PACIFIC MATRIX LIMITED(PTX)

now called BLUESTONE GLOBAL LIMITED

these are the names this company has had: BLUESTONE GLOBAL LIMITED (currently), HUMANIS GROUP LIMITED, TOTAL STAFFING SOLUTIONS LIMITED, TERRACE CAPITAL LIMITED, PACIFIC MATRIX LIMITED, RIVER HOUSE LIMITED, RIVER HOUSE PTY LTD, THE RIVER HOUSE GROUP PTY LTD (as of now it is in liquidation)

directors are currently looking at a business to vend into the shell and if successful the company will be recapitalised and restructured and hopefully regain quotation, perhaps even this calendar year

the company is no longer subject to a Deed of Company Arrangement - we understand the company to be on the verge of finalising an arrangement with a third party

we understand that a shareholders meeting has been held recently but we have no details (we would like to hear from anyone that can assist - to admin@delisted.com.au please) - the company is still in administration

name changed to Terrace Capital Limited

apparently at a meeting on 31 January 2006, recapitalisation and restructuring proposals (including a capital consolidation of 1 for 5) were approved

deed administrator confirms that control is effectively with the directors who are still completing prior year audits and other compliance measures imposed by the ASX & ASIC - they will be convening a shareholder meeting to consider proposals when that process has been completed

we understand directors are negotiating the conditions for relisting with the ASX and upon completion of those negotiations, will convene shareholder meetings to consider the proposals

we have been seeking an update of developments from administrator Mark Reilly of Featherby Reilly since 23 January 2005

the administrator has informed us that at a meeting of creditors held today it was resolved to vary the deed of company arrangement to allow the creditors to accept shares in lieu of their debt - this will be combined with an overall reconstruction of the company - the board is working on an information memorandum and notice of meeting that will be sent to shareholders shortly

administrator advises he is negotiating with a group to do a reconstruction of the company - they have imposed conditions which the administrator is working to resolve - if the conditions are met the company may be reconstructed, if not it will go into liquidation

administrator indicates he will provide an update by May 24

seeking update since 10 mar 04

administrators have been waiting for several interested parties to put forward final proposals for a resructure of the company - despite assurances, none have been received prior to the Christmas period - accordingly it is their intention to call a meeting of creditors in the new year to consider placing the company in liquidation

the creditors meeting has been delayed by 60 days to allow the party putting the proposal time to firm up its capital raising which will fund its proposal to creditors - administrator envisages that it is unlikely that a shareholders meeting would be called before December

seeking update from administrator

administrator is hoping to convene a creditors meeting by 26 June 2003 for the consideration of a proposal to compromise their debts - this would have to be approved by shareholders at a meeting to be held shortly thereafter

administrator advises he is currently in negotiations with an overseas party who is formulating a proposal for a Deed of Company Arrangement for consideration by creditors - the proposal will involve a reconstruction of the share capital of the company that will have to be approved by shareholders in due course - shareholders will obviously receive notice of this meeting in due course

M Reilly of Featherby Reilly appointed administrator

delisted due to failure to pay annual listing fee

at some point subsequently according to our information the sale of the company's main asset (the lighting company) fell through as did the proposal to buy GameBrains - the only part of the reconstruction that took place was the consolidation of capital

company writes to shareholders confirming the reorganisation of capital that took place on 29 November 2001

at general meeting shareholders approve a capital reconstruction, debt for equity swap, capital raising, acquisition of Gamebrains, sale of the company's 70% shareholding in Luen Heng Holdings Sdn Bbd and other resolutions

enters into a sale and purchase agreement for the acquisition of all the issued shares of GameBrains

accepts a conditional offer of $5m for the purchase of the company's 70% shareholding in Luen Heng Holdings Sdn Bbd

members resolve to remove one auditor and appoint another

agrees with Timemac Solutions Limited not to proceed with agreement entered into on 14 February 2000

enters into a collaborative agreement with TIMEMAC SOLUTIONS LTD

ASIC agrees to adjourn the application to the Victorian Supreme Court for the winding up of the Company until 31st January 2000

company holds Y/E June 1998 AGM with unresolved problems of asset valuations, inadequate records, doubts that company a going concern and an application by ASIC to wind up company

securities suspended from quotation pending lodgement of company's audited financial statements and annual report

name changed from River House Limited