Fe joins battle for Padbury MiningKATE EMERY, The West...

Fe joins battle for Padbury Mining
KATE EMERY, The West Australian July 8, 2010, 3:00 pm

The battle for control of iron ore tiddler Padbury Mining has taken a new twist with Fe Ltd unveiling a cash and scrip bid for the company.

However the bid is contingent on Padbury, which is already facing an attempted boardroom spill by former chairman Denis McInerney and Tony Sage, replacing its board with the nominees from the Sage camp.

Fe Ltd said today it planned to make an offer within the next two months of one Fe share for every 13 Padbury shares held, plus an additional 1? per Padbury share.

Fe Ltd is 17.5 per cent owned by Mr Sage's flagship vehicle, Cape Lambert resources.

Padbury owns the Peak Hill iron ore and gold project in Western Australia.

The bid comes a day ahead of Padbury's shareholder meeting, at which shareholders will vote on a series of so-called piggy back options.
Shares in Padbury last traded at 1.3?.

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