correct calculation - worse then you think, page-2

OBDC

i think u got that wrong read again it says
1 cent per share post take over PLUS 1 fel for every 13 pdy
see below

Subject to satisfaction of the pre-conditions referred to below, Fe
proposes to make a cash and scrip takeover bid for all of the ordinary
shares in Padbury Mining Limited within 2 months after the date of this
proposal on the basis of 1 cent per share (post takeover) and one (1) Fe
share for every thirteen (13) Padbury Mining Limited shares.

the announ below

ASX Announcement
8 July 2010
felimited.com.au
PROPOSED TAKEOVER BID FOR
PADBURY MINING LIMITED
Key points:
h Propose cash and scrip takeover bid for Padbury Mining
Limited,
h Padbury assets complementary to the Companys current
interests in the Yilgarn Province and Midwest region of WA,
and
h Further consolidation adding to current interests in 3,000
km2 of land prospective for iron ore and other minerals in
Midwest WA (see attached map).
Australian resources company Fe Limited (ASX: FEL) (Fe) proposes
to make a cash and scrip takeover bid for all of the ordinary shares in
Padbury Mining Limited.
Subject to satisfaction of the pre-conditions referred to below, Fe
proposes to make a cash and scrip takeover bid for all of the ordinary
shares in Padbury Mining Limited within 2 months after the date of this
proposal on the basis of 1 cent per share (post takeover) and one (1) Fe
share for every thirteen (13) Padbury Mining Limited shares.
Fe has developed a strategy based on advancing its existing iron ore
projects for intensive exploration and the acquisition of new projects
targeting emerging iron ore provinces with a view to positioning itself as
a key participant in the development of iron ore projects in the Yilgarn
Province and the Midwest region of Western Australia. As a bulk
commodity it is critically important for iron ore aspirants to be of a
sufficient size to meet the costs and challenges associated with the
development of iron ore assets and the associated infrastructure critical
to delivering the product to end users.
The pre-conditions for Fe making the proposed takeover bid are as
follows:
1 The appointment of Messrs Tony Sage, Mark Gwynne,
Paul Kelly and Simon McDonald to the Padbury Mining
Limited board and the resignation or removal of Messrs
Luke Innes, Gary Stokes and Colin Stirling from that
board.
2 No directors other than any of Messrs Tony Sage,
Mark Gwynne, Paul Kelly and Simon McDonald being
appointed to the Padbury Mining Limited board in the
period between this announcement and the lodgement
of the Bidders Statement.

3 Padbury Mining Limited having net tangible assets as at the date the Bidders
Statement is lodged of not less than $2,000,000.
4 None of the prescribed occurrences set out in section 652C of the Corporations Act
occurring between the date of this announcement and the lodgement of the Bidders
Statement.
In the event that any of the pre-conditions are not met, Fe will make a further announcement as to
whether it intends to proceed with its proposed takeover bid notwithstanding the failure of the preconditions
to be met.
The proposed takeover bid will itself be subject to the following conditions:
1 At the end of the offer period, Fe having a relevant interest in at least 51% of all shares
on issue in Padbury Mining Limited.
2 Fe acquiring all of the Padbury Mining Limited unlisted options on issue as at the date
of the Bidders Statement exercisable at 1 cent each for their subscription price of 0.03
cents each.
3 None of the prescribed occurrences set out in section 652C of the Corporations Act
occurring during the offer period.
4 Permission for admission to quotation for the Fe shares to be issued to Padbury Mining
Limited shareholders accepting the offer being granted by ASX no later than 7 days
after the end of the offer period.
Yours faithfully
Tony Sage
Non-Executive Chairman