Lachlan Star Limited — Major Shareholding Notification 2012

Mar 11, 2012

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name / Scheme	LACHLAN STAR LTD
ACN/ARSN
1. Details of substantial holder (1)
Name ACN/ARSN (if applicable)	BAKER STEEL CAPITAL MANAGERS LLP (CLIENTS OF AND ASSOCIATED OR CONNECTED PARTIES)
There was a change in the interests of the substantial holder on The previous notice was given to the company on The previous notice was dated	09-Mar-12

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) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice .		------ Present notice
	Person's vote	Voting power (5)	Person's vote	[Voting power (5)
Ordinary Shares			4.426.451	5.9%

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 a substantial holding notice to the company or scheme are as follows:

Date of Change	Person whose relevant interest changed	Nature of change (6)	Consideration given in Class and number of relation to change (7) securities affected	Person's votes affected
	++refer to schedule 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	IPerson entitled to be registered as holder (8) interest (6)	Nature of relevant	Class and number of Isecurities	IPerson's vote
Genus Dynamic Gold Fund	HSBC Custody Nominees (Australia) Ltd	las previous column	fregistered holder	959.707 lordinarv /	959.707
ICF Ruffer Baker Steel Gold Fund	INational Nominees Ltd	las previous column	registered holder	2,659 744 ordinary /	2.659,744
RIT Capital Partners PLC	National Nominees Ltd	las previous column	reaistered holder	lordinarv / 163,000	163.000
Baker Steel Gold Fund	HSBC Custody Nominees (Australia) Ltd	las previous column	registered holder	ordinary / 340,000	340,000
Baker Steel Alpha Gold Fund	HSBC Custody Nominees (Australia) Ltd	las previous column	registered holder	304.0001 lordinarv /	304 000

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
n/a

6. Addresses

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

Name	Address
Ifor all entities listed	c/o Baker Steel Capital Managers LLP
	86 Jermyn Street, London, SW1Y 6JD

Signature

print name	ANEIL BHATT	capacity	SENIOR TRADER
sign here		date	09-Mar-12

DIRECTIONS

(1) 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 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 addresses of members is clearly set out in paragraph 6 of the form

(2) See the definition of "associate" in section 9 of the Corporations Act 2001.

(3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

(4) The voting shares of a company constitute one class unless divided into separate classes.

(5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

(6) Include details of:

(a) 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 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 (indicating clearly the particular securities to which the qualification applies). See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

(7) 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 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.

(8) 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".

(9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

SCHEDULE 1

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
	09-Mar-12 CF Ruffer Baker Steel Gold Fund	market purchase	-AUD	611,990	ordinary	381,611
	07-Mar-12 Baker Steel Alpha Gold	market purchase	-AUD	92,202	ordinary	60,064
	07-Mar-12 Baker Steel Gold Fund	market purchase	-AUD	76 753	ordinary	50,000
	07-Mar-12 Genus Dynamic Gold Fund	market purchase	-AUD	240,907	ordinary	156,936
	07-Mar-12 RIT Capital Partners PLC	market purchase	-AUD	35,306	ordinary	23,000
	22-Feb-12 CF Ruffer Baker Steel Gold Fund	market purchase	-AUD	110,788	ordinary	86,293
	20-Feb-12 Baker Steel Alpha Gold	market purchase	-AUD	69,466	ordinary	55,936
	20-Feb-12 Baker Steel Gold Fund	market purchase	-AUD	68,303	ordinary	55,000
	20-Feb-12 RIT Capital Partners PLC	market purchase	-AUD	37.256	ordinary	30,000
	13-Feb-12 Genus Dynamic Gold Fund	market purchase	-AUD	99,759	ordinary	89,428
	07-Feb-12 Genus Dynamic Gold Fund	market purchase	-AUD	48,473	ordinary	43,193
	03-Feb-12 Genus Dynamic Gold Fund	market purchase	-AUD	17,002	ordinary	15,150
	01-Feb-12 CF Ruffer Baker Steel Gold Fund	market purchase		-AUD 2,349,791	ordinary	2,093,840
	30-Jan-12 CF Ruffer Baker Steel Gold Fund	market purchase	-AUD	108,241	ordinary	98,000
	10-Jan-12 Baker Steel Alpha Gold	market purchase	-AUD	28,112	ordinary	31,532
	09-Jan-12 Baker Steel Alpha Gold	market purchase	-AUD	24,705	ordinary	28,112
	23-Dec-11 Baker Steel Alpha Gold	market purchase	-AUD	76,615	ordinary	85,000
	22-Dec-11 Baker Steel Alpha Gold	market purchase	-AUD	38,714	ordinary	43,356
	01-Dec-11 Baker Steel Gold Fund	market purchase	-AUD	211.923	ordinary	235,000
	01-Dec-11 Genus Dynamic Gold Fund	market purchase	-AUD	590,679	ordinary	655,000
	01-Dec-11 RIT Capital Partners PLC	market purchase	-AUD	99 198	ordinary	110,000