has it bottomed out?, page-83

Paladin still strong: Borshoff
Nick Sas, The West Australian
August 29, 2013, 7:36 am


Paladin Energy chief John Borshoff has acknowledged the disappointment of shareholders over the company's recent discounted capital raising which followed its failure to sell part of its Langer Heinrich mine.

Speaking on the sidelines of the Africa Down Under conference yesterday, the head of the Africa-focused uranium producer said the company was in a good position despite its near $US700 million ($784 million) debt pile, flagged writedowns and a historically low uranium price.

Mr Borshoff said there was "some disappointment" over the $88 million raising at 70� a share earlier this month, which has since seen shares plummet to a 8?-year low of 55� yesterday.

Paladin was trading at $1.08 a share in mid-July.

"We were hoping for slightly less of a discount but what's more important is we've got to see it how we cut it," he said.

When asked whether he believed he would remain as chief executive in light of recent events, Mr Borshoff was steadfast.

"Yes I do," he said. "There's nothing being said (from the board).

"As soon as we announced (the failure of the sale) we've already had three enquiries from people who want to come back and talk."

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