Advertisement
Canada markets closed
  • S&P/TSX

    22,167.03
    +59.95 (+0.27%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • DOW

    39,807.37
    +47.29 (+0.12%)
     
  • CAD/USD

    0.7380
    -0.0006 (-0.09%)
     
  • CRUDE OIL

    83.11
    -0.06 (-0.07%)
     
  • Bitcoin CAD

    94,707.48
    -1,012.89 (-1.06%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,254.80
    +16.40 (+0.73%)
     
  • RUSSELL 2000

    2,124.55
    +10.20 (+0.48%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • NASDAQ

    16,379.46
    -20.06 (-0.12%)
     
  • VOLATILITY

    13.01
    0.00 (0.00%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • NIKKEI 225

    40,369.44
    +201.37 (+0.50%)
     
  • CAD/EUR

    0.6847
    +0.0004 (+0.06%)
     

Paladin Energy Ltd: Board and Management Restructuring

PERTH, WESTERN AUSTRALIA--(Marketwired - August 21, 2015) - Paladin Energy Ltd (PDN.TO)(PDN.TO) ("Paladin" or the "Company") advises of board and management changes, and a reduction in board remuneration.

Resignation of Non-Executive Director Mr Sean Llewelyn

Paladin's board has accepted the resignation of Mr Llewelyn effective today. Mr Llewelyn's duties on the Audit, Remuneration and Nomination Committees will be taken on by other directors in advance of the next board meeting.

Change of Company Secretary

Ms Gillian Swaby, Group Company Secretary and EGM Corporate Services, and the Company have agreed Ms Swaby will step down from her role at the Company.

ADVERTISEMENT

Mr Ranko Matic has been appointed Company Secretary effective immediately. Mr Matic is a Chartered Accountant with over 25 years' experience in the areas of financial and executive management, accounting, audit, business and corporate advisory. Mr Matic serves as a Non-Executive Director and Company Secretary for a number of publicly listed natural resources companies.

Reduction in board remuneration

Paladin's board has adjusted its remuneration structure with an effective date of 1 July 2015. The revised structure will alter the base salary for Non-Executive Directors to A$65,000 and the Non-Executive Chairman to A$125,000.

"The changes we are announcing today are about Paladin taking every step to become cash flow positive in the current uranium price environment," said Paladin Non-Executive Chairman Mr Rick Crabb. "I thank Gill for her tireless support of the Company since its inception, a period of more than 20-years including her initial valuable contribution as a director for a number of years." He then went on to say, "I also thank Sean for being an active and contributing Non-Executive Director for more than 10-years. The Company benefited greatly from his experience in the uranium industry."

The changes announced today are in addition to the cash flow optimisation measures announced on 30 July 2015. The reduction in the number of Directors and reduction in remuneration per director is expected to reduce the aggregate cost of the Company's board compensation by approximately 60% in FY2016 vs. FY2015, which is in line with broader reductions in corporate costs being undertaken simultaneously.

A number of additional cash flow optimisation initiatives are underway and the Company plans to be able to update investors regarding its progress in this regard with its next quarterly results release.

ACN 061 681 098