PPK GROUP LIMITED — Major Shareholding Notification 2006

Nov 23, 2006

Form 604

Corporations Act 2001 Subsection 671B

Notice of change of interests of substantial holder

To:	Plaspak Group
ACN/ARSN
1.	Details of substantial holder (1)
Name	Warakirri Asset Management Pty Ltd
ACN/ARSN057 529 370
holder on	There was a change in the interests of the substantial	13-Nov-2006
06-May-2005The previous notice was given to the company on
The previous notice was dated06-May-2005

1. 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 r scheme, are as follows

Class ofsecurities (4)	Previous Notice	Present Notice
	Person's Votes	Voting Power (5)	Person's Votes	Voting Power (5)
Ordinary Shares	7.884.747	11.60%	8,361,133	13.01%

Changes in relevant interests 3.

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 whoserelevant interestchanged	Nature of change (6)	Considerationgiven in relationto change (7)	Class and number ofsecurities affected	Person'svotesaffected
05-May-05	Warakirri Asset Mgmt	On market purchase	$8,909.79	10,000 ord shares	10,000
10-May-05	Warakirri Asset Momt	On market purchase	$22,524.75	25,000 ord shares	25,000
11-May-05	Warakirri Asset Mgmt	On market purchase	$6,682.35	7,500 ord shares	7,500
13-May-05	Warakirri Asset Momt	On market purchase	$10,934.09	12,272 ord shares	12,272
16-May-05	Warakirri Asset Mgmt	On market purchase	$26,136.87	29,335 ord shares	29,335
17-May-05	Warakirri Asset Mgmt	On market purchase	$21,281.93	23,886 ord shares	23,886
19-May-05	Warakirri Asset Mgmt	On market purchase	$5,345.87	6,000 ord shares	6,000
20-May-05	Warakirri Asset Momt	On market purchase	$343.02	385 ord shares	385
24-Jun-05	Warakirri Asset Momt	On market purchase	$29,468.38	33,000 ord shares	33,000
27-Jun-05	Warakirri Asset Momt	On market purchase	$4,479.93	5,000 ord shares	5,000
28-Jun-05	Warakirri Asset Momt	On market purchase	$10,751.81	12,000 ord shares	12,000
07-Jul-05	Warakirri Asset Momt	On market purchase	$45,049.50	50,000 ord shares	50,000
18-Jul-05	Warakirri Asset Momt	On market purchase	$22,055.00	25,000 ord shares	25,000
19-Jul-05	Warakirri Asset Momt	On market purchase	$6,534.00	7,260 ord shares	7,260
20-Jul-05	Warakirri Asset Momt	On market purchase	$15,966.00	17,740 ord shares	17,740
02-Aug-05	Warakirri Asset Momt	On market purchase	$2,402.04	2,666 ord shares	2,666
09-Aug-05	Warakirri Asset Momt	On market purchase	$11,937.90	13,030 ord shares	13,030
10-Aug-05	Warakirri Asset Momt	On market purchase	$19,956.92	22,150 ord shares	22,150
30-Aug-05	Warakirri Asset Mgmt	On market purchase	$112.62	125 ord shares	125
01-Sep-05	Warakirri Asset Momt	On market purchase	$22,412.13	24,875 ord shares	24,875
02-Sep-05	Warakirri Asset Momt	On market purchase	$11,145.12	12,651 ord shares	12,651
05-Sep-05	Warakirri Asset Momt	On market purchase	$6,474.24	7,349 ord shares	7,349

06-Sep-05	Warakirri Asset Momt	On market purchase	$4,404.84	5,000 ord shares	5.000
06-Sep-05	Warakirri Asset Momt	On market purchase	$17,992.89	20,424 ord shares	20,424
07-Sep-05	Warakirri Asset Momt	On market purchase	$8,569.18	9,727 ord shares	9,727
08-Sep-05	Warakirri Asset Momt	On market purchase	$458.11	520 ord shares	520
12-Sep-05	Warakirri Asset Momt	On market purchase	$5,285.81	6,000 ord shares	6,000
13-Sep-05	Warakirri Asset Momt	On market purchase	$1,935.48	2,197 ord shares	2.197
14-Sep-05	Warakirri Asset Momt	On market purchase	$8,765.64	9,950 ord shares	9,950
15-Sep-05	Warakirri Asset Momt	On market purchase	$12,989.28	15,000 ord shares	15,000
15-Sep-05	Warakirri Asset Momt	On market purchase	$1,041.30	1,182 ord shares	1,182
16-Sep-05	Warakirri Asset Momt	On market purchase	$9,300.32	10.740 ord shares	10,740
19-Sep-05	Warakirri Asset Momt	On market purchase	$4,546.24	5,250 ord shares	5,250
21-Sep-05	Warakirri Asset Momt	On market purchase	$2,462.77	2.844 ord shares	2,844
22-Sep-05	Warakirri Asset Momt	On market purchase	$7,793.56	9,000 ord shares	9,000
23-Sep-05	Warakirri Asset Momt	On market purchase	$6,205.41	7,166 ord shares	7,166
23-Sep-05	Warakirri Asset Momt	On market purchase	$11,640.11	13,462 ord shares	13,462
26-Sep-05	Warakirri Asset Momt	On market purchase	$5,628.86	6,538 ord shares	6,538
27-Sep-05	Warakirri Asset Momt	On market purchase	$3,497.16	4,062 ord shares	4.062
28-Sep-05	Warakirri Asset Momt	On market purchase	$87.10	100 ord shares	100
13-Nov-06	Warakirri Asset Momt	Ongoing on marketshare buy-back	N/A	N/A	N/A

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevantinterest	Registeredholder ofsecurities	Person entitled to beregistered as holder$(3)$	Nature ofrelevant interest(6)	Class andnumber ofsecurities	Person'svotes
Warakirri AssetManagement	ANZ NomineesLimited	Warakirri CharitableAustralian EquitiesTrustWarakirri CharitableSelect Equities TrustWarakirri SmailCompanies ValueTrust		5,898,353ordinary shares1,450.560ordinary shares1,012,220ordinary shares	8.361,133

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 fo

NA

6. Addresses

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

Name	Address
Warakirri Asset Management Pty Ltd	Level 3, 53 Queen St, Melbourne Vic 3000

Signature

Print name Richard Friend	Capacity	Head of Portfolio Management
Sign here Richard Friend	Date	24-Nov-2006

DIRECTIONS

• If there are a number of substantial holders with similar or related interests (eq. a corporation and its related corporations, or the $(1)$ 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 4 of the form.
• $(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• 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 in relevant interest occurred. If subsection $(a)$ 671B(4) applies, a copy of any document setting out the terms of any 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 $(b)$ or disposal of the securities to which the relevant interests 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.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was $(7)$ 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 interest arises 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 notice. $(\Theta)$