More Money to continue the work at Christmas Island
Sale of Shares in Allied Mining & Processing Ltd
Document date: Fri 31 May 2002 Published: Fri 31 May 2002 11:53:56 Document No: 217170 Document part: A Market Flag: Y Classification: Security holder details - Other , Director Appointment/Resignation ASSET BACKED HOLDINGS LIMITED 2002-05-31 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ As part of the strategic refocus of the Company's investments, we are pleased to advise that Asset Backed Holdings Limited has today sold a total 8,000,000 shares (19.8%) in Allied Mining & Processing Ltd at 20 cents per share, being total consideration received of $1,600,000. This represents a profit to the Company of approximately $475,000.
The proceeds received from the disposal of these shares will be re-applied by Asset Backed Holdings Limited in pursuing additional investment opportunities on or associated with Christmas Island and/or Phosphate Resources Limited.
Michael Parrott has retired as Chairman of the Board of Allied Mining & Processing Limited. Antony Rigoll continues as a Director of that company.
Asset Backed Holdings Limited continues to hold a total of 774,652 shares in Allied Mining & Processing Ltd, which it will consider disposing over the ensuing period.