Announcement to the ASX re Residential Development Site at Palm Cove

Announcement to the ASX re Residential Development Site at Palm Cove

07-Sep-2004

On 22 February 2004, Thakral Holdings Group announced that it had exchanged contracts for the acquisition of a 60 ha parcel of land in Palm Cove, North Queensland for $40 million. The acquisition was subject to FIRB approval.

Thakral now wishes to advise that FIRB approval has been received and that settlement will occur on 20
September 2004.

Furthermore, Thakral wishes to advise that it has entered into a joint venture to undertake this development as follows:

• Thakral Holdings Group – 68.75%
• Babcock and Brown Pty Limited (“B&B”) – 25%
• FNQ Pty Limited (“FNQ”) – 6.25%

Mr Phillip Green is Managing Director of B&B and Mr Peter McGovern’s family has a controlling interest in FNQ. Both Mr Green and Mr McGovern are non executive directors of Thakral Holdings Limited.

Please provide us with your confirmation of release announcement.


Yours faithfully



Andrew Horne
Group Company Secretary

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