IONIC RARE EARTHS LIMITED — Major Shareholding Notification 2003

Jan 16, 2003

TELEPHONE: (08) 9486 8598

FACSIMILE: (08) 9486 8597

FACSIMILE

SUBJECT:	NOTICE OF INITIAL SUBSTANTIAL HOLDER
TOTAL PAGES:	3	(INCLUDING COVER PAGE)
DATE:	17 January 2003
FROM:	Ezenet Limited
FAX NO:	1300 300 021
TO:	COMPANY ANNOUNCEMENTS PLATFORM (ASX)

Attached is ASIC form 603 received from Dr W G Martinick.

Why Day

William M Day Company Secretary

GROUND FLOOR, ZURICH HOUSE 66 KINGS PARK ROAD, WEST PERTH WA 6005

EMAIL: linton@ezenet.com.au
EZENET LIMITED
ACN 083 646 477

		Rec/Company			ASIC603-011127
				Form 603 Corporations Act Section 671B
			Notice of initial substantial holder
Τо ACN/ARSN	Company Name/Scheme		EZENET LIMITED ACN 083 646 477
	1. Details of substantial holder (1)
Name	ACN/ARSN (if applicable)			Wolf Gerhard Martinick
	The holder became a substantial shareholder on 2. Details of voting power			10 / 01 / 2003
	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 shareholder became a substantial shareholder, are as
follows:	Class of securities(4)		Person's vote (5) Number of securities		Voting power (6)
	Ordinary	6,878,832		6,878,832 6,878,832
	4. Details of present registered holders
	Holder of relevant		Registered holder of securities	The persons registered as holders of the securities referred to in paragraph 3 above are as follows: Person entitled to be Class and number of
	interest Wolf Gerhard Martinick	Trustee att Martinick Superannuation Fund	Martinick McNulty Pty Ltd as		registered as holder (8) securities 2,802,920 ordinary Martinick McNully Pty Ltd as Trustee att Martinick Superannuation Fund
	Wolf Gerhard Martinick Wolf Gerhard Martinick			Wolf Gerhard Martinick			4,075,912 ordinary
	5. Consideration The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four (4) months prior to the day that the substantial shareholder became a substantial shareholder became a substantial shareholder is as follows: Holder of relevant interest		Date of acquisition		Consideration		Class and number of shares
			10/01/2003	Cash \$203,795.00	Non Cash ΝiΙ		4,075,912 ordinary
	Wolf Gerhard Martinick Martinick McNulty Pty Ltd as Trustee atf Martinick Superannuation Fund		10/01/2003	\$196,204.40	Nil		2,802,920 ordinary
	6. Associates
	The reasons the persons named in paragraph 3 above are associates of the substantial shareholder are as follows: Name and ACN/ARSN (if applicable) Martinick McNully Pty Ltd		Associated Company		Nature of association

Rec/Company

7. Addresses

Name	Address
Wolf Gerhard Martinick	60 Jutland Parade, Dalkeith, Western Australia
Martinick McNulty Pty Ltd as Trustee atf	60 Jutland Parade, Dalkeith, Western Australia
Martinick Superannuation Fund
ama
Signature	CHAIR MANT orint name WOLF G. MARTINULE capacity

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant Interests (eg. a corporation and its related $(1)$ corporations, or the manager and trustes of an 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 throughout the form as a specifically named group if the membership of each group, with the names and address of members is clearly set out in paragraph 6 of the form.
• See the definitions of "associate" in section 9 of the Corporations Act. $(2)$
• See the definitions of "relevant interest" in sections 608 and 671B(7) of the Corporations Act. $(3)$
• The voting shares of a company constituted 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.
• $(5)$ $(6)$ Include details of:
• Any relevant agreement or other circumstances because of which the change is relevant interest occurred. If subsection $(a)$ 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 certifying this contract, scheme or arrangement; and
• (b) 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 which the relevant interest relates (indication clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest $(7)$ 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 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 interests arise because of an option) $(8)$ write "unknown".
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding $(9)$ notice.