white knight

Revealed: Oakajee’s mystery backers Padbury’s white knight
By Nick Evans, 15 April 2014, The West Australian

The mystery financiers behind Padbury Mining’s $6.5 billion bid to resurrect the Oakajee project were behind last year’s failed $US640 million offer to tiddler Fairstar Resources. Premier Colin Barnett yesterday poured cold water on Padbury Mining’s Mid West plans on a day in which the company suspended share trading and the Australian Shareholders Association called for an official investigation into last week’s frenzied share trading. Padbury said it would not tell investors the identity of the mystery investors offering to pitch in to build the Oakajee port and rail project until Thursday. Padbury suspended share trading to push back the deadline to reveal details of its agreement and managing director Gary Stokes would not comment on the identities of its partners. It is understood the mystery backers were behind an aborted “company-making” deal with Fairstar to develop the Steeple Hill iron ore project near Kalgoorlie. It is believed the parties behind the deal are related with one-time Fairstar white knight Alliance Super Holdings.