Directors’ Interests

Former Churchill Capital managing director Patrick O’Connor has been increasing his interest in Xceed Biotechnology Ltd, where he sits on the board. Mr O’Connor’s beneficial interest in Xceed has increased with the addition of almost 1 million shares for a consideration of more than $180,000, making his full stake worth around $1.7 million. Mr O’Connor was the founder of Macraes Mining Co Ltd, which ran for most of the 1990s before getting heavily involved in the life sciences through Boron Molecular Pty Ltd, which was spun out of the CSIRO and bought two years ago by Xceed. And, he has named Xceed as a primary target of his new public investment company for which he wants to raise $50 million to invest in a handful of players in the smaller companies sector. Xceed chief executive David Kenley also increased his beneficial interest by 200,000 shares to around $40,0000, taking his stake to $121,933. Great Artesian Oil & Gas managing director Dr Raymond Shaw has reduced his beneficial interest significantly, with the sale of more than 80 per cent of the shares held through a partnership between him and his wife, Rita Jones. The disposal of almost 2.5 million shares generated more than $1.2 million. The partnership, R&R Global Investments, still retains 535,629 shares and options over 3 million shares exercisable at 20 cents, 30 cents and 30 cents on August 5 this year, next year and 2008 respectively. Mr Shaw retains 4 million options in his own name, exercisable in November 2010 at 20 cents each.

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