End of the road for Murchison
Murchison Metals is finally set to end its days as an ASX-listed entity after a court approved its merger with Mercantile Investment Company.
The Supreme Court of New South Wales today made orders approving a scheme of arrangement under which Murchison would merge with Sir Ron Brierley's Mercantile.
Murchison will lodge the orders with ASIC and the ASX and its shares will be removed from the boards at the end of trading tomorrow.
The company's dream of being involved in the construction of a $6 billion port and rail development in the State's Mid West collapsed in 2011 when it effectively ran out of money and was forced to sell its 50 per cent stake in the project to joint venture partner Mitubishi.
Mitsubishi abandoned its plans for Oakajee in June last year.
Exploration minnow Padbury Mining tried to revive the project this year through a mystery $US6.5 billion funding deal, which later collapsed.
However the company said in a statement today said it remained committed to the development of Oakajee and reported interest from various parties in China, South Korea and the Middle East.
Murchison shares last traded for 4.6 cents while Padbury shares were steady at 0.3 cents.
