IMAGE RESOURCES NL — Major Shareholding Notification 2003

Apr 1, 2003

2nd Floor 35 Outram Street West Perth WA 6005 Telephone 08 9485 2410 Facsimile 08 9485 2840 www.imageres.com.au

2 April 2003

Australian Stock Exchange Ltd Company Announcements Office

Facsimile to: 1900 999 279

Attached is a Form 604 "Notice of change of interests of substantial holder" together with 2 annexures.

Yours faithfully COMPANY SECRETARY

Rudolf Tieleman Encl:

604		page 1/2 15 July 2001

	Form 604 Corporations Act 2001 Section 671B
	Notice of change of interests of substantial holder
To Company Name/Scheme	IMAGE RESOURCES NL
ACN/ARSN	063 977 579
1. Details of substantial holder(1)
Name	GEORGE SAKALIDIS
ACN/ARSN (if applicable)
There was a change in the interests of the substantial holder on	03 141 02 5
The previous notice was given to the company on	02
The previous notice was dated

2. Previous and present 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) and a relevant interest (3) in when

Previous notice		Present notice
Person's votes	Voting power (5)	Person's votes	Voting power (5)
	11.41%	6098370	12.52%
	5558370

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the
substantial holder was last required to give

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change $(7)$	Class and number of securities affected	Person's votes affected
	Refer to Annexure 1

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as nolder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
	Refer to Annexure 2

page 2/2 15 July 2001 604

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
NOT APPLICABLE

6. Addresses

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

Name	Address
GEORGE SAKALIDIS		1 144A Solomon Street BEACONSFIELD	- WA	6162

Signature
	print name	Rtdolf TIELEMAN	capacity Company Secretary
	sign here		date $2^{}/4^{}/2003$

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an $(1)$ equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to adjust mast me hands work as instance in an announce of the name in the relevant memory of a group or persons are coordinary similar, they may be releved to the memory in a many and addresses of members is clearly set out form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $\left|2\right\rangle$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $[5]$
• Include details of: $(6)$
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. 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 c $\left( a\right)$
• 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 (b) which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of 're'evant agreement" in section 9 of the Corporations Act 2001.

• Details of the consideration must include any and all benefits, money and other, that any person 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 entitled to receive in relation to that acquisition $\left( 7\right)$ 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.
• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown". $(8)$
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $\left( 9\right)$

FORM 604

NOTICE OF CHANGE OF INTEREST OF SUBSTANTIAL HOLDER

ANNEXURE 1

CHANGE IN RELEVANT INTERESTS:

232003 14.3.2003 3.3.2003			relation to given in change	securities affected		affected votes
	George Sakalidis	Purchase on market	11,050	Ordinary shares	110,000	110,000
	George Sakalidis	Purchase on market	4,200	Drdinary shares	40,000	40,000
	George Sakalidis	Purchase on market	5,500	Drdinary shares	50,000	50,000
1832003	George Sakalidis	Purchase on market	1,100	Drdinary shares	10,000	10,000
19.3.2003	George Sakalidis	Purchase on market	2,200	Drdinary shares	20,000	20,000
13.3.2003	George Sakalidis	Purchase on market	497	Drdinary shares	4,733	4,733
1932003	George Sakalidis	Purchase on market	525	Drdinary shares	5,000	5,000
20.3.2003	George Sakalidis	Purchase on market	14,300	Ordinary shares	30,000	130,000
24.3.2003	George Sakalidis	Purchase on market	1,985	Drdinary shares	15,267	15,267
25.3.2003	George Sakalidis	Purchase on market	9,540	Drdinary shares	75,000	75,000
27.3.2003	George Sakalidis	Purchase on market	2,600	Drdinary shares	20,000	20,000
31.3.2003	George Sakalidis	Purchase on market	5,625	Ordinary shares	45,000	45,000
14.2003	George Sakalidis	Purchase on market	625	Drdinary shares	5,000	5,000
142003	George Sakalidis	Purchase on market	6,000	Ordinary shares	50,000	50,000
Totals			65,747 Ø		580,000	580,000

FORM 604

NOTICE OF CHANGE OF INTEREST OF SUBSTANTIAL HOLDER

ANNEXURE 2

PRESENT RELEVANT INTERESTS:

Person's votes Class and number of securities	6,098,370 6,098,370
	Ordinary shares
Nature of relevant interest	Direct
to be registered Person entitled	George Sakalidis
Registered securities holder of	eorge Sakalidis $\breve{\circ}$
relevant interest Holder of	George Sakalidis