SOURCE: Paladin Energy Ltd

Paladin Energy Ltd

November 18, 2016 06:30 ET

Paladin Energy Limited: Annual General Meeting Presentation, Chairman's Address and Results of Meeting

PERTH, WESTERN AUSTRALIA--(Marketwired - November 18, 2016) - Paladin Energy Ltd ("Paladin" or "the Company") (TSX: PDN) (ASX: PDN) is pleased to provide a copy of the Chairman's Address and Results of Meeting in relation to the Annual General Meeting of Shareholders held today.

The documents comprising the Annual General Meeting Presentation will be filed with the Company's other documents on Sedar (sedar.com) and on the Company's website (paladinenergy.com.au).

Yours faithfully,
Paladin Energy Ltd

ALEXANDER MOLYNEUX
CEO

Chairman's Address at 2016 Annual General Meeting

Dear Fellow Shareholders,

There is no denying that these past few years have been more than challenging for the uranium industry. The spot price for uranium has persistently declined quarter by quarter and now is at a low not seen since late-2004. Ironically, due to the then upward trend of the uranium price, Paladin surged ahead with its plans to become "the new energy in the market" and the share price responded accordingly.

Our CEO Alex Molyneux will present to you shortly and touch on the outlook for the uranium price.

To deal with the deterioration in the uranium price, over the past 3 years in particular, the Company has taken several major actions, including-

  • Selling a 25% interest in the Langer Heinrich Mine to CNNC Overseas Uranium Holding for US$190M
  • Introducing new processing technology and improved efficiencies to effect a major cut in operating costs
  • Putting the Kayelekera Mine on care and maintenance
  • Adjusting the mine plan at Langer Heinrich
  • Significantly reducing exploration
  • Reducing head office staff levels by over 60%
  • Reducing Board size and directors' fees (by some 60%).

Despite these major achievements, particularly in the last 12 months, we have seen the uranium price fall by approximately 50% to a level where no producer anywhere in the world can sustainably break even. It's a market where share prices for participants in our industry are reaching new lows and producers are in worse shape than juniors due to their exposure to negative operating cash flows.

Your board and management are only too aware of the concern of all stakeholders but I can assure you that we have and will continue to work diligently to endeavour to deal with the current position and we remain committed to the goal of ensuring Paladin is sustainable.

I remind shareholders that Paladin is a global uranium leader, which owns 75% of Langer Heinrich (a strategic tier one mine) and which provides the best leverage to uranium upside.

On behalf of the board, I thank Alex Molyneux and all the Paladin team for their dedication and application during yet another challenging period. Thank you also to shareholders who continue to share the clean energy uranium viewpoint with us.

RICK CRABB
Chairman

Results of Annual General Meeting

In accordance with Listing Rule 3.13.2 and section 251AA of the Corporations Act, below we advise details of the resolutions and the proxies received in respect of each resolution from today's Annual General Meeting.

1) Re-election of Director -- Mr Philip Baily
The instructions given to validly appointed proxies in respect of the resolution were as follows:

For Against Abstain Open Usable*
571,875,208 5,418,384 2,549,017 1,957,292

The motion was carried on a show of hands as an ordinary resolution.

2) Re-election of Director -- Mr Rick Crabb
The instructions given to validly appointed proxies in respect of the resolution were as follows:

For Against Abstain Open Usable*
563,876,805 8,135,282 7,830,522 1,957,292

The motion was carried on a show of hands as an ordinary resolution.

3) Appointment of PricewaterhouseCoopers as auditor
The instructions given to validly appointed proxies in respect of the resolution were as follows:

For Against Abstain Open Usable*
593,222,319 1,808,575 2,564,073 1,954,591

The motion was carried on a show of hands as an ordinary resolution.

4) Remuneration Report
The instructions given to validly appointed proxies in respect of the resolution were as follows:

For Against Abstain Open Usable* Excluded**
560,908,291 28,317,677 8,244,874 2,024,090 40,500

The resolution was carried by a show of hands as an ordinary resolution.

* Open usable reflects valid proxies for which no voting indication has been noted -- if held by the Chairman these will be voted in favour of all resolutions.

** Relates to key management personnel excluded from voting pursuant to ASX Listing Rules.

ACN 061 681 098

Contact Information

  • For additional information, please contact:
    Andrew Mirco
    Investor Relations Contact (Perth)
    Tel: +61-8-9381-4366 or Mobile: +61-409-087-171
    Email: andrew.mirco@paladinenergy.com.au