The boards of Geiger Counter (GCL ) and Golden Prospect Precious Metals (GPM ) have signed standstill agreements with Saba Capital to keep the activist investor at bay.

For Geiger Counter, the uranium fund managed by New City Investment Managers, the agreement means Saba will not requisition a general meeting, remove board members or vote against resolutions recommended by the board until the AGM in 2028 or in the event of an earlier wind-up.

In mid-May, Saba’s stake stood at 13%, according to Deutsche Numis. However, this has significantly reduced since Geiger repurchased close to 11% of the share capital.

Over the six months to the end of March, Geiger’s net asset value (NAV) fell 37.5% to 33.71p. This was in part down to a 21% fall in the spot price for uranium to $64.45 per pound over the six-month period.

Chair Ian Reeves noted that US president Donald Trump has signed a series of executive orders with the goal of ‘re-establishing the US as the global leader in nuclear energy’.

‘This along with the disconnect between spot and long-term pricing proved to be a catalyst for the uranium equity market recovering,’ he explained in statement.

Since the end of March, Geiger Counter’s NAV has grown 45% to 48.89p.

Managers Keith Watson and Robert Crayfourd added that the nuclear sector is underpinned by a structural supply shortage and favourable government policies aimed at increasing nuclear’s share of the global energy mix.

‘Furthermore, after a period of absence from the market since the panic buying of early 2024, western utility inventories appear to be once again approaching minimal levels,’ they added.

Geiger Counter has a market cap of £52m and currently trades at a 7.5% discount to NAV. Over the past three years, its shares are up 12.3% which compares to an 11.6% rise by the average trust in the AIC’s commodities and natural resources.

Stellar year for Golden Prospect

Elsewhere Golden Prospect Precious Metals, also managed by New City’s Crayfourd and Watson, signed a similar agreement with Saba after ‘constructive engagement’. This means the US hedge fund will not convene a general meeting, remove board members or vote against the board’s resolutions until the AGM in 2028.

Toby Birch, chair of Golden Prospect, said the board welcomed the agreement and promised to ‘maintain its clarity of focus on the best future outcomes for shareholders’.

The Guernsey investment company, which invests in companies in the gold and precious metals sectors, has enjoyed a strong period of performance, buoyed by healthy investor demand for safe havens.

Golden Prospect’s shares are up 77.7% over the past 12 months alone, which compares to a 1.7% rise by the average trust in the AIC’s commodities and natural resources sector. It currently trades on a 14.7% discount and has a market cap of £54m.

CQS Natural Resources Growth & Income (CYN ), which is likewise co-managed by Watson and Crayfourd and has faced attention from Saba, also announced the results of a tender offer to pacify the American activist today.