Fission acquisition endorsed overnight

Shares in uranium producer Paladin Energy closed trade up 6 per cent to $8.86, following news its acquisition of Canada-based Fission Uranium had been endorsed overnight. 

Overall, 67.9 per cent of Fission shareholders were in favour of the acquisition – which was above the required threshold of 66.67 per cent.

“We fully expect that the combination of our companies will create significant value for all shareholders,” Paladin chief executive officer Ian Purdy said.

“Fission’s Patterson Lake South project is a natural fit for Paladin, delivering medium term development potential to augment production from the recently restarted Langer Heinrich mine.”

The company said finalisation of the acquisition remained subject to specific closing conditions - including a final order approval receipt from the Supreme Court of British Columbia, which could potentially be finalised within a few days. 

Paladin shareholders were advised on August 26 that the special meeting for Fission’s securityholders to convene on the matter had been postponed until September 10 at 1am WST due to nearly half of the votes having not been received.

On June 24, Perth-headquartered Paladin, which also has interests in Australia and Namibia, announced its desire to acquire 100 per cent of Fission, in a deal at the time worth $C1.14 billion, or $1.25 billion.