Paladin gravy train

The Australian 12:00 AM August 26, 2016

Paladin gravy train
The proof is in: that bout of bloodletting at embattled uranium miner Paladin Energy wasn’t cheap.

The Red Wedding in Game of Thrones.

In scenes reminiscent of “The Red Wedding” in Game of Thrones (heads rolling, blood everywhere), the cash-strapped Paladin last August parted ways with founder and chief executive John Borshoff, long-serving company secretary Gillian Swaby, director Sean Llewelyn and executive general manager Dustin Garrow.

The departures were described at the time as part of the company’s efforts to become cash-flow positive amid low uranium prices. But the annual report released by the miner yesterday shows that the changes weren’t cheap.
Borshoff was farewelled with a total of $5.2m — a figure Paladin said included accrued annual and long service leave. Garrow — who the report said was retrenched — walked out the door with $2.8m, including six months’ pay in lieu of notice, severance pay and accrued annual leave.

Swaby — a veteran of more than 20 years with the company — parted with $1.3m including a full year’s pay in lieu of notice.

For the record, Paladin posted a net loss of $US122m ($160m) for the 2016 financial year. The company, now under the stewardship of former investment banking wunderkind and one-time Robert Friedland-protege Alexander Molyneux, noted in its accounts that should it fail to consummate its recently announced asset sales, there was uncertainty about its ability to continue as a going concern.

Paladin traded at more than $10 a share during the height of the 2006-07 uranium boom, briefly putting the likes of Borshoff and Swaby on the rich list, but has done little but fall in the years since the Fukushima nuclear disaster. It last traded at just 16c a share.

http://www.theaustralian.com.au/bus...n/news-story/db29ab9c1098f0d266e343285552ef33

Alex Molineaux

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Board Members Memberships

2012-Present
Director, Member of Audit Committee and Member of Compensation Committee
Goldrock Mines Corp.
2016-Present
Non-Executive Chairman
Argosy Minerals Limited
2016-Present
Director
Azarga Metals Corp.
Other Affiliations

Ivanhoe Energy Inc.
Blumont Group Ltd.
Goldrock Mines Corp.
Argosy Minerals Limited
Azarga Metals Corp.
Monash University
Celsius Coal Limited
Powertech Uranium Corp.
SouthGobi Resources Ltd.
Southgobi Sands LLC
Azarga Uranium Corp.