Ann: Notice of Change of Interests of Substantial holder, page-46

New investors should be aware that PDN is in no better position than when at 4.7c before administration. In order to remain a going concern PDN is relying on left overs from the $115 note raise after paying back $60M to Deutsche Bank and all other costs of administration etc. That means there is less than $55M left to cover running at a loss of approx. $8M per quarter, that is 1-2 years only. Unless spot price doubles or asset sales can now suddenly be achieved PDN will go broke again by then. They even state this (note:"for the next 12 months")

GENERAL
Paladin confirms that, having raised US$115m through the issue of new notes and extinguishment of the majority of its debt obligations pursuant to the restructure, it is in a strong financial position and able to meet its financial obligations for the next 12 months without having to raise any additional capital.