EMMERSON RESOURCES LIMITED — Major Shareholding Notification 2007

Dec 19, 2007

FORM 603 Corporations Act 2001 Section 671B

NOTICE OF INITIAL SUBSTANTIAL HOLDER

To: Company Name/Scheme

ERM - Emmerson Resources Limited

ACN/ARSN

117 086 745

1. Details of Substantial Holder(1)

Acorn Capital Limited

Name ACN/ARSN (if applicable) 082 694 531

The holder became a substantial holder on 17-Dec-2007

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)
Ordinary	11,562,500	11,562,500	5.68%

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 Relevant Interest (7)	Class and Number of Securities
Acorn Capital Limited	Power to (or to control) exercise vote and/ordispose of the shares as discretionary	11,562,500
	investment managers or advisers to
	superannuation funds, pooled
	superannuation trusts, managed investment
	schemes and investment management
	agreements.

4. Details of Present Registered Holders

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

Holder of Relevant Interest	Registered Holder of Securities	Person Entitled to be	Class and Number of
		Registered as Holder (8)	Securities
Auscoal Superannuation Fund	JP Morgan Chase Nominees		2,662,500
UniSuper	National Nominees		8,900,000

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
Acorn Capital Limited	29-Nov-2007 to 17-Dec-2007	$2,250,000.00		11,562,500

6. Associates

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

Name and ACN/ARSN (if applicable) Name of Association

7. Addresses

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

Name		Address
Auscoal Superannuation Fund		C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
UniSuper		C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000

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----- Start of picture text ----- Print Name BARRY FAIRLEY Capacity Managing DirectorSign Here Date 20-Dec-2007----- End of picture text -----