pdy being blocked by asx

Just thought i would start a new heading for this news article so easy to find.....

ASX bars Padbury trade pending query on deal
MATT CHAMBERS THE AUSTRALIAN APRIL 25, 2014 12:00AM
Print
Save for later
PADBURY Mining shares are being blocked from returning to trading as the Australian Securities Exchange demands more answers about Padbury’s Oakajee iron ore port and rail funding deal with Sydney businessman Roland Frank Bleyer.

Padbury has not traded since April 11, after its declaration it had a $6.5 billion funding deal sent shares surging.

On Wednesday the Perth mining company confirmed media speculation the funders were companies controlled by Bleyer, who came to prominence in the 1980s through involvement in hair regrowth and cosmetic surgery salons.

Padbury had planned to reveal terms about the deal and restart trading at the same time, but the ASX is blocking the release and the lifting of the trading suspension.

It is understood Padbury is being asked detailed questions about due diligence and its business plan among other things. Trading is unlikely to resume before Tuesday even if Padbury can give the ASX answers.

Padbury had a market value of less than $70 million before it declared its funding deal on April 11. That day, investors sent Padbury’s share price up as much as 170 per cent before it settled up 65 per cent at 3.3c.

The ASX and Australian Securities & Investments Commission stepped in later that day to demand Padbury reveal the identity of the investors, and the shares have not traded since.