The Chairman of Resourcehouse Limited (?Company?) Mr. Domenic Martino has confirmed the following:
The Board of the Company has decided not to proceed with the proposed Global Offering at this time given global market conditions and the fact that they continued to decline during and after the Company?s International Roadshow. Chief Financial Officer Raymond Tam commented ?The Dow, Standard & Poor's 500 and Nasdaq composite have all declined in the last five weeks, the longest losing streak since mid-2008?. Chief Executive Officer Professor Clive Palmer, his management team and the PRC partners, are confident of the Company?s assets, future business strategy and opportunities. Professor Palmer commented ?Emerging economies like China and India will continue to be the key engine of global growth, with positive implications for the demand of thermal coal, iron ore and other natural resources. The increase in relative scarcity is driving an upward long-term trend for various commodities?. The Board has received multiple offers and indications of interest to work with the Company financially and/or strategically and is considering numerous options to optimize value for the Company and its investors. Finally, the Board wants to emphasize that there was no decision made at any time to change or modify the terms of the Global Offering. END
ARH Price at posting:
34.0¢ Sentiment: Sell Disclosure: Not Held
