energy (ASX:AGE) - CEO, Greg Hall

Source: Greg Hall/LinkedIn

Alligator Energy (AGE) shares have sunk after the company was informed it would not be joining the Solactive Uranium and Nuclear index, contrary to an announcement last month.

The company was set to join the Solactive Global Uranium & Nuclear Components Total Return Index at the beginning of August during the fund’s standard rebalance.

However, the company may now have to wait until January 2022 to be included after a “price mismatch” was identified relating to what Alligator said was an “incorrect use of the AUD:USD exchange rate”.

According to AGE, an error was also made regarding Alligator’s issued capital at the time, which the company said was recorded substantially lower than the number of shares on issue during the rebalance.

Alligator has reiterated that it satisfies all requirements to be included on the index, which includes a US$50 million (A$67 million) or greater market capitalisation.

“Alligator will ensure, through correspondence with Solactive, that the data inputs applied when the next rebalance occurs in January 2022 are correct and fully supported,” the statement read.

In more favourable news, the ASX-lister reported its $11 million share placement undertaken last month was anticipated to settle today.

Alligator Energy shares were down 3.33 per cent at 2:40 pm AEST to trade at 2.9 cents.

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