ODYSSEY GOLD LTD — Major Shareholding Notification 2011

Jan 27, 2011

Page: 1/3

To:

From:

Subject:

RE: Form 603 Notice of initial substantial holder

Message: Dear Sirs:

Please find attached the Form 603 on behalf of City Natural Resources High Yield Trust Plc.

Please let me know if you have any questions.

Tel:

Fax:

Web:

Kind regards Louisa

Louisa Rasmussen Compliance Manager CQS

5th Floor 33 Grosvenor Place London SW1X 7HY United Kingdom

+44 (0)20 7201 6900 +44 (0) 20 7 201 1 200 www.cqs.ch

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From: CQS Date: 27/01/2011 17:06:36 To: 0061297780999 Page: 2/3

603 Page 1 of 2 15 July 2001

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	ODYSSEY ENERGY LTD
ACN/ARSN	116 151 636

1. Details of substantial holder (1)

Name	City Natural Resources High Yield Trust Plc --------------------------------------- --------------------------------------
ACN/ARSN (if applicable)	N/A .

14/01/2011 The holder became a substantial holder on

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

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Ord NPV	40,976,131	40,976,131	9.51%

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
City Natural Resources High Yield Trust Plc	$\sim$	40,976,131 Ord NPV

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	Registered holder of	Person entitled to be	Class and number of securities
interest	securities	registered as holder (8)
City Natural	HSBC Custody	HSBC Custody	40.976,131 Ord NPV
Resources High Yield	Nominees	Nominees (Australia)
Trust Plo	(Australia) Limited	Limited

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:

$\hat{\boldsymbol{\theta}}$

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-cash
City Natural Resources High Yield Trust Plc	14/1/2011	AUD 800,000		39,999,993 Ord NPV (Bond conversion to shares)

From: CQS To: 0061297780999 Page: 3/3 Date: 27/01/2011 17:06:37

603 Page 2 of 2 15 July 2001

_________	______ ______	--------------------------------------		_________
.
_____	_________		--------------------------------------	_____

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)	. Nature of association
N/A	N/A

7. Addresses

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

Name	Address
City Natural Resources High Yield Trust Plc	C/O CQS Asset Management Limited, 33 Chester Street, London SW1X 7HY

Signature

print name	KATE HASWELL	COMPLIANCE OFFICER, COS ASSET capacity MANAGEMENT LIMITED
sign here		27/01/2011 date ********

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 7 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 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 interest in.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(6)$
• Include details of: $(7)$
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of $(a)$ 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.

• $(3)$ If the substantial holder is unable to determine the identity of the person (eq. if the relevant interest arises because of an option) write "unknown".
• $(9)$ 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.