Padbury Mining (PDY), the company behind the infamous $6 billion failed funding package for the Oakajee Port and Rail Project in WA, has yet again had to extend the trading suspension on its shares while it tries to secure a capital raising.
Padbury first went into a trading halt in the name of raising the money on December 17 and has since unveiled a series of delays. Investors will remember, though no doubt many have tried to forget, that Padbury shares soared from 1.3c to 3.3c in the space of a few of days in April last year as the company claimed to have secured funding for the massive infrastructure package that was to service the iron ore industry. But the stock crashed to 0.4c within days, prompting an ugly rash of ASX and ASIC inquiries.
One of the consequences of all this attention was the ASIC requirement that Padbury lodge a full-blown prospectus, rather than the once-over-lightly version, for any capital raising. Given that Padbury had just $585,000 in the till at the end of September and expected to spend $350,000 of this in the December Quarter, shareholders are understandably keen to know how their company is going to pay the bills.
Judging by the protracted negotiations over the raising, Diary suspects Padbury directors are also starting to get a bit twitchy about this small point. But then again, when you already can't sleep at night, you don't need to be worried about anything keeping you awake.
Padbury first went into a trading halt in the name of raising the money on December 17 and has since unveiled a series of delays. Investors will remember, though no doubt many have tried to forget, that Padbury shares soared from 1.3c to 3.3c in the space of a few of days in April last year as the company claimed to have secured funding for the massive infrastructure package that was to service the iron ore industry. But the stock crashed to 0.4c within days, prompting an ugly rash of ASX and ASIC inquiries.
One of the consequences of all this attention was the ASIC requirement that Padbury lodge a full-blown prospectus, rather than the once-over-lightly version, for any capital raising. Given that Padbury had just $585,000 in the till at the end of September and expected to spend $350,000 of this in the December Quarter, shareholders are understandably keen to know how their company is going to pay the bills.
Judging by the protracted negotiations over the raising, Diary suspects Padbury directors are also starting to get a bit twitchy about this small point. But then again, when you already can't sleep at night, you don't need to be worried about anything keeping you awake.