A couple of things that seemed interesting in the just filed quarterly report.

First,as of Sept 30 2009 the company had A$78 MILLION or US$72.5 MILLION cash on hand. Pretty Good!!

Then I found something very interesting in the paragragh that follows:

During October 2009, Legend has incorporated two 100% owned
subsidiaries, Legend International Holdings Limited and Legend Diamonds Pty Ltd,
both of which are incorporated under the laws of Australia. Neither company has
commenced trading to-date.

The holding company would probably hold all investments that Legend has made except for North Australian Diamonds limited. Some of you may not be aware the way Joe G does business.Most of his companies own pieces of his other companies. For instance Legend "invested" in a private placement from Northern Capital Resources Corp.(NCRC),a private Gutnick company.Now follow this closely:

NCRC
holds a substantial interest in Golden River Resources Corporation (OTCBB GORV)and
GORV holds a 68.7% interest in TSX listed Acadian Mining Corporation, which has
significant gold and base metal interests in Canada. The Company (Legend) has acquired
24,086,925 issued and outstanding shares in NCRC at a cost of A$5,518,828. At
September 30, 2009, the Company held a 10.88% interest in NCRC.

So the holding company that was formed will probably be spun out to all shareholders as a dividend. All non-phosphate related investments will probably go in there. The other company that was formed, Legend Diamonds Pty Ltd will probably be spun out in similair fashion and hold Legend's 55% stake in North Austrailan Diamonds. My thought that all this will be done to simpify the accounting process, which probably has become a nightmare for Legend.Also, Legend doesn't get the value of owning these pieces of different companies reflected in our share price. If they were seperate companies, the value would be realized. Any thoughts???