GPN - Greater Pacific Gold Confirms Name Change 1/1
June 05, 2009
COMNEWS GPN SYDNEY 1001/1/1 GPN - Company Announcement $gen0 5 June 2009 Part 1/1 ---
Greater Pacific Gold confirms name change
Sydney - Friday - June 5: (RWE Aust Business News) - Greater Pacific Gold (ASX:GPN) has been approved to change its name to Padbury Mining Ltd, which better reflects its focus on exploration for iron ore at the Peak Hill and Mt Padbury areas near Meekatharra in Western Australia.
The change will become effective as soon as Australian Securities and Investments Commission confirms the change and Australian Securities Exchange permits quotation of the securities under the new name.
All the formalities relating to the variation of the joint venture between the company and Aurium (ASX:AGU), known as the Peak Hill joint venture, have been completed which includes the issue by Aurium to the company of 35 million shares representing 18.9pc of the issued capital of Aurium.
The expenditure obligations of Aurium under the joint venture now include the exploration of iron ore at both Peak Hill and Mt Padbury which will see a significant amount invested into the exploration of those two areas.
ENDS 05-06 1403
(c) 2009 RWE Equity Business News Service. Provided by ProQuest LLC. All rights Reserved.
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You can't say anything negative about stocks on some forums because people have money and therefore their heart and soul invested in them. It's a bit different here. Most are objective, and those who are emotional rampers get found out, banned, and hang elsewhere.Having been a member of another stock chat site, It has become obvious of late that persons who post negative remarks regarding those trying to take over Padbury PDY , soon become isolated then have there ability to post removed......contacting their administration is worthless. I have been told that the brokers who are involved with that chat site support the take over team...which would add up seeing how they enforce their form of censorship.As a long term holder of the stock I have reservations if the true prospects of the company are discussed and only down rampers are supported , has other experienced this in the past.
Last checked 11:48 VOL traded 165,440,644 , SP up 80%. Very impressive! Who is buying????
"Now we've got an iron ore junior here with a $67 million market cap, now the suggestion is they've secured $6 billion worth of funding."
It took Gina Rinehart's Roy Hill project in the Pilbara 18 months to negotiate a $7 billion finance deal with a consortium of local and overseas lenders.
Padbury Mining also hasn't secured offtake deals to pre-sell its lower-grade magnetite iron ore to customers.
Mr Sala Tenna says pre-sales agreements are needed to attract investors.
"To get this up you're going to need some financing from some of the larger banks and for them to get involved they're going to need to see offtake agreements," he said.
Mr Stokes is a former WA public servant who was fined $1,500 for leaking confidential information to former WA premier Brian Burke.
Padbury Mining told the stock exchange that negotiations were underway with the WA Government to obtain the right to build the project.
"Padbury has been engaged with the Western Australian Government for some time," it said.
But the WA Government told the ABC in a statement that it was not in detailed discussions with any new parties who were supporting the development.
"The Government is yet to enter into detailed negotiations with any new proponent for Oakajee Port and Rail infrastructure."
"It's likely now China will take over that lead role and from a Chinese perspective that will be led by CITIC, a major, huge company ... that has the capacity to undertake it and co-ordinate the other state-owned enterprises, including Sinosteel and Ansteel (which have projects in the Mid West).
"So I can't speculate on timing, but I would hope both those projects (Oakajee and Anketell) will be going into detailed design in the next 12 months."
Mr Barnett said market commentary had focused on China's troubles in getting magnetite projects up in WA, including big cost blowouts at CITIC Pacific's Sino Iron project at Cape Preston and Ansteel's Karara in the Mid West.
But he was assured by Mr Chang and other officials that China was taking a longer view of its investments in WA.
Mr Barnett was dismissive of Padbury Mining's bid to build Oakajee, saying the Government had had no dealings with the company.
Padbury shares surged from 2Â ¢ to a high of 5.2Â ¢ in early trading on the back of the announcement, before the company was sent back into a trading halt ahead of further disclosures.
"We think it's a disgraceful situation - the ASX should never have let the announcement through," Mr Mayne said.
"No company should be able to make such a hugely material announcement without credible backup information, such as . . . the identity of the bidder, the institutions providing the finance."
Padbury Mining has again failed to make good on promises to unveil the identity of the financial backer promising to deliver $US6.5 billion needed for the construction of the Oakajee Port and Rail Project.
Padbury, which last week promised to disclose the name of its benefactor today along with details of the offer, extended its suspension this morning.
In a move that will raise further doubts about the fate of the offer, Padbury now says it needs more time to seek "information in respect of their capacity to meet their funding obligations under the agreement".
Padbury now says it expects to return to trading on Wednesday, April 23.
Shares the company last changed hands for 3.3 cents.
Padbury Mining has been forced to screw up its $6.5 billion funding deal with Alliance Super Holdings and Roland Bleyer for the Oakajee port and rail project in the State's Mid-West.
In a statement to the ASX after the market closed, Padbury said the parties involved had signed a deed of termination and release agreement.
"Padbury will continue to actively explore all available opportunities to exploit its existing intellectual property with respect to the Oakajee project," the company said in a brief statement.
Padbury shares have been suspended for the past two weeks, with the company expected to disclose the identity of its $6.5 billion backer as well as details of the funding deal.
But the company missed several of its own self-imposed deadlines to reveal details of the deal.
The news follows comments by Premier Colin Barnett earlier this month that there was "very little prospect" of the State Government lending any support to Padbury's Oakajee bid.
"It seems to me there is very little substance behind Padbury. I have not met with them, and I don't intend to," he said.
"I don't think it is realistic. It's as simple as that."
Shares in Padbury more than doubled after the $6.5 billion funding announcement on Friday, April 11, but were placed in a trading halt and subsequent suspension later that day.
Padbury shares last traded for 3.3 cents.
The shares are expected to come under heavy selling pressure if they rejoin the boards tomorrow.
Let the selling begin in earnest !
Unbelievable isn't it...
Instead of explaning what happened, they basically said they terminated the agreement so it doesn't matter anymore
And the proposed solution... more training to PDY office holders to make sure they comply with listing rules.
What a crazy joke.
It's an embarassment for them to be listed. It may or may not have been ASX's fault for letting the original annoucnement out, but surely they should just kick them out of the ASX now.
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