"Miner in trouble? Perth-based mineral exploration company Padbury Mining turned heads when it told investors (via the Stock Exchange) back in April that it had 100% of the funding to build the massive Oakajee port and rail project. Apparently the money was in "a bank in the Cayman Islands". Well, Padbury was later forced to admit it did not have all the dough as it terminated the Oakajee deal. ASIC is taking a look at Padbury to see if it misled the market.
Now we've heard a claim of possible looming class action on behalf of shareholders in relation to the initial claim by Padbury. We tracked that down to law firm Lander and Rogers. The firm's partner for commercial disputes, Greg McKenzie, told us this:
"Lander & Rogers has been requested to advise a group of investors on the prospects of bringing a claim -- possibly a class action -- against Padbury and its directors."
So yes, there could be more trouble for Padbury ..."
PDY Price at posting:
0.4¢ Sentiment: None Disclosure: Not Held
