GALE PACIFIC LIMITED — Capital/Financing Update 2002

Nov 26, 2002

Facsimile

FACSIMILE ND: Australian Stock Exchange To: Company Announcements Office 1300 300 021

Rod House FROM:

AUSTRALIAN STOCK EXCHANGE

New Issue Announcement SUBJECT:

26 November 2002

TOTAL NO. OF PAGES: 9

Dear Sir,

DATE:

Please find enclosed Listing Rules Appendix 3B, New Issue Announcement.

In accordance with Listing Rule 3.10.5, we report that the 974,811 shares issued under this announcement will be held under voluntary escrow until 26 November 2003.

Yours Faithfully

Rod House COMPANY SECRETARY

1

IF THIS MESSAGE IS NOT FULLY RECEIVED OR UNCLEAR, PLEASE CALL 61 3 9518 3333 The information contained in this facsimile transmission is privileged and confidential and intended only for the use of the individual(s) and/or entity(les) named above. If you have received this transmission in error, please immediately notify us by telephone (collect) to arrange for return of the materials. Thank you. Gale Pacific Ltd 145 Woodlande Oriva, Braeside, Victoria 3195, Australia. P O Box 892, Braeside, Victoria 3195, Australia Ph: (03) 9518 3333 Fax: (03) 9518 3398 Toll Free: 1800 331 521 ABN 80 082 263 778 ACN 082 263 778 coolarool

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Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

974,811

Introduced 1/7/96. Origin. Appendix 5. Attended 1/7/98. 1/9/99. 1/7/2000. 30/9/2001. 11/3/2002.

Name of chilty

GALE PACIFIC LIMITED

ABN

80 082 263 778

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

⁺Class of ⁺securities issued or to be $\mathbf{I}$ issued

ORDINARY FULLY PAID

• Number of "securities issued or to $\overline{2}$ be issued (if known) or maximum number which may be issued
• 3 Principal terms of the *securities (eg, if options, exercise price and expiry date; if partly paid 'sceurities, the amount outstanding and due dates payment; if ⁺convertible for securities, the conversion price and dates for conversion)

ORDINARY FULLY PAID

• See chapter 19 for defined terms.

11/3/2002

Appendix 3B Page 1

$\ddot{\phantom{a}}$

4	Do the $+$ securities rank equally in all respects from the date of allotment with an existing *class of quoted securities?	NO.
	If the additional securities do not rank equally, please state: the date from which they do which extent to they the participate for the next dividend, the case оf 8 trust. (it distribution) or interest payment • the extent to which they do not	THE SHARES WILL RANK FOR THE 2002/03 INTERIM DIVIDEND OF THE COMPANY IN THE PROPORTIONS OF 37 DAYS TO 184 DAYS FROM 1 JANUARY 2003; THE SHARES WILL RANK EQUALLY IN ALL RESPECTS
	rank equally, other than in relation to the next dividend, distribution or interest payment	WITH THE EXISTING CLASS OF QUOTED SECURITIES
5.	Issue price or consideration	\$1.2823
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	CONSIDERATION FOR THE ACQUISITION OF PLANT AND EQUIPMENT, AND INVENTORY
7	Dates of entering "securities into uncertificated holdings or despatch of certificates	25 NOVEMBER 2002
		Number	+ Class
8	+class σf all and Number ASX +securities quoted on (including the securities in clause 2 if applicable)	43,279,668	ORDINARY

• See chapter 19 for defined terms.

Appendix 3B Page 2

11/3/2002

$\overline{9}$ Number and ⁺class of all ⁺securities not quoted on ASX (including the securities in clause 2 if applicable)

Number	+Class
NIL

10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

REFER RESPONSE IN QUESTION 4

Part 2 - Bonus issue or pro rata issue

holder $11$ $1s$ security approval required?

$N/A$

$N/A$

$N/A$

$N/A$

$N/A$

• Is the issue renounceable or non- $N/A$ $12$ renounceable?
• Ratio in which the "securities will $N/A$ $13$ be offered
• "Class of ⁺securities to which the $14$ offet relates
• *Record date determine $N/A$ 15 to entitlements
• Will holdings on different registers $16$ (or subregisters) be aggregated for calculating entitlements?
• 17 Policy for deciding entitlements in relation to fractions
• Names of countries in which the $\vert$ 18 entity has *security holders who will not be sent new issue documents Note: Security holders must be told how their entitioments are to be dealt with.

Cross reference: rule 7.7.

$19$ Closing date for receipt acceptances or renunciations

$\mathsf{N}/\mathsf{A}$
-------------------------

of

• See chapter 19 for defined terms.

11/3/2002

Appendix 3B Page 3

$\mathbf{I}$

Appendix 3B New issue announcement

20	Names of any underwriters	N/A
21	Amount of any underwriting fee or commission	N/A
22.	Names of any brokers to the issue	N/A
23	Fee or commission payable to the broker to the issue	N/A
24.	Amount of any handling fee payable to brokers who lodge acceptances on behalf of or rentinciations *security holders	N/A
25	If the issue is contingent oli 'scourity holders' approval, the date of the meeting	N/A
26	Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled	N/A
27	If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders	N/A
28	Date rights trading will begin (if applicable)	N/A
29	Date rights trading will end (if applicable)	N/A
30	How do "security holders sell their entitlements in full through đ broker?	N/A
31	How do 'security holders sell part of their ontitlements through a broker and accept for the balance?	N/A

• See chapter 19 for defined terms.

Appendix 3B Page 4

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I

$\mathbf{I}$

÷,

$\frac{1}{2}$

$\frac{1}{1}$

$\pm$

How do *security holders dispose of 32 their entitlements (except by sale through a broker)?

33 ¹Despatch date $N/A$

$N/A$

Part 3 - Ouotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities (tick one)
• Securities described in Part 1
• (φ)

(a)

All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee literative share securities when restriction cities, securities issued on expliy or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

(If the additional securities do not form a new class, go to 43)

Tick to indicate you are providing the information or doctiments

• If the 'securities are 'equity securities, the names of the 20 largest holders of the 35 additional 'securities, and the number and percentage of additional 'securities held by those holders
• If the 'securities are 'equity securities, a distribution schedule of the additional 36 *securities setting out the number of holders in the categories
• $1 1.000$ $1,001 - 5,000$ 5,001 - 10,000 10,001 - 100,000 100,001 and over

37

A copy of any trust deed for the additional 'securities

(now go to $43)$

• See chapter 19 for defined terms.

11/3/2002

Appendix 3B Page 5

Entities that have ticked box 34(b)
38	Number of securities for which + quotation is sought
39.	for which Class of 'securities quotation is sought
40	Do the securities rank equally in all respects from the date of allotmont with an existing class of quoted *securities?
	If the additional securities do not rank equally, please state: the date from which they do ٠ extent to which they the ٠ participate for the next dividend, $\mathsf{p}\mathsf{f}$ (in the case) $\mathfrak{a}$ trust. distribution) or interest payment the extent to which they do not ٠ rank equally, other than in relation to the next dividend, distribution or interest payment
41	Reason for request for quotation now
	Example: In the case of rostricted securities, end of restriction period
	conversion of (if issued upon another security, clearly identify that other security)
		Number	+ Class
42	Number and class of all securities quoted on ASX (including the securities in clause 38)
(now go to $43$ )

Appendix 3B Page 6

11/3/2002

$\overline{\phantom{a}}$

$\mathbf{r}$

All entities

Fees

43 Payment method (tick one)

Cheque attached

Electronic payment made

Note: Payment may be made electronloally If Appendix 3B is given to ASX electronically at the saine (line.

Periodic payment as agreed with the home branch has been arranged

Note: Arrangements can be made for employee incentive schemes that hoolve frequent issues of securities.

Ouotation agreement

• 'Quotation of our additional 'securities is in ASX's absolute discretion. ASX may $\mathbf{1}$ quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the 'securities to be quoted complies with the law and is not for an illegal purpose.
• There is no reason why those 'securities should not be granted 'quotation.
• An offer of the "securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note. An entity may need to obtain appropriate warranties from subsertbers for the socurities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any "securities to be quoted and that no-one has any right to return any *securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the 'securities to be quoted, it has been provided at the time that we request that the "securities be quoted.
• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the -securities be quoted.

11/3/2002

⁺ See chapter 19 for defined terms.

• We will indemnify ASX to the fullest extent permitted by law in respect of any $\overline{3}$ claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• We give ASX the information and documents required by this form. If any $\downarrow$ information or document not available now, will give it to ASX before *quotation of the 'securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

$\frac{1}{2}$ ...... Date: 25/11/02

Sign here:

(Company secretary)

ROD HOUSE

Print name:

e se co co co

Appendix 3B Page 8

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⁺ See chapter 19 for defined terms