Australian news, and some related international items

Directors net $3.7 million in selling off their Paladin Energy uranium shares, then uranium stocks plummet

Paladin directors narrowly avoid nuclear sell-off AstonColumnist,  Uranium miner Paladin Energy advised the Australian Securities Exchange on Monday that chairman Cliff Lawrenson and non-executive director Peter Watson had, between them, sold 4.5 million, or 55 per cent, of their shares in the company between February 28 and March 3, netting proceeds of $3.7 million.

Lawrenson’s broker secured an average out price of 84¢ while Watson had to settle for 81¢.

It was certainly an auspicious moment for the pair. That very evening, of March 3, Russian forces seized the Zaporizhzhia nuclear power plant in Ukraine, but not before their shelling set it on fire, and uranium stocks dutifully plummeted across global markets.

On March 4, 154 million Paladin shares changed hands, crunching the share price down 15 per cent to 74¢. At one point in intraday trading, they were down 26 per cent.

Timing is everything, the old truism goes, and you can safely say about Lawrenson and Watson that their timing is the opposite of radioactive.

Lawrenson still has 2.1 million Paladin shares to his name while Watson has 1.6 million.

March 10, 2022 - Posted by | AUSTRALIA - NATIONAL, business, uranium

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