ENERO GROUP LIMITED — Major Shareholding Notification 2009

Oct 28, 2009

Facsimile Transmission

Date:	29.10.09
To:	ASX Announcements
Company:	ASX
Fax number:	1300 135 638
From:	Andrew Lane
Total pages:	4
(including this one)
Subject:	Form 604 - Notice Of Change Of Interests Of Substantial Holder

Message: Good Afternoon

Please find attached Form 604 - Notice Of Change Of Interests Of Substantial Holder for Photon Group Limited.

Please do not hesitate to contact me should you have any queries.

Kind Regards

rs .

Andrew Lane Investment Administration Manager Orion Asset Management

Orion Asset Management Ltd AFS Licence No 232379 ABN 91 092 873 160 Level 23, 1 Alfred Street Sydney NSW 2000

PO Box R355 Royal Exchange Sydney NSW 1225

www.orionfunds.com.au phone 02 8247 8111 facsimile 02 8247 8110

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

To: Photon Group Limited

ACN/ ARSN: 091 524 515

1. Details of substantial holder

Orion Asset Management Limited Name

ACN/ ARSN: 092 873 160

There was a change in the interests of the substantial holder on 27 October 2009.

The previous notice was given to the company on 06 October 2009.

The previous notice was dated 01 October 2009.

$2.$ Previous and present voting power

The total number of votes attached to all the voting shares in Photon Group Limited that Orion Asset Management Limited had a relevant interest in when last required, and when now required, to give a substantial holding notice to Photon Group Limited and the ASX, are as follows:

Class of Securities	Previous Notice		Present Notice
--	Person's Votes	Voting Power	Person's Votes	Votina	Power
Ordinary	18.055.241	10.12% متسامين	16.174.202	9.07%

$\overline{\mathbf{3}}$ . Changes in Relevant Interests

Particulars of each change in, or change in the nature of, a relevant interest of Orion Asset Management Limited in voting securities of Photon Group Limited, since Orion Asset Management was last required to give a substantial holding notice to Photon Group Limited and the ASX are as follows:

Date of Change	Person whose relevant interest changed	Nature of change	Consideration given in relation to change	Class of securities affected	Number of securities affected	Current Person's votes affected
01/10/09 to 27/10/09	Orion Asset Management Limited	Acquisitions	Average Price - \$1.94	Ordinary Shares	339,015	339,015
01/10/09 to 27/10/09	Orion Asset Management Limited	Sales	Average Price - \$1.97	Ordinary Shares	2,220,054	2.220.054

4. Present Relevant Interests

Particulars of each relevant interest of Orion Asset Management Limited in voting securities after the change are as follows:

Holder of relevant Interest	Registered holder of securities	Person entitled to be registered as holder	Nature of relevant interest	Class and number of securities	Person's votes
Orion Asset Management Limited	RBC Dexia Investor Services	Orion Asset Management Limited	Ability to influence the voting and disposal of shares	Ordinary 1,210,686	0.68%
Orion Asset Management Limited	JP Morgan Nominees Australia Limited	Orion Asset Management Limited	Ability to influence the voting and disposal of shares	Ordinary 10,226,589	5.73%
Orion Asset Management Limited	National Nominees	Orion Asset Management Limited	Ability to influence the voting and disposal of shares	Ordinary 529,886	0.30%
Orion Asset Management Limited	BNP Paribas Securities Services	Orion Asset Management Limited	Ability to influence the voting and disposal of shares	Ordinary 1,864,313	1.05%
Orion Asset Management Limited	State Street Australia Limited	Orion Asset Management Limited	Ability to influence the voting and disposal of shares	Ordinary 2,073,513	1.16%
Orion Asset Management Limited	ANZ Custodian Services	Orion Asset Management Limited	Ability to influence the voting and disposal of shares	Ordinary 269.215	0.15%

5. Changes in Association

The persons who have become associates of, ceased to be associates of, or have changed the nature of their association with, Orion Asset Management Limited in relation to voting interests in the company are as follows:

Name and ACN	Nature of Association
Not applicable_	Not applicable
Not applicable	Not applicable

6. Addresses

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

JP Morgan Nominees Australia Limited	Level 37, AAP Centre, 259 George Street, Sydney, NSW 2000
State Street Australia Limited	338 Pitt Street, Sydney, NSW 2000
BNP Paribas Securities Services	Level 8, 60 Castlereagh St, Sydney, NSW, 2000
Orion Asset Management Limited	Level 23, 1 Alfred Street, Sydney, NSW, 2000
National Nominees	Level 5, 271 Collins Street Melbourne VIC 3000
RBC Global Services Australia Pty Limited	Level 17, 56 Pitt Street, Sydney, NSW 2000
ANZ Custodian Services	Level 25, 530 Collins St, Melbourne, VIC 3000

Name:

Dominic Fallins

Capacity: Director

Signature:

Date: $\frac{29}{10}$ /0 $\frac{20}{10}$