resourcehouse float -form your own conclusions

Seems like a pretty detailed rumor to make up out of thin air..... From experience I can say Asian banking markets typically leak like a sieve - so I suspect there may be a draft prospectus circulating, but clive will want to make sure he has his ducks lined up with the instos before he goes public.........
One thing is clear Palmer doesn't like being hounded by the press.
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Prospects for Palmer float clear as mud March 1, 2011

'There's no prospectus ? no launch,'' said Clive Palmer when asked last night about reports from Hong Kong that his much-delayed $3 billion Resourcehouse float was back on.

Palmer, who is in China but ''I am over here at the moment doing our coal project'', was less definitive when told that a Thomson Reuters report was saying that two weeks of pre-marketing to potential institutional investors begins today, with March 14 tentatively set as the start for roadshows.

''Normally pre-marketing starts after the launch,'' Palmer said. So does he have any dates pencilled in for March? ''No, I leave here tomorrow and will be back in Melbourne by the weekend to watch the football.''

Resourcehouse is registered in Hong Kong, and holds Palmer's China First coal project in Queensland. Accounts filed in Hong Kong for the 2010 financial year are near meaningless in terms of prospectivity, given that Resourcehouse had no income and lost $15 million as well as having a negative net worth of close to $16 million.

There are, however, several references to a ''Global Offering'', including the planned conversion by Palmer of $5 million of convertible notes into equity before the offer starts rolling.

The report did confirm that Shanghai-listed Metallurgical Corporation of China is still planning to put $US200 million into Resourcehouse before a listing.

They also reveal that in October China Railway Group agreed that, as a condition of getting the contract to build the rail from the mine in the Galilee Basin to the Abbot Point coal terminal, it would also take up shares in Resourcehouse's float ''as a cornerstone investor'' - which sounds like serious money.

Palmer did not deny that there may be copies of a draft prospectus circulating among bankers, although there is nothing official yet. That certainly clarifies things.