Paladin Energy company secretary Jeremy Ryan resigns
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More news: Paladin Energy's company secretary Jeremy Ryan has resigned from the company, effective immediately. The announcement came a day after the uranium miner said it may face a second shareholder class action in Victoria.
He will be replaced by Melanie Williams, who joined Paladin as chief legal officer in February after nine years at metals miner South32.
Ryan was appointed senior legal counsel and company secretary of Paladin in August 2021.
Paladin shares were down 1.1% to $6.07 at 2:45pm AEST, paring losses after falling more than 4% in early trading.
Paladin Energy falls after flagging second class action
The news: Paladin Energy shares were lower on Friday morning after the uranium miner announced it potentially faces a second shareholder class action, and amid losses across the wider sector.
The numbers: Paladin Energy shares fell 4.2% to $5.89 at shortly after market open before paring losses and were 1.47% down to $6.05 at 10:50am AEST.
Fellow uranium miners have also seen declines, with Boss Energy down 1.8% to $3.91 and Deep Yellow 2.2% lower at $1.32.
The context: Paladin Energy told the exchange late on Thursday afternoon it had become aware that another law firm is considering filing a class action against the company in the Supreme Court of Victoria.
The company said it expects Banton Group’s claims to be similar to those made by Slater and Gordon, which is alleging the uranium miner made misleading representations and contravened its continuous disclosure obligations over a roughly six month period in 2024.
Slater and Gordon commenced its class action lawsuit in the Supreme Court of Victoria on 16 April.
Uranium miners rallied at the start of the week following executive orders signed by US President Donald Trump but began falling on Thursday.
Kazakhstan’s state-controlled Kazatomprom, the world’s largest uranium miner, on Thursday reported a sharp decline in net profit for the first quarter of this year amid a 7% fall in sales volume and a 13% fall in average price.
