Paladin Energy push to conquer Summit Resources

Paladin Energy has moved to mop up the remaining 18 per cent of Summit Resources it does not hold.

The reborn uranium player announced yesterday it would offer one of its shares for every Summit share held.

If successful, the offer will result in 39.1 million new Paladin shares being issued, or about 2.28 per cent of the company’s existing shares on issue.

Summit’s board has recommended shareholders accept the offer.

The company holds uranium projects in Queensland near Mt Isa.

Paladin acquired its original majority stake in Summit via an on-market takeover bid in 2007.

Paladin collapsed into administration last year but re-emerged this year majority owned by its bondholders.

Summit shares were up 8¢, or 66.7 per cent, to 20¢ at the close while Paladin shares were steady at 20¢.