Paladin Energy: from market hero to administration, page-22

PDN would have failed years ago if it had not been for the help of CIC, EDF, and CNNC.

CIC contributed to the 2020 bonds, and could have pulled the plug on PDN in April by not agreeing to the standstill.

EDF gave PDN a prepayment 5 years out from delivery so that PDN could stay afloat. They asked for interest on their money and adequate security. PDN agreed to repay the money to EDF if the security they provided was not adequate.

CNNC purchased 25% of LHM which staved off bankruptcy once again.

EDF could have claimed their money in January, but they held off giving PDN time to come up with something. EDF waited for five months giving PDN the opportunity to progress potential avenues that would save the company.

All of the above helped to facilitate a standstill in April when the 2017 bonds became due. Once again giving PDN time to come up with something. These companies have gone out of their way over the years to help keep PDN out of bankruptcy.

You could probably throw NEDBANK into the mix as well, but unfortunately for NEDBANK there probably won't be any money left for them to be repayed.

At no stage where any of the restructures agreed to by all of the parties involved. They were pie in the sky stuff.

PDN has been like a cancer, taking all down with it,, especially the shareholders.

Nobody forced PDN to get itself into this debt nightmare, and IMO these other companies and the bondholders have been incredibly patient with PDN, and given PDN ample opportunity to solve their problems.

CNNC, CIC, and EDF had plenty of opportunities to pull the plug on PDN,, but held off. More than PDN deserved in my opinion.