More a glimmer of hope, but who knows !
I have been wondering ever since Leon Pretorius began his interest in attaining BLR, that just maybe he's there for a reason.
Anyone that know the history of Pretorius, would know that he was the Chief Geologist when Paladin first purchased Langer Heinrich, & actually it was Leon to whom highlighted the potential to John Borshoff.
Mr Borshoff said the additional $US50 million shouldn't detract from the company's position but suggested it implied the miner intends to use the funds to facilitate a strategic alliance currently under discussion.
Strategic alliance currently under discussion.
February 12, 2015 - 4:41PM
The company's underlying net profit after tax was $13.8 million, down from $38.1 million in the previous corresponding period. Photo: AFP
Paladin Energy chief executive John Borshoff said the uranium miner's plans to issue $US100 million ($131 million) worth of new convertible bonds would successfully eliminate "the risk of Paladin".
The company launched the senior unsecured convertible bonds offer as it announced its half-year results, which saw Paladin record a $US67.2 million net loss after tax following a hit on its revenue during the period.
The funds generated will be used, along with existing cash, to fund a concurrent tender offer, through which Paladin plans to acquire $US300 million worth of existing convertible bonds due in November.
The company said it had scope to issue a further $US50 million of bonds on the same terms within the next 30 days if it chose.
Mr Borshoff said the additional $US50 million shouldn't detract from the company's position but suggested it implied the miner intends to use the funds to facilitate a strategic alliance currently under discussion.
"You could infer that our strategic alliance discussions are going very well and that extra $US50 million component is to facilitate that," he said. "So that's a very big positive and completely at our discretion because we only need the $US100 million for the November bonds."
