CVC LIMITED — Major Shareholding Notification 2005

Mar 7, 2005

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	CVC LIMITED
ACN/ARSN	002 700 361
1. Details of substantial holder (1)
Name	452 Capital Pty Limited
ACN/ARSN (if applicable)	101 924 430
25/2/05 The holder became a substantial holder on

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Ordinarv	6.382.353	6.382.353	5.02%

3. Details of relevant interests

The nature of relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Refer Annexure "A"

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Registered holder of Holder of relevant securities interest		Person entitled to be registered as holder (8)	Class and number of securities
Refer Annexure "B"

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-cash
Refer Annexure "C"

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

. (if Name and ACN/ARSN applicable)	Nature of association
٧IA

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
452 Capital Pty Limited	Level 26 Australia Square, 264-278 George
	Street Sydney NSW 2000
Farnworth House Pty Limited (as trustee of the	Level 26 Australia Square, 264-278 George
Farnworth Discretionary Trust)	Street Sydney NSW 2000
Drury Lane Investments Pty Limited	Level 26 Australia Square, 264-278 George
(as trustee of the Drury Lane Trust)	Street Sydney NSW 2000

Signature

print name	Warwick Nequs
------------	---------------

capacity Director

sign here

date 8 / 3 / 05

DIRECTIONS

(1)	If there are a number of substantial holders with similar or related relevant interests (eq. A corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interest of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.
(2)		See the definition of "associate" in section 9 of the Corporations Act 2001.
(3)		See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
(4)		The voting shares of a company constitute one class unless divided into separate classes.
(5)	The total number of vote attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.
(6)		The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
(7)		Include details of:
	(a)	any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
	(b)	any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).
		See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.
(8)	If the substantial holder is unable to determine the identity of the person (eq. If the relevant interest arises because of an option) write "unknown".
(9)	Details of the consideration must include any and all benefits, money and other, that any persons from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

This is an annexure referred to in Form 603 - Notice of initial substantial shareholder dated 25 February 2005

452 Capital Pty Ltd A.C.N. 101 924 430

ANNEXURE A

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of Interest	Class and number of securities
		(ordinary shares unless stated)
452 Capital Pty Limited	In its capacity as investment	6.382.353
	manager. Exercise of voting and
	disposal powers is subject to any
	client direction
Farnworth House Pty Limited (as	Controls and has a relevant	6.382.353
trustee of the Farnworth	interest in 452 Capital Pty
Discretionary Trust)	Limited
Drury Lane Investments Pty	Controls and has a relevant	6.382.353
Limited (as trustee of the Drury	interest in 452 Capital Pty
Lane Trust)	Limited

Print Name: Warwick Negus

Sign Here:

Capacity: Director Date: 8 / 3 / 05 This is an annexure referred to in Form 603 - Notice of initial substantial shareholder date 25 February 2005

452 Capital Pty Ltd A.C.N. 101 924 430

ANNEXURE B

4. Details of present registered holders

The person's registers as holders of the securities referred to in paragraph 3 above are as follows:

Holder of	Registered holder of	Registered holder of securities	Class and number
relevant	securities		of securities
interest			(ordinary shares
			unless stated)
452 Capital	JP Morgan Nominees	Australian Retirement Fund Pty Ltd	873,153
Pty Limited	Australia Limited
	National Nominees	CARE Super Pty Ltd	226,900
	Limited
	BNP Paribas Securities	Century Australia Investments Limited	300,500
	JP Morgan Nominees	Challenger Managed Investments Ltd	60,500
	Australia Limited
	National Nominees	CSF Pty Limited	100,700
	Limited
	JP Morgan Nominees	Commonwealth Superannuation	376,100
	Australia Limited	Scheme Board
	BNP Paribas Securities	NSW Treasury Corporation as trustee of the Emerging Managers Trust	400,700
	JP Morgan Nominees Australia Limited	Host Plus Super Limited	319,100
	JP Morgan Nominees	Intech Fiduciaries Limited	701,400
	Australia Limited
	JP Morgan Nominees	Public Superannuation Scheme Board	501,000
	Australia Limited
	JP Morgan Nominees	Retirement Benefits Fund of Tasmania	200,300
	Australia Limited
	ANZ Custodian Services Limited	Warakirri Asset Management	137,100
	BNP Paribas Securities	Optimix Investment Management	362,200
		Limited
	State Street Australia	Russell Investment Management	57,300
	Limited	Limited
	National Nominees Limited	A.S.S.E.T Limited	95,900
	Citicorp Nominees	Colonial First State Investments	1,669,500
	Limited	Limited

Print Name: Warwick Negus

Capacity: Director

Sign Here:

8 / 3 / 05 Date:

This is an annexure referred to in Form 603 - Notice of initial substantial shareholder dated 25 February 2005

452 Capital Pty Ltd A.C.N. 101 924 430

ANNEXURE C

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Group Name	Hrade Date	ASX	Hens Noc	Units	Consideration
452 Capital Pty Limited	25/02/2005	CVC	CONVER	873,153	1,484,360.10
452 Capital Pty Limited	25/02/2005	CVC	CONVER	95,900	163,030.00
452 Capital Pty Limited	25/02/2005	CVC	CONVER	226,900	385,730.00
452 Capital Pty Limited	25/02/2005	CVC	CONVER	300,500	510,850.00
452 Capital Pty Limited	25/02/2005	CVC	CONVER	100,700	171,190.00
452 Capital Pty Limited	25/02/2005	CVC	CONVER	376,100	639,370.00
452 Capital Pty Limited	25/02/2005	CVC	CONVER	400,700	681,190.00
452 Capital Pty Limited	25/02/2005	CVC.	CONVER	57,300	97,410.00
452 Capital Pty Limited	25/02/2005	CVC.	CONVER	284,800	484,160.00
452 Capital Pty Limited	25/02/2005	CVC.	CONVER	319,100	542,470.00
452 Capital Pty Limited	25/02/2005	CVC	CONVER	701.400	1,192,380.00
452 Capital Pty Limited	25/02/2005	CVC.	CONVER	60,500	102,850.00
452 Capital Pty Limited	25/02/2005	CVC	CONVER	362,200	615,740.00
452 Capital Pty Limited	25/02/2005	CVC	CONVER	501.000	851,700.00
452 Capital Pty Limited	25/02/2005	CVC	CONVER	200,300	340,510.00
452 Capital Pty Limited	25/02/2005	CVC	CONVER	137,100	233,070.00
452 Capital Pty Limited	25/02/2005	cvc	CONVER	1,384,700	2,353,990.00

Print Name: Warwick Negus Sign Here:

Capacity: Director Date: 8/3/05