Padbury Mining has confirmed the identity of its mysterious wealthy backer as hair regrowth businessman Roland Bleyer but has again called for more time before it can disclose details of the funding arrangement.
Padbury Mining has confirmed the identity of its mysterious wealthy backer as hair regrowth businessman Roland Bleyer but has again called for more time before it can disclose details of the funding arrangement.
The junior explorer had been due today to provide further details on its massive $US6.47 billion ($6.89 billion) funding deal to construct a port and rail network at Oakajee but said that its proposed announcement had prompted enquiries from the ASX which had forced it to extend its suspension from trade.
Padbury now says it will make the announcement before the commencement of trade tomorrow.
The company today confirmed media reports that Roland Bleyer is providing the funding through a complex arrangement.
The parties subject to the shareholders agreement with Padbury and its subsidiary Midwest Infrastructure include Alliance Super Holdings and Superkite Pty Ltd.
Alliance Super Holdings is owned by Alliance Capital Holdings (4 per cent) and Superkite Pty Ltd (96 per cent).
Superkite is in turn wholly owned by Kirep Pty Ltd, which holds the shares on trust and is controlled by Mr Bleyer.
Mr Bleyer, through Alliance Super Holdings, was also behind a collapsed $260 million joint venture funding deal for junior explorer FairStar Resources last year.
The deal included a $US640 million line of credit for additional funding.
Superkite was last month ordered by a New South Wales Supreme Court judge to pay about $65,000 to aged care provider Craigcare after a dispute about funds held in trust for a collapsed $500 million joint venture funding deal.
The judge ruled that money held in the trust account of Superkite's solicitors to meet the expected legal and due diligence costs of the funding transaction had been disbursed for unrelated transactions involving Superkite.
On his personal website, Mr Bleyer describes himself as "a talented and ambitious entrepreneur" who has spearheaded a variety of business interests.
Mr Bleyer says he began his career as a hair and skin treatment specialist before turning to the finance and investment fields, including engineering "financial products designed to correct problems created by the global financial crisis".
He was described by a New South Wales District Court judge in 2009 as a "most unsatisfactory witness" who had been evasive under examination in a breach of contract dispute.
The judge said Mr Bleyer had sought to argue with the cross-examiner, did not answer questions directly and proceeded to make speeches.
"(Mr Bleyer) paused for considerable periods of time before answering questions with a view, in my assessment, to giving whatever answer he could think of which would best assist him to win the case," the judge said.
"Therefore, my approach to the defendant’s evidence on matters in dispute has been not to accept it, unless such evidence is corroborated by way of documentation or oral evidence of other witnesses."
