GALE PACIFIC LIMITED — Major Shareholding Notification 2007

Sep 3, 2007

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme Gale Pacific Limited ACN/ARSN 082 263 778

1. Details of substantial holder (1)

Name Investec Wentworth Private Equity Limited (IWPE) and each of the entities set out in Item 3 (Investec Group) ACN 098 207 740

The holder became a substantial holder on 31 / 08 / 07

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)
ORD	30,300,000	30,300,000	22.14%

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
IWPE Nominees Pty Limited ACN 098 527 318 (IWPE Nominees)	IWPE Nominees is the custodian of the Investec Wentworth Private Equity Fund 2 (IWPE2) and the MG Private Equity Unit Trust No 1 (MG1).	ORD 30,300,000
Investec Wentworth Private Equity Ltd ACN 098 207 740 (IWPE) and MGB Equity Growth Pty Ltd ACN 085 286 228 (MGB)	MGB Equity Growth Pty Ltd (MGB) is the trustee of the MGB Equity Growth Unit Trust (MGB1) and MGB Equity Growth Unit Trust No 2 (MGB2). MGB2 co-invests in fixed proportions with IWPE2 and MG1. IWPE is the Manager of MGB1 and MGB2 and is the Trustee and Manager of IWPE2 and MG1.
Investec Bank (Australia) Limited ACN 071 292 594 (IBAL)	Relevant interest arises under section 608(1)(b) of the Corporations Act 2001 as the holder has the requisite power or control over the disposal and exercise of rights attached to the securities.

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 registered as holder (8)	Class and number of securities
Investec Group	Investec Bank (Australia) Limited	Investec Bank (Australia) Limited	ORD 6,060,000
Investec Group	MGB ATF MGB2	MGB ATF MGB2	ORD 4,328,572
Investec Group	IWPE Nominees Pty Ltd as custodian for IWPE2	Investec Wentworth Private Equity Limited ATF IWPE 2	ORD 12,120,000
Investec Group	IWPE Nominees Pty Ltd as custodian for MG1	Investec Wentworth Private Equity Limited ATF MG1	ORD 7,791,428

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)	Consideration (9)	Class and number ofsecurities
		Cash	Non- cash
Investec Group	31/ 08 / 07	$15,150,000.00		ORD30,300,000

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) IWPE Nominees Pty Limited ACN 098 527 318 MGB Equity Growth Pty Limited ACN 085 286 228 Investec Wentworth Private Equity Limited ACN 098 207 740	Nature of association
	IWPE Nominees is the custodian of IWPE2 and MG1. MGB2 co-invests in fixed proportions with the IWPE2 and MG1.
	MGB Equity Growth Pty Ltd is the trustee of MGB1 and MGB2.
	Investec Wentworth Private Equity Limited is the Manager of MGB1 and MGB 2 and is the Trustee and Manager of IWPE 2 and MG1.

7. Addresses

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

Name MGB Equity Growth Pty Limited ATF MGB Equity GrowthUnitTrust MGB Equity Growth Pty Limited ATF MGB Equity Growth Unit Trust No2 Investec Wentworth Private Equity Limited ATF Investec Wentworth Private Fund 2 Investec Wentworth Private Equity Limited ATF MG Private Equity Unit TrustNo1 IWPE Nominees Pt y Ltd	Address
	L 31 The Chifley Tower, 2 Chifley Square, Sydney NSW 2000
	L 31 The Chifley Tower, 2 Chifley Square, Sydney NSW 2000
	L 31 The Chifley Tower, 2 Chifley Square, Sydney NSW 2000
	L 31 The Chifley Tower, 2 Chifley Square, Sydney NSW 2000
	L 31 The Chifley Tower, 2 Chifley Square, Sydney NSW 2000

Signature print name sign here Signature print name sign here	Anthony Rubin Capacity Company Secretary IWPE Nominees Pty Limited Investec Wentworth Private Equity Limited InvestecBank(Australia)Limited
	Date 4 / 9 / 2007
	John Murphy Capacity Director Investec Wentworth Private Equity Limited Date 4 / 9 / 2007