ABK---more Phospahte control

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    I strongly suggest that a full takeover will follow within 3 weeks (time for the current option issue to close).

    If one rejigs the figures,in the not too distant future possibly a name change to Phosphate XXX Limitedand
    With all the Govt activity I suspect that the current $5 mill profit could easily double.

    With the German mob underwriting the option conversion, Walker,Roggler ,Komascher and Moser a Berlin listing probably follows.

    If this mob can run stocks that have no earnings ,this is a douser for them and their German fund clients at the right end of the market (resources).

    The option conversion is the last hurdle--I am converting mine as I expect a dividend within 6 months.

    here is what they said today

    p.s. I have not taken into account any compensation Phosphate will recieve from the Govt for resuming their land for the dention centers. The Govt must pay the value of the Phosphate contained in the resumed land and damages for lost mining amenity. Pick a figure of $20mill to $80 mill. The building of the center has commenced on the said land.


    ASSET BACKED HOLDINGS LIMITED 2002-08-05 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    We are pleased to advise that Phosphate Resources Ltd has now
    successfully concluded its Off Market Share Buy Back of 25% of its
    issued shares from its shareholders. Phosphate Resources Ltd's Share
    Buy Back has closed fully subscribed with 1,050,000 shares being
    bought back from its shareholders at $4.00 per share. The number of
    issued shares after the Share Buy Back in Phosphate Resources Ltd is
    3,156,007.

    As a consequence of the above Share Buy Back by Phosphate Resources
    Ltd, Asset Backed Holdings Ltd's interest in Phosphate Resources Ltd
    has increased from 19.9% to 26.7%.

 
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