Acquisitions

Helix Resources Ltd

5/6/03

Has signed a Joint Venture agreement  that will see its Solarflow water purification systems and other solar energy products installed throughout the Maldives and allow SES to sell purified bottled water to communities, government and private companies in the Maldives.

KLM Group Ltd

6/6/03

Has acquired the Western Australian electrical contracting business operated by Wingside Nominees Pty Ltd.  Under the terms of the acquisition agreement KLM Group are to acquire the business of Wingside consideration comprising a cash payment of approximately $232,000 plus an equity consideration component of 250,000 ordinary shares together with 500,000 December 2005 options.

Monarch Resources Ltd

3/6/03

Has acquired  nickel and gold projects located near the historic Coolgardie and Yerilla mining centres in the Kalgoorlie region. Both new acquisitions are the subject of agreements between Monarch and the private company Selmac Minerals Pty Ltd.

Straits Resources Ltd

6/6/03

Has entered into a heads of agreement with Burdekin Pacific Ltd to purchase an 80% share in the Mt Kasi Gold Project in Fiji. The purchase price is A$3.8 million payable in cash ($400,000 deposit and $3.4 million payable on completion) and is subject to satisfactory due diligence by Straits and approval by the shareholders of Burdekin.

Syntech Group Ltd

5/6/03

Have entered into a conditional letter agreement to acquire all of the issued securities in Organic Resource Technologies Ltd , a West Australian public company that specialises in the development and commercialisation of  a new biological process for treating solid organic waste.  The proposed consideration for the acquisition will comprise the issue of 52 million shares in the capital of STL  and 30 million listed options.

Wesfarmers Ltd

3/6/03

Is engaged in exclusive negotiations to acquire Edward Lumley Holdings Ltd, the parent company of Lumley Insurance Group Ltd. The acquisition price is expected to be approximately A$320 million for all the shares in ELH. The potential acquisition is subject to approval by the Australian Prudential Regulation Authority.

Wesfarmers Ltd

3/6/03

Has reached conditional agreement to purchase the business and assets of Paykel, New Zealand's largest distributor of maintenance, repair and operating supplies. The price is subject to settlement adjustment but is expected to be in the order of A$9 million. The acquisition is subject to approval by the New Zealand Commerce Commission and that country’s Overseas Investment Commission.