https://www.miningweekly.com

Padbury shares dive as trading resumes

Padbury shares dive as trading resumes

Photo by Bloomberg

2nd May 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – The share price of ASX-listed Padbury Mining fell by more than 84% on Friday as the company resumed share trading, following the collapse of its billion-dollar funding deal for the Oakajee port and rail facility, in Western Australia.

Padbury shares have been suspended from trading since early April, as the company considered releasing the details of its $6.5-billion funding package secured from private Australian equity investors.

Despite high hopes that the funding package would allow for the development of the long-awaited Oakajee port and rail project, Padbury and investors Alliance Super Holdings and its parent company Superkite this week terminated the agreement.

Meanwhile, in a letter to the ASX, Padbury said that the contents and parameters of the proposed funding package should no longer be of interest to either the ASX or to shareholders, as the agreement had been terminated.

The ASX and the Australian Securities and Investment Commission had launched investigations into the transaction, with both parties calling for further documentation on the deal.

When share trading resumed on Friday, the stock opened at A$0.006 apiece, but reached a low of A$0.004 a share before closing at A$0.005 a share in the afternoon.

 

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ASTPM
ASTPM

Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...

VISIT SHOWROOM 
Columbus Stainless
Columbus Stainless

Columbus Stainless, based in Middelburg, Mpumalanga, is Africa’s only producer of stainless steel flat products. In addition, Columbus is the only...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.045 0.63s - 111pq - 2rq
Subscribe Now