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

People & Company News

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

Contracts

Ezra Bags $70m in Offshore Contracts

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division,

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

Legal

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

UN Authorizes Ship Inspections Near Somalia For Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

Foster Wheeler & MDM Engineering Merged

Foster Wheeler AG announced today that an indirect wholly owned subsidiary of the Company has completed the acquisition of MDM Engineering Group Limited (“MDM”)

Ports

UN: Ship Inspections near Somalia for Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

UN Authorizes Ship Inspections Near Somalia For Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

Finance

Areva-Siemens Raises Claim Over Finnish Reactor Delays

The French-German consortium Areva-Siemens , the supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO),

Ezra Bags $70m in Offshore Contracts

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division,

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1765 sec (6 req/sec)