The planned listing of billionaire Clive Palmer's Resource Development International in Hong Kong has been delayed, Australasian Resources confirmed today.
The Perth-based iron ore miner said RDI is continuing to advance its draft prospectus for listing on Hong Kong's stock exchange, however the float will not occur before the end of the year as previously planned.
Australasian, of which Mr Palmer is a major shareholder, is merging with RDI but that remains conditional on RDI receiving approval to list in Hong Kong.
"Concurrently with the RDI merger process, Australasian will continue to progress the key requirements to develop its flagship Balmoral South Iron Ore Project and will continue to keep the market informed of developments," Australasian managing director Andrew Caruso said.
Shares in Australasian were up 3 cents to 40c at 15:15 AEDT.
The announcement is pasted below:
Further to the announcement made on 31 October 2008, Australasian Resources Ltd ("Australasian") (ASX:ARH) has been informed that the listing of Resource Development International Ltd ("RDI") on the Hong Kong Stock Exchange ("HKSE") will not occur before the end of calendar year 2008.
RDI is continuing to advance its application for a listing on the HKSE and, to this end, is preparing a draft prospectus for review by the HKSE before the public release to prospective investors. RDI and Australasian are continuing to work together to prepare the scheme booklet and implement the proposed merger of Australasian and RDI as soon as practicable.
The scheme booklet will be provided to shareholders following Court approval and will include a copy of the Independent Expert's Report which will be finalised following receipt of the additional RDI information. The timing of the release of the scheme booklet to shareholders and implementation of the merger therefore remains subject to RDI's timetable.
Concurrently with the RDI merger process, Australasian will continue to progress the key requirements to develop its flagship Balmoral South Iron Ore Project and will continue to keep the market informed of developments.