Phosphate Resources Limited - Panel Accepts Undertakings from Phosphate Resources Limited

The Panel advises that it has today accepted undertakings from Phosphate Resources Limited (PRL) (an unlisted public company) concerning obtaining shareholder approval for a rights issue, or underwriting by Asset Backed Holdings Limited (ABK), in the next 12 months. On the basis of those undertakings the Panel has decided to decline an application for a declaration of unacceptable circumstances in relation to the affairs of PRL. The application from Mr Gerry Pauley and Dr Gordon Elkington (Shareholders) was received on 2 January 2003.