don't lose all objectivity, page-50

Can someone forward this onto the Bannerman Board? I dont know all the details but Borshoff seems like a decent leader if he is taking pay cuts when the company may be struggling in tight times ...

THE AGE
Paladin seals $200 million deal, but boss still takes hit to salary
Date
August 16, 2012
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Peter Ker Resources


John Borshoff: Pay cut continues.
PALADIN Energy boss John Borshoff has revealed he will accept another year of reduced pay, despite sealing a deal that has dramatically secured the uranium miner's immediate future.

Concerns that Paladin would struggle to meet a $US134 million debt obligation in March were essentially resolved yesterday by a long-term uranium supply deal that includes a $US200 million upfront payment before Paladin's debt deadline.

Mr Borshoff described the deal as a ''landmark'' turning point for the company, and investors seemed to agree, lifting the stock 10 per cent on a day when most of the market lost ground.

Mr Borshoff announced his 12-month, 25 per cent pay cut last November following investor concerns over the direction of the company, and he told BusinessDay yesterday he was likely to accept another 12 months on reduced pay.

''It will probably stay at that level. It's up to the board to decide, but we've still got quite a few things we need to set our targets for,'' he said.

Mr Borshoff said he had no doubt he was adding value to the company, but noted the pay cut was good for morale.

Paladin shares have slipped from $5 to just above $1 in the 17 months since the Fukushima nuclear disaster, with concerns over the company's debt situation a major factor in eroding investor confidence.