+++++++++++++++++++++++++ We are pleased to advise that Phosphate Resources Limited (in which Asset Backed Holdings Ltd has a shareholding of 19.9%) has today issued a Notice of Meeting of its Shareholders to be held on 1st June 2002 to obtain approval for an off market buy back of its shares. Phosphate Resources Limited is seeking authorisation from its shareholders to buy back up to 25% of its shares at $4.00 per share.
The maximum number of shares which can be bought back under this approval is 1,050,000 shares. If all of these shares are bought back the issued capital of Phosphate Resources Limited will reduce from 4,206,007 shares to 3,156,007 shares.
Phosphate Resources Limited has also announced an interim dividend of 20 cents per share to be paid on 18 July 2002 and has advised that it will review future dividend opportunities with a view to continuing its policy of distributing 50% of after tax profits to shareholders.
Asset Backed Holdings holds approximately 806,000 shares in Phosphate Resources Limited. If Asset Backed Holdings Limited does not participate in the share buy back then its percentage shareholding in Phosphate Resources Limited will increase to approximately 25%.