Done like a dinner. From The Australian:
PADBURY Mining has abandoned its widely ridiculed plan to revive the $6.5 billion Oakajee port and rail project, but the company still faces an investigation by the corporate regulator into whether it misled the market over its botched funding deal.
The Perth-based junior explorer said yesterday it had torn up an April 8 funding agreement with companies connected to colourful Sydney entrepreneur Roland Frank Bleyer, who told The Australian last week he would find the $6.5bn in the Cayman Islands.
But Padbury has yet to answer a string of concerns raised about its disclosure by the Australian Securities & Investments Commission and the Australian Securities Exchange.
It is understood that shares in Padbury — which soared when the Oakajee deal was announced to the market — will remain suspended until it satisfies the ASX that it is complying with its disclosure obligations.
