Australian uranium company Paladin – huge losses and never a dividend
Paladin chief calls for investor calm The Age, November 4, 2013 Peter Ker Resources reporter Paladin Energy chairman Rick Crabb has urged shareholders to cool their lust for executive scalps at the troubled uranium miner, saying that succession planning was in train and that board changes would be counterproductive while an asset sell-down was under way.
Mr Crabb and his managing director, John Borshoff, have been under extra pressure in recent times on the back of shareholder anger at the company’s direction.
An Asian hedge fund has been leading a group of Paladin shareholders that are trying to remove Mr Crabb and Mr Borshoff, and their rebel cause has been helped by proxy adviser ISS, which last week called for shareholders to reject a dilutive share placement that Paladin made in August.
The pressure is likely to continue before this month’s annual meeting, with the Australian Shareholders Association set to agree with ISS, plus name Mr Crabb at the top of its list of ASX chairmen who should stand down……..
Paladin failed to sell a stake in its Langer Heinrich mine in the September quarter, and Mr Crabb said sale negotiations were still under way, making it a bad time to overhaul the board…..
The ASA disagreed, with chairman Ian Curry saying that Paladin had not once delivered a dividend to shareholders since it started trading in 1994, yet had imposed billions of dollars worth of losses. : http://www.smh.com.au/business/paladin-chief-calls-for-investor-calm-20131103-2wusp.html#ixzz2jiZEkGKl
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