Not a fatal wound - just a scratch - I hope (GULP).
UPDATE 1-Resourcehouse delays $3.6 bln HK IPO launch, pricing -term sheet * IPO launch delayed to May 30, pricing slated for June 3 * Delay comes amid decline in commodities prices (Adds Resourcehouse listing attempts, commodities slump)
By Elzio Barreto HONG KONG, May 25 (Reuters) - Australian mining company Resourcehouse, controlled by billionaire Clive Palmer, has delayed by four days the launch of its Hong Kong initial public offering, according to a term sheet seen by Reuters on Wednesday.
The company, which is seeking to raise $3.6 billion, expects to launch the IPO on May 30, from a previous tentative date of May 26. Pricing was postponed to June 3 from May 31.
Resourcehouse last week started meeting with investors to gauge demand for the IPO, its fourth attempt to go public in Hong Kong. The company postponed a road show in March, citing unfavorable market conditions, after previous attempts in 2009 and 2010.
BOC International, HSBC Holdings Plc , Royal Bank of Scotland Group Plc and UBS AG are joint global co-ordinators and joint bookrunners for the offering. Prices for oil, metals and other commodities have slumped in recent weeks because of concerns over higher interest rates in China, continued worries over a debt crisis in Europe, and tensions in the Middle East.
The 19-commodity Reuters-Jefferies CRB index has fallen in 11 of the 17 past sessions, highlighting the volatility in commodities since the end of April. Despite the recent downturn, Ivan Glasenberg, chief executive of the world's largest diversified commodities trader Glencore International Plc , said on Wednesday that he remained bullish on commodities prices because of tight supply. "We're still bullish on commodities. We believe there's still strength in the commodity market," Glasenberg said at a news conference after Glencore's market debut in Hong Kong. (Editing by Chris Lewis)
ARH Price at posting:
36.0¢ Sentiment: Hold Disclosure: Held
