Jim Wallingford
Long/short equity, deep value, special situations, contrarian

Paladin Energy: Off The Critical List

(Editor's Note: Investors should note that Paladin's Australian and Canadian listings of PDN.AX and PDN.TO respectively offer greater liquidity than the PALAF listing in the U.S.)

Note: All amounts in US dollars, unless otherwise stated

Last year, things didn't look promising for Paladin Energy (OTCPK:PALAF): losing money quarter after quarter, cash running out, the uranium spot price at an 8-year low. What was once a profitable company had turned into a money pit. This increasingly dire situation forced management into conducting an equity issue last August, selling 125 million shares for a net $78 mil to keep the ship afloat. That investors weren't rushing to buy these shares was evident from the 30% discount relative to the...

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