Paladin Energy Ltd Provides Update Regarding Takeover Offer for NGM Resources Limited
PERTH, WESTERN AUSTRALIA -- (Marketwire) -- 09/14/10 -- Paladin Energy Ltd (TSX: PDN)(ASX: PDN)(NSX: PDN) ('Paladin') is pleased to note that Deutsche Securities Australia Limited (Deutsche) has accepted the Offer in respect of 19,995,330 NGM shares that Deutsche holds.
In addition, NGM's directors have accepted the Offer in respect of their existing individual holdings of ordinary shares.
As at close of business yesterday, Paladin's voting power in NGM was 47.44%.
The previous acquisition by Deutsche of voting power of more than 10% in NGM, resulted in the nonfulfilment of one of the Offer conditions. Paladin is pleased to advise that in light of Deutsche's acceptance into the Offer it will not rely on the non-fulfilment of this particular condition (to the extent that it relates to Deutsche's previous acquisition).
The consideration under the Offer comprises one fully paid ordinary Paladin share for every 23.9 fully paid ordinary NGM shares. NGM's directors have unanimously recommended that NGM shareholders accept the Offer, in the absence of a superior offer. As noted above, they have accepted the Offer in respect of their own existing ordinary shareholdings.
Paladin encourages all NGM shareholders to accept the Offer as soon as possible and, in any event, prior to 5.00 pm (Perth time) on 8 October 2010.
ACN 061 681 098
Contacts:
Paladin Energy Ltd
John Borshoff
Managing Director/CEO
+61-8-9381-4366 or Mobile: +61-419-912-571
john.borshoff@paladinenergy.com.au
Paladin Energy Ltd
Greg Taylor
Investor Relations Contact (Toronto)
+905 337-7673 Mobile: +416-605-5120
greg.taylor@paladinenergy.com.au
www.paladinenergy.com.au