Paladin Energy Ltd

Paladin Energy Ltd

November 20, 2014 07:37 ET

Paladin Energy Ltd: Results of Annual General Meeting

PERTH, WESTERN AUSTRALIA--(Marketwired - Nov. 20, 2014) - Paladin Energy Ltd (TSX:PDN)(ASX:PDN) ("Paladin" or the "Company") advises that, in accordance with (Australian) Listing Rule 3.13.2 and section 251AA of the Corporations Act, the Company provides the following details of the resolutions and the proxies received in respect of each resolution from today's Annual General Meeting:

1) Remuneration Report

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

For Against Abstain Open Usable* Excluded**
108,146,370 49,050,562 896,413 3,005,758 16,613,276

The resolution was carried by a show of hands and was also carried following a poll called by the Chairman.

Poll results were as follows:

For Against Abstain
113,049,342 49,375,894 1,250,589

Paladin wishes to provide the following context in relation to Resolution 1 which attracted a 30.61% vote against, by proxies representing just 5.08% of Paladin's total issued capital. Proxies representing 16.9% of Paladin's total issued capital were received for Resolution 1. This is a particularly low voting turnout compared to past years.

The number of proxies tendered against the Remuneration Report was in line with voting at the 2013 AGM. Due to significantly higher shareholder participation in 2013 (which reflected previous years), some 82.5% of voting shareholders, representing 26.2% of the Company's total issued capital, voted in favour of the Remuneration Report and the resolution was carried.

Paladin believes it has worked hard to improve the transparency of its Remuneration Report and ensure remuneration across the business reflects the challenging conditions being experienced by uranium producers since the incident at Fukushima in 2011.

In 2014, Paladin implemented a 10% reduction in directors' fees and the base salaries of senior management. This reduction also applied to Managing Director and CEO John Borshoff, whose salary has fallen by 32.5% since June 2012.

2) Re-election of Director -- Mr Sean Llewelyn

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

For Against Abstain Open Usable*
152,727,962 18,617,582 3,288,324 3,014,811

The motion was carried on 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

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