daytrading april 23 afternoon, page-8

Pdy

After leaving investors in the dark for almost two weeks, iron ore tiddler Padbury Mining has revealed Roland Bleyer and his “private equity” network of companies are the mystery funders behind its $6.4 billion deal to finance the stalled Oakajee port and rail project.

But the junior on Wednesday said it needed to extend its trading halt by another day before it could release a shareholders’ agreement, to meet the disclosure demands of the ASX. It has been in a trading halt since April 11, when it made the initial funding announcement.

But it has at last confirmed mounting media and industry speculation that Roland Bleyer is the ultimate man behind the deal.

The $6.4 billion deal has been struck with Superkite, and subsidiary Alliance Super Holdings. Superkite is owned by Kirep, which “is controlled by Roland Frank Bleyer or his nominee”, Padbury said.

Padbury, with a market capitalisation of less than $70 million before the initial announcement, entered a trading halt at the behest of the market operator about four hours after revealing the funding deal.

The stock more than doubled after the deal was announced, and the rise is believed to be under scrutiny by the Australian Securities and Investments Commission.

ASIC is understood to be investigating trade in the four-hour window and Padbury’s disclosure of the deal. The corporate watchdog is also combing through movement on Padbury’s share register in the lead-up to the April 11 announcement.

ASIC declined to comment.

Alliance Super Holdings last year entered a $240 million financing deal with another Perth-based iron ore minnow – Fairstar Resources - to finance the Yilgarn iron ore project. The deal has fallen over.