Padbury Shares Dive as Aussie Port Deal Scrapped

Posted by George Backwell
Friday, May 02, 2014
File image

Shares in Australia's Padbury Mining Ltd plunged as trading in the stock resumed after its plans for a deal to build a $6.5 billion iron ore port and rail network collapsed within a month of being announced.

Padbury, a small explorer, surprised markets on April 11 when it said it had lined up more than $6 billion in funding from unnamed investors to build an iron ore port and rail line in Western Australia, a project that had been stuck on the drawing board for two decades.

Padbury's announcement triggered a spike in its shares and the Australian Securities Exchange slammed a halt on trading until the company provided more details on the deal.

After several delays, Padbury said the funding agreement with little known Alliance Super Holdings Pty Ltd and Superkite Pty Ltd had been scrapped, without giving a reason. Alliance Super and Superkite are controlled by Roland Bleyer, a financier and former hair clinic operator.

In response to a long series of questions from ASX, Padbury said on Friday it had left out key conditions on the deal in its initial announcement because it believed it would be able to meet those conditions by the time the deal closed.

It also declined to say whether its directors had signed off on the initial announcement that went to the market, saying ASX did not have the authority to ask that question.

ASX could not comment on whether there were grounds to refer Padbury to the Australian Securities and Investments Commission (ASIC), the watchdog that would have power to investigate any potential breach of continuous disclosure, false and misleading statements or insider trading.

"Without commenting on any specific case, ASX is required to refer matters to ASIC if we suspect that a significant contravention of our rules or the Corporations Act has occurred," said ASX spokesman Matthew Gibbs.

An ASIC spokeswoman had no immediate comment on whether Padbury was being investigated further.

By 0207 GMT, shares in Padbury were down 85 percent at A$0.005 after touching a four-and-a-half month low of A$0.004, valuing the firm at A$16.9 million ($15.7 million).

(By Sonali Paul and Thuy Ong; editing by Stephen Coates and Joseph Radford)
 

 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Gondan to Build Spanish Patrol Boats

Gondan Shipyard has recently signed a contract with the Guardia Civil, Spain’s Civil Guard, for the building of two patrol boats. The aluminum and fiber (PRFV ) vessels will measure 20.

ABS to Class the World's First CNG Ship

ABS announced it has been chosen to class the world's first compressed natural gas (CNG) carrier ordered by Pelayaran Bahtera Adhiguna, a subsidiary of Indonesia's

Interview: Roberto Cazzulo Talks Class Trends

As Roberto P. Cazzulo, RINA, steps down as the Chairman of the IACS Council, Maritime Reporter caught up with him to discuss the current state and future direction of global class.

Contracts

Gondan to Build Spanish Patrol Boats

Gondan Shipyard has recently signed a contract with the Guardia Civil, Spain’s Civil Guard, for the building of two patrol boats. The aluminum and fiber (PRFV ) vessels will measure 20.

New Australian Navy Submarines to be Japan Built?

Australia should discuss building its next-generation fleet of submarines overseas, the Department of Defence said on Monday, a shift that could open the door to

Russian Navy Expansion Gathers Momentum

The Russian Navy celebrates its professional holiday by putting two new submarines into service and expects a new warship in the fall and several additional ships

Legal

Desulfurization of Exhaust Gases in Shipping

Are shipowners prepared to enter SECA zones?   Due to existing regulations on air exhaust emissions from the International Maritime Organization (IMO), and with

Tanker with Iraqi Kurdish Oil Anchors off Texas Port

A tanker carrying crude oil from Iraqi Kurdistan was anchored near the Port of Galveston, Texas, and must undergo a routine safety inspection by the U.S. Coast

Panama's Alfonso Castillero Moves to Liberian Registry

The Liberian Registry informs that Alfonso Castillero, former Director-General of the Panama Registry, has joined their organization as Vice-President. Castillero

Ports

Marseilles Fos Reports Mixed First Half

First-half container traffic at leading French port Marseilles Fos totalled 583,287 teu – up 7% on the first six months last year - marked by a 10% increase at the deepsea Fos terminals.

GPA Sets Tonnage Record

The Georgia Ports Authority moved more than 29 million tons of cargo, 3 million twenty-foot equivalent container units (TEUs) and more than 700,000 auto and machinery units in Fiscal Year 2014.

Location of New Port Expansion Projects: Analysis

When it comes to port development, many governments now favour letting the market decide where expansion should take place, whereas most other transport infrastructure,

Finance

Corvus Energy, GMC Close Financing Agreement

Corvus Energy today announced that it has completed a strategic investment by Green Marine Capital (GMC) previously announced on May 5, 2014. Green Marine Capital,

Cummins Reports Revenue Jump in Q2 2014

Cummins Inc. reported its results for the second quarter of 2014. According to the report, second quarter revenue of $4.8 billion increased 7 percent from the same quarter in 2013.

GPA Sets Tonnage Record

The Georgia Ports Authority moved more than 29 million tons of cargo, 3 million twenty-foot equivalent container units (TEUs) and more than 700,000 auto and machinery units in Fiscal Year 2014.

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1781 sec (6 req/sec)