Immuron Ltd — Regulatory Filings 2003

May 7, 2003

603		page 1/2 15 July 2001

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name Scheme

063 114 045

ANADIS LIMITED

1. Details of substantial holder (1)

Name

ACN/ARSN

ACN/ARSN (if applicable)

ANADIS INVESTOR GROUP consisting of those persons detailed in paragraph 7.

The holder became a substantial holder on 06/05/2003

2. Details of voting power

The total number of voles 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

Class of securities (4) ORDINARY SHARES	Number of securities	Person's votes (5)	Voting power (6)
	11,095,121	11,095,121	13.70%

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 $\mathbf{I}$

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
ANADIS INVESTOR GROUP	S HAREHOLDERS	$11,095,121$ Ordinary
		Shares

4. Details of present registered holders

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

Holder of relevant interdist	Registered holder of Securities	Person entitled to be registered as holder (8)	Class and number of securities
See. - Annexure	See Annexure	, See Annexure I	(See Annexure)

5. Consideration

The consideration paid folleach relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a

Holder of relevant interes	Date of acquisition	Consideration (9)	Class and number
ANADIS INVESTOR		Cash Non cash	of securities
GROUP	21/01/2003	\$31,329.13	184,289 Ordinary

603 page 2/2 15 July 2001

6. Associatos

The reasons the persons named in paragraph 3 above are associates of the supstantial holder are as follows:

, Naine and ACN/ARSN (if applicable)	Nature of association
ANADIS INVESTOR GROUP	(By reason of Section 12(2)(c) of the
	Corporations Act.

7. Addresses

The addresses of perse is named in this form are as follows:

Narke	Address
i See Annexure	(See Annexure

Signature

, print name GEORGE BLAU tign here	JOSEPH PIEKARSKI Capacity AUTHORISED REPRESENTATIVES
	087 date 05 /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 imanager and trustee of an $\left( 1\right)$ If these are a number of substantial notice s who someoned related reference meresto (eg. a corporation and to related componentially similar, they may be referred to an equity trush, the pames could be included in an enne

• See the definition of "associate" in section 9 of the Corporations Act 2001. $(7)$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001 -3)
• $\langle 4 \rangle$ The voting shares of a company constitute one class unless divided into separate classes.
• The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant $(5)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $\left(\begin{matrix} 0 \ 0 \end{matrix}\right)$
• (7) Include details of

$\left( 8\right)$

• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 6718(4) applies, a copy of any document setting out $\Theta$ 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 to discuss the system of the contract of the present of the contract, scheme or arrangement; and
• tcation 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) any quall relevant interest relates (indicating clearly the particular securities to which the qualification applies). which th
• See the definition of inelevant agreement" in section 9 of the Corporations Act 2001.
• If the substantial helder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".
• 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 $\left( 9\right)$ betains or the consignation must meadde ary and an oenemts, money and other, mat any person monitorium a retevant meetest was adquited nas, or may, become
  entitled to receive in relation to that acquisition. Details must b

ANNEXURE A

THIS IS THE ANNEXURE OF 1 PAGE MARKED ANNEXURE 'A' REFERRED TO IN FORM 603, NOTICE OF INITIAL SUBSTANTIAL HOLDER, FOR ANADIS LIMITED SIGNED BY US AND

GEORGE BLAU

$2220$ JOSEPH PIEKARSKI

Details of present registered holders 4.

Holder df relevant interest	Registered holder of securities	Person entitled to be	Class and number of
Paracrofic Pty Ltd	Pa racroft Pty Ltd	registered as holder	securities
Bairay Pty Ltd	Bairay Pty Ltd		9,186,051
Pick Nominees Proprietary Limited	Piek Nominees Proprietary Limited		317,711 790,560
Vivien Bakonyi	Viv ie n Bakonyi
George Blau	G eo rg e Blau		507,812
Biloge Su per Fund	81loge Super Fund		130,000
Vulpera Aroperties Pty Ltd	Vulpera Properties Pty Ltd		30,000 86,987
Arie Nudell	Arie Nudel
			46,000
			11,095,121

$7.$ Addresses

Name	Address
Paracroft Pty Ltd ACN 104 624 660.
Bairay Pty Ltd ACN 007 193 651	50 Rosemont Avenue, Caulfield North_ Vic _3 161
Piek Nominees Proprietary Limited ACN 004 ZO 662	50 Rosemont Avenue, Caulfield North Vic 3161 Unit 16, 225 Orrong Road, East St Kilda Vic 3183
Vivien Bakonyi Nominees Proprietory Limited ACN 004 967 462	151 Kooyong Road, Caulfield North Vic 3161
George Bla∎
Biloge Super Fund trustee Biloge Nominees Ply Ltd ACN 005 057 465.	50 Rosemont Avenue, Caulfield North Vic 3161 50 Rosemont Avenue, Caulfield North Vic 3161
Vulpera Properties Pty Ltd
ACN 002 995 235	50 Rosemont Avenue, Caulfield North Vic 3161
Arie Nudel	6 Rotorua Street, Caulfield South Vic 3162