I have sent this following to the Administrators. I hope the links work. If not go to them manually especially the interviews as they make for interesting listeningThis makes for interesting reading. I just cannot understand how the Paladin Board could get the company into this position with EdF nor how the Administrators can think that the DOCA is in the best interest of all shareholders when the restructure Plan A was at one stage so very positive. Just what happened is the question that I will be wanting answers from the Paladin Board (although they do not exist anymore but maybe in there private capacity being the responsible persons running the company prior to administration) and the Administrators.
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Paladin Timeline of Statements
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01816610
- 28 Dec 2016 announcement: Background. EdF requested security for pre-payment. Paladin provided security. EdF advised that it was not enough. Paladin Board decided to go to independent expert valuation. This process would have incurred additional costs to Paladin and upset EdF. Why did the Board not offer additional security against other assets say Kayelekera. Did the Board try to resolve this prior to going to the independent expert valuation. Surely if the Board gets EdF on board with the security, the restructure Plan A goes ahead?
- 20 Jan 2017 Proactive Investors Radio Interview: Very positive interview on company and uranium future. Hard to believe that restructure would not go ahead.
- 15 February 2017: December 2016 Half Year Results. Restructure details. From this presentation and the info provided in it, it is hard to be that the restructure was ever going to fail. What did the Paladin Board do to not get it over the line? http://www.paladinenergy.com.au/sites/default/files/presentation_file/17.02.14-dec-qr-conf-call.pdf
- 20 Feb 2017: CommSec interview with Alex Molyneux. Very positive on restructure and company future of Paladin. Available on Paladin website.
- 16 May 2017 March Quarter Results Conference Call and Investor Update. Statement in presentation: “If CNNC does not acquire Paladin’s 75% interest in LHM, Paladin will pursue the Plan A Restructure Proposal” How could the Board not get the restructure Plan A over the line, based on how positive they were about the restructure and the support that it had with bondholders http://www.paladinenergy.com.au/sit...arter-investor-conference-call-and-update.pdf
- 3 July 2017: EdF demand of repayment. If Paladin Board had sorted out the security in item 1 above this demand may never have materialised. This demand triggered the administration process. http://www.asx.com.au/asxpdf/20170703/pdf/43kcgx8l60d677.pdf
- 21 July 2017: Valuation of Langer Heinrich: Approx US$583. Uranium price at the time Uranium Spot Price Historical Data June 30, 2017: 68 May 31, 2017 21.56. At what price was the valuation based on? I have never seen any advice from Paladin nor the administrators on the price. http://www.asx.com.au/asxpdf/20170721/pdf/43ksl4s1lbk5c1.pdf
- 21 August 2017: Statement in letter below. Is the current DOCA in the best interests of all stakeholders? Not for shareholders I do not believe.http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01885754 What happened the Plan A restructure? Did the Administrators even look at it?
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