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Quadrant Iridium Ltd - 6/06/2006

Has entered into agreements with HLT Ltd, its major shareholder, Skvinsky Nominees Pty Ltd and Ivan Brookfield that will result in QAD becoming a substantial shareholder in, and a secured lender to, HLT. Under the terms of the arrangements, QAD will acquire approximately 10,460,809 shares (approximately 15% of the issued capital of HLT)

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