ORCODA LIMITED — Major Shareholding Notification 2005

Apr 14, 2005

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	Smarttrans Holdings Limited
ACN/ARSN	009 065 650
1. Details of substantial holder (1)
Name	Canala Services Pty. Limited
ACN/ARSN (if applicable)	079 016 630

08/04/2005 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 became a substantial holder are as follows:

14 Class of securities _________	Number of securities . . ________	votes (5) Person's $ -$ ________	Voting power (6) .
_______ ordinary shares	,396,194	53,396,194 . ________	98 _________
-------- . . .		________	_________

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 ________
.	See Annexure A of 2 pageS .	.
--------	. ________	. .

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 interest	Registered holder of securities .	Person entitled to be registered as holder (8) --------------------	Class and number of securities .
. 1.111 1.1111	See Annexure A of 2	.	.
_____ ___	. ________		.

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:

___ Holder of relevant interest	Date of acquisition	Consideration (9) _______	_________	Class and number of securities
.	__ ___ .	lash	Non-cash .
. ________	See Annexure A of 2 __ ______		.	APRIL 12 / 12 / 12 / 12 / 12 / 12 / 12 / 12
	pages		.

6. Associates

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

. Name and ACN/ARSN	. . . ______ Nature of association . $\cdots$ _____
----------------	See Annexure A of pages ________ .
$\cdots$

7. Addresses

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

. ----- Name . _______	. _____ ᅲ ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ddress ___ ________ .
	See Annexure A of 2 pages. ______ ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
LANG AND CONTROL CONTROLLED AT LCCC. -------------	. .

Signature

		print name Andrew Dymock Forsyth	capacity Director .
sign here	.	And they	/ 2005 04 date

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 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.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "refevant 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 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 $(5)$ interest in.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. 侷
• $(7)$ Include details of:
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out 旬 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
• 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 ы 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.

• 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)
• 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 $\left[ \mathbb{S}\right]$ included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if the periodical on the happening or not of a contingency. Details must be included or any benefit pa the relevant interest was acquired.

SMARTTRANS HOLDINGS LIMITED ACN 009 065 650

THIS IS THE ANNEXURE OF TWO PAGES MARKED "A" MENTIONED IN THE FORM 603, NOTICE OF INITIAL SUBSTANTIAL SHAREHOLDER, SIGNED BY ME AND DATED 14 APRIL 2005:

r d

ANDREW FORSY TJ.

$\mathfrak{B}$ . 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	Class and number of securíties
CANALA SERVICES PTY LTD	BENEFICIAL OWNER OF ORDINARY SHARES IN SMARTTRANS HOLDINGS LIMITED	4.407,132 ORDINARY SHARES 4,407,132 OPTIONS OVER ORDINARY SHARES.
ANDREW DYMOCK FORSYTH	SHAREHOLDER OF SMARTTRANS HOLDINGS HMITED ASSOCIATE OF TANDRAGEE PTY l TD ASSOCIATE OF COOLGARDIE UNITS PTY LTD ASSÖÖIATE OF CANALA SERVICES PTY LTD	53.396.194 ORDINARY SHARES 26,698,097 OPTIONS OVER ORDINARY SHARES.

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 interest	Registered holder of securities	Person entitled to be registered as holder	Class and number of securities
CANALA SERVICES PTY LTD.	ANDREW DYMOCK FORSYTH	CANALA SERVICES PTY LTD	4.407.132 ORDINARY SHARES 4,407.132 OPTIONS OVER ORDINARY SHARES
ANDREW DYMOCK FORSYTH	ANDREW DYMOCK FÓRSYTH	N/A	4.407,132 ORDINARY SHARES. 4,407,132 OPTIONS OVER ORDINARY SHARES.
ANDREW DYMOCK FORSYTH	TANDRAGEE PTY LTD	N/A	25,697,734 ORDINARY SHARES 12.848.867 OPTIONS OVER ORDINARY SHARES
ANDREW DYMOCK. FORSYTH	COOLGARDIE UNITS PTY LTD	NíA.	18.884.196 ORDINARY SHARES 9,442.098 OPTIONS OVER ORDINARY SHARES

$\mathbb{S}$ 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 shareholder became a substantial shareholder is as follows:

Holder Of Relevant Interest	Date Of Acquisition	Consideration		Class And Number Of Securities
		CASH	NON- CASH
CANALA SERVICES PTY LTD.	8 APRIL 2005	\$48,478.45		4.407.132 ORDINARY SHARES 4.407.132 OPTIONS OVER ORDINARY SHARES
ANDREW DYMOCK FORSYTH	21 MARCH 2005	\$48.478.45		4.407.132 ORDINARY SHARES 4.407.132 OPTIONS OVER ORDINARY SHARES
TANDRAGËE PTY. LTD.	21 MARCH 2005	\$141,337.53		12.848.867 ORDINARY SHARES 12,848,867 OPTIONS OVER ORDINARY SHARES
COOLGARDIE UNITS PTY LTD	21 MARCH 2005	\$103.863.07		9,442,098 ORDINARY SHARES 9,442,096 OPTIONS OVER ORDINARY SHARES

$\mathbf{6}.$ ASSOCIATES

NAME & ACN/ARSN (IF APPLICABLE)	NATURE OF ASSOCIATION
ANDREW DYMOCK FORSYTH	A PERSON WITH WHOM CANALA SERVICES
	PTY LTD IS ACTING OR PROPOSING TO ACT
	IN CONCERT IN RELATION TO THE AFFAIRS
	OF SMARTTRANS HOLDINGS LIMITED.
TANDRAGEE PTY LTD	A PERSON WITH WHOM ANDREW DYMOCK
	FORSYTH IS ACTING OR PROPOSING TO ACT
	IN CONCERT IN RELATION TO THE AFFAIRS
	OF SMARTTRANS HOLDINGS LIMITED.
COOLGARDIE UNITS PTY LTD	A PERSON WITH WHOM ANDREW DYMOCK
	FORSYTH IS ACTING OR PROPOSING TO ACT
	IN CONCERT IN RELATION TO THE AFFAIRS
	OF SMARTTRANS HOLDINGS LIMITED.

$\overline{\mathcal{I}}$ . ADDRESSES

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

NAME	ADDRESS
CANALA SERVICES PTY LTD	C/- STOREY & BLACKWOOD & CO, 222 CLARENCE STREET, SYDNEY, NSW, 2000. AUSTRALIA
ANDREW DYMOCK FORSYTH	7 ILUKA ROAD, MOSMAN, NSW, 2088 AUSTRALIA
TANDRAGEE PTY LTD	LEVEL 6, 428 GEORGE STREET SYDNEY NSW 2000 AUSTRALIA
COOLGARDIE UNITS PTY LTD	LEVEL 6, 428 GEORGE STREET SYDNEY NSW 2000 AUSTRAUA