Fe Ltd plans takeover of Padbury Mining

Iron ore exploration minnow Fe Ltd says it plans to launch a cash and scrip takeover bid for junior minerals explorer Padbury Mining Ltd. Subsecond hand stone crusher machineries usaject to pre-conditions, Fe Ltd plans to make an offer within the next two months of one Fe Ltd share for every 13 Padbury shares held, plus one cent per Padbury share post-takeover.

Among the pre-conditions are the replacement of the target's board, excluding chairman John Saunders, with Fe Ltd's nominees including its chairman Tony Sage. Mr Sage in April said his main corporate vehicle, resources investment firm Cape Lambert Resources Ltd, would consider a takeover bid for Fe Ltd. Fe Ltd, which is 17.5 per cent held by Cape Lambert, said in announcing the proposed Padbury takeover on Thursday that companies seeking to mine iron ore, a bulk commodity, needed to be large enough to meet the costs and challenges of developing iron ore mines and associated infrastructure.