new float

anybody know about this?

Adelaide Resources (ADE) says it is withdrawing the initial public offering for Peninsula Resources (PRL) due to adverse market conditions. The new company was to have acquired ADE's Moonta copper gold project on Yorke Peninsula, a few gold tenements on Eyre Peninsula and in northern Queensland.
Adelaide said the S&P/ASX Small Resources index had fallen by 17.8 per cent in the past two months. However, it reassured shareholders the parent company was in a strong position with $9.1 million in working capital as of May 31 and was now drilling the Rover project near Tennant Creek.

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