EXTENSION OF CONVENING PERIOD On 21 September 2017, the Federal...

EXTENSION OF CONVENING PERIOD
On 21 September 2017, the Federal Court of Australia made orders extending the convening period within which Matthew Woods, Hayden White and Gayle Dickerson from KPMG, in their capacity as administrators of Paladin Energy Limited (administrators appointed), Paladin Finance Pty Ltd (administrators appointed) and Paladin Energy Minerals NL (administrators appointed) (the Companies), must convene the second meeting of creditors of the Companies pursuant to section 439A of the Corporations Act 2001 (“the Act”), to on or before 31 January 2018. Pursuant to the orders, the administrators may hold the second meeting of creditors any time during, or within 5 business days after, the extended period, subject to the relevant notice provisions under the Act. The extended convening period will allow sufficient time for the Administrators to:
• Explore alternative strategies to progress the administration of the Companies in light of CNNC Overseas Uranium Holding Limited’s decision to not exercise its option to purchase the remaining 75% shareholding of Langer Heinrich Mauritius Holdings Limited. These strategies include running an “expressions of interest” process for the potential recapitalisation and restructure of the Companies pursuant to a Deed of Company Arrangement, or the realisation of the Companies’ assets.
• Receive and consider any proposals to restructure and recapitalise the Companies through a Deed of Company Arrangement and make appropriate recommendations to creditors on the merits of such proposals.