PERTH, WESTERN AUSTRALIA–(Marketwired – February 02, 2018) – Paladin Energy Ltd (“Paladin” or the “Company”) refers to its previous announcements regarding its proposed restructure.
Paladin is pleased to announce the effectuation of the deed of company arrangement dated December 8, 2017 (DOCA) and the completion of the restructure. As a result, the Deed Administrators have retired, the DOCA has terminated in accordance with its terms, and the day-to-day management and control of Paladin has reverted to the Company’s directors.
In connection with implementation of the DOCA, two new directors have been appointed to the board of Paladin: Mr David Riekie and Mr Daniel Harris.
In accordance with the DOCA, 98% of the outstanding Paladin shares have been transferred to creditors and other investors and 2% of the outstanding Paladin shares have been retained by shareholders. The share register of Paladin has been updated to reflect this transfer and shareholders will be sent new holding statements reflecting their updated shareholding. For example, if a shareholder held 10,000 Paladin shares prior to the restructure they would now hold 200 shares (being 2%). Fractional entitlements will be rounded down to the nearest whole number.
Paladin now intends to apply for its securities to be reinstated to official quotation on the Australian Securities Exchange.
Also, in connection with the implementation of the DOCA, Paladin completed the issue (the “Notes Offering”) of U.S.5,000,000 principal amount of new secured notes (the “Notes”) which have been listed and quoted on the Singapore Stock Exchange.
In order to permit the participation of certain Ontario creditors of Paladin in the DOCA transactions (including the Notes Offering), the Company obtained on January 25, 2017 from the Ontario Securities Commission (“OSC”) a partial revocation order of a failure-to-file cease trade order issued by the OSC on October 4, 2017 (the “FFCTO”). Paladin’s securities, including its common shares and the Notes, will remain subject to the OSC’s FFCTO until such time as the FFCTO is fully revoked.
ACN 061 681 098
Contact Information – For more information, please contact:
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