Ann: Successful Completion of A$94.6M Retail Entitlement Offer, page-38

I agree that management have done a very much better deal for the mums and dads than normally occurs. Just wish I could have got 100% of the extra.

And as I have argued earlier, the underwriter has taken no risk (guaranteed by Paladin) and even had out clauses such as SP, U price decline where they could have cancelled and recovered their costs.

According to my reckoning, though, there would have been no scraps left over for the underwriter, so that is why we only get 50%. So I might take up BigJoe's suggestion and become and become an 'underwriter' - I could just take the clauses out of the Paladin raising.

Over the years I have watched and hoped that a share price would improve for some companies I have held, and I have slowly come round to the idea of experiencing a bit pain by selling whilst there is still something of value left. It is easy in retrospect, of course, to see what action management should have taken during all those years of decline of Paladin. But I don't think we should be so appreciative of a management that could have taken action years ago and avoided the dilution that we are now experiencing. Fortunately for me I am a relatively recent holder. I do think that the Paladin management may have, like me, learnt something. They may have hired a risk management consultant who might have told them that the badness caused by the uranium price not recovering fast enough would be much worse than the badness caused by a raising at this very late stage. So, on balance, the raising has been well done. It is just sad that they have taken so long to do it.