4th September 2003

On 22 May 2003 we announced that Lemarne had entered into an agreement with HGL Group Pty Ltd (“HGL Group”) to buy-back its 3,306,369 Lemarne shares at $1.80 per share.

The proposed buy-back was conditional upon:

1. the terms of the buy-back agreement being approved by a special resolution of shareholders at general meeting; and
   
2. the Commissioner of Taxation issuing a private binding ruling that, of the $1.80 per share payable to buy-back the Lemarne shares held by HGL Group, at least 50 cents per share is deemed a fully franked dividend.
   

We are pleased to announce that the Commissioner of Taxation has issued a private binding ruling in the terms required by the above condition. The effect of the ruling is that 69 cents of the buy-back price can be treated as a fully franked dividend and that the anti-avoidance provision of the taxation legislation will not apply to the proposed share buy-back from HGL Group.

The general meeting convened to approve the proposed share buy-back and satisfy the remaining condition will be held at 11.00 a.m. on 8 September, 2003. Directors recommend that shareholders vote in the favour of the proposed share buy-back and for those shareholders who are unable to attend the general meeting to appoint a proxy to vote in their place.



S.L. MASON
Company Secretary

4 September, 2003

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