RAIDEN RESOURCES LIMITED — Annual Report 2008

Aug 28, 2008

SHELL VILLAGES AND RESORTS LIMITED AND CONTROLLED ENTITIES

ABN 68 009 161 522

APPENDIX 4E PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2008

SHELL VILLAGES AND RESORTS LIMITED AND CONTROLLED ENTITIES APPENDIX 4E PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2008

CONTENTS	Page
Corporate details	1
Announcements to the market	2
Income statement	3
Balance sheet	4
Statement of recognised income and expense	5
Cash flow statement	6
Notes to the preliminary results	7

CORPORATE DETAILS

Directors: John Bennett Corey Budd – Managing Director (appointed 28 February 2008) Peter Dunne Peter Burger (resigned 17 June 2008) Stephen Grimson (resigned 7 July 2008) Boris Patkin (resigned 24 October 2007)

Company Secretary: Lynn Thompson Registered Office: 213 Brisbane Terrace Goodna QLD 4300 Administration Office: 213 Brisbane Terrace Goodna QLD 4300 Share Registry: Computershare Investor Services Pty Ltd Level 2, 45 George’s Terrace Perth WA 6000 Auditors: Sneddon McKeown Level 2, 175 Scott Street Newcastle NSW 2300

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SHELL VILLAGES AND RESORTS LIMITED AND CONTROLLED ENTITIES APPENDIX 4E PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2008

FOR ANNOUNCEMENT TO THE MARKET

This statement includes consolidated results of Shell Villages and Resorts Limited for the year ended 30 June 2008 compared with the year ended 30 June 2007.

The results are prepared in accordance with AIFRS and are presented in Australian dollars.

				$A'000
Revenues from ordinary activities	up	72.8%	to	1,246
Net loss for the period attributable to members	down	66.3%	to	1,906

Dividends per share:

No dividends were paid or declared in this or comparative period.

Net Tangible Asset Backing:

Net tangible assets per fully paid ordinary share were (2.2) cents as at 30 June 2008 compared with (10.3) cents at 30 June 2007.

Brief explanation of any of the figures reported above and short details of any bonus or cash issue or other items of importance not previously released to the market:

The revenue for 2007 year included rental revenues from BRT for nine months, Cooroy - for seven months and Hunter Valley villages - for less than one month. The revenue for 2008 year includes full year revenue from the above mentioned villages.

In 2007 year there was a one off write down of medical business assets in excess of 3.4 million prior to their disposal in August 2007.

The financial information included in this document for the year ended 30 June 2008 is unaudited and has been derived from the draft financial report of Shell Villages and Resorts Limited and controlled entities. At the date of this announcement the financial accounts of Shell Villages and Resorts Limited are in the process of being audited.

At the date of this report a number of pieces of key information remaining outstanding. The key issues that may result in an later adjustment are as follows:

• Valuation of Shell Villages and Resorts Cooroy Pty Limited;

• Surveyor’s report for Buildings and Plant and Equipment for Hunter Valley; and

• Final documentation for private debt facilities.

This statement was approved by the Board of Directors.

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Lynn Thompson Company Secretary

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SHELL VILLAGES AND RESORTS LIMITED AND CONTROLLED ENTITIES INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2008

Note Sales Revenue Cost of Sales Gross Profit Other income Changes in inventories of finished goods Consulting expenses Commissions Corporate expenses Depreciation and amortisation Finance costs Foreign currency loss International marketing expenses Provision for write-downs Other expenses Provision for write-down of inventory Rental property expenses Rent Staff expenses Loss before income tax Income tax benefit Loss from continuing operations Loss from discontinued operations 7 Loss attributable to members of the parent entity Basic earnings per share (cents per share) 1	Consolidated Group 2008 2007 $ $
	35,392 128,177
	- -
	35,392 128,177
	1,211,009 593,324
	- -
	(382,921) (635,835)
	(85,260) (464,035)
	(193,701) (95,297)
	(216,772) (192,828)
	(856,657) (693,452)
	(58) (236)
	- (50,288)
	- (3,405,757)
	(806,960) (442,708)
	- (19,246)
	(214,417) (88,954)
	(49,928) (55,735)
	(342,084) (495,449)
	(1,902,357) (5,918,319)
	- 265,238
	(1,902,357) (5,653,081)
	(3,933) -
	(1,906,290) (5,653,081)
	(5.7) (22.5)

The above income statement is an extract from our full financial report. The above income statement should be read in conjunction with the accompanying notes.

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SHELL VILLAGES AND RESORTS LIMITED AND CONTROLLED ENTITIES BALANCE SHEET AS AT 30 JUNE 2008

Note ASSETS CURRENT ASSETS Cash and cash equivalents Trade and other receivables Other current assets 2 TOTAL CURRENT ASSETS NON-CURRENT ASSETS Property, plant and equipment 3 Intangible assets 4 Other non-current assets 2 TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Trade and other payables Financial liabilities 5 Short-term provisions TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Financial liabilities 5 TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued capital 6 Reserves Retained earnings TOTAL EQUITY	Consolidated Group 2008 2007 $ $
	46,361 306,588
	137,746 26,768
	10,298,854 9,103
	10,482,961 342,459
	3,205,062 12,491,622
	1,600,000 4,827,406
	25,262 20,640
	4,830,324 17,339,668
	15,313,284 17,682,127
	531,986 1,529,676
	11,501,000 2,628,532
	- 259
	12,032,986 4,158,467
	1,773,000 11,820,500
	1,773,000 11,820,500
	13,805,986 15,978,967
	1,507,298 1,703,160
	41,793,848 40,083,421
	493,152 493,152
	(40,779,702) (38,873,413)
	1,507,298 1,703,160

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The above balance sheet is an extract from our full financial report. The above balance sheet should be read in conjunction with the accompanying notes.

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SHELL VILLAGES AND RESORTS LIMITED AND CONTROLLED ENTITIES STATEMENT OF RECOGNISED INCOME AND EXPENSE FOR THE YEAR ENDED 30 JUNE 2008

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Note Total equity at the beginning of the year Net income recognised directly in equity: Profit for the year Total recognised income and expense for the year Transactions with equity holders in their capacity as equity holders: - Contributions of equity, net of transaction costs 6 Total equity at the end of the year	Consolidated Group 2008 2007 $ $
	1,703,160 3,019,453
	(1,906,290) (5,653,081)
	(1,906,290) (5,653,081)
	1,710,428 4,336,788
	1,507,298 1,703,160

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The above statement of recognised income and expense is an extract from our full financial report. The above statement of recognised income and expense should be read in conjunction with the accompanying notes.

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SHELL VILLAGES AND RESORTS LIMITED AND CONTROLLED ENTITIES CASHFLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2008

CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts in the course of operations Interest received Cash payments in the course of operations Finance costs Income tax paid Net cash provided by (used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES Refund deposits Purchase of property, plant and equipment (Payment for businesses) Net cash provided by (used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares Proceeds from secured borrowings Proceeds from unsecured borrowings Repayment of borrowings Net cash provided by (used in) financing activities Net increase in cash held Cash at beginning of financial year Effect of exchange rates on cash holdings in foreign currencies Cash at end of financial year	Consolidated Group 2008 2007 $ $ 1,281,622 858,877 5,772 30,612 (1,637,294) (2,014,499) (814,245) (544,959) - 265,238 (1,164,145) (1,404,731) 200 (14,529) (139,651) (8,836,835) - (975,000) (135,587) (9,826,364) 210,000 1,060,000 - 6,183,000 1,850,000 4,368,531 (1,020,387) (152,001) 1,039,613 11,459,530 (260,119) 228,435 306,588 78,399 (108) (236) 46,361 306,598

The above cashflow statement is an extract from our full financial report. The above cashflow statement should be read in conjunction with the accompanying notes.

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SHELL VILLAGES AND RESORTS LIMITED AND CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008

NOTE 1. EARNINGS PER SHARE

	NOTE 1. EARNINGS PER SHARE
		Consolidated Group 2008 cents 2007 cents
		(5.7) (22.5)
	(a) Basic earnings per share
		2008 $ 2007 $
	Loss attributable to ordinary shareholderes (basic)
	Loss attributable to members of the parent entity	(1,906,290) (5,653,081)
	Loss attributable to ordinary shareholderes (basic)	(1,906,290) (5,653,081)
		2008 no 2007 no
	Weighted average number of ordinary shares (basic)
	Issued shares at 1 July	91,292,254 65,858,956
	Effect of consolidation of ordinary shares on 3 to 1 basis in August 2007	(60,861,501) -
	Effect of shares issued during the year	3,234,280 9,593,708
	Restating prior period shares consolidated on 3 to 1 basis for comparison	- (50,301,776)
	Weighted average number of ordinary shares (basic) at 30 June	33,665,033 25,150,888

(b) Diluted earnings per share is not reflected as the result is anti-dilutive in nature.

NOTE 2. OTHER ASSETS

CURRENT Prepayments Investment property held for sale – Hunter Valley Investment property held for sale – BRT Security deposits	2008 $ 2007 $
	98,165 9,103
	2,637,710 -
	6,702,130 -
	5,850 -
	10,298,854 9,103
NON-CURRENT
Security deposits	25,262 20,640
	25,262 20,640
NOTE 3. PROPERTY, PLANT AND EQUIPMENT
LAND AND BUILDINGS Freehold land at: at cost Total Land Buildings at: at cost Less accumulated depreciation Total Buildings Total Land and Buildings
	926,503 6,493,023
	926,503 6,493,023
	2,332,510 5,744,677
	(91,104) (94,248)
	2,241,406 5,650,429
	3,167,909 12,143,452

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SHELL VILLAGES AND RESORTS LIMITED AND CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008

NOTE 3. PROPERTY, PLANT AND EQUIPMENT (CONT.)

PLANT AND EQUIPMENT Plant and equipment: At cost Accumulated amortisation Leased plant and equipment Capitalised leased assets Accumulated depreciation Furniture and office equipment At cost (Accumulated depreciation) Total plant and equipment Total Property, Plant and Equipment		Consolidated Group 2008 $ 2007 $ 51,490 423,753 (22,161) (100,532) 29,329 323,221 - 470,394 - (469,801) - 593 11,427 55,459 (3,602) (31,103) 7,824 24,356 37,153 348,170 3,205,062 12,491,622
NOTE 4. INTANGIBLE ASSETS
Goodwill Cost Accumulated impairment losses Net carrying value Intellectual property Cost Accumulated amortisation and impairment Net carrying value Development approvals Cost Accumulated amortisation and impairment Net carrying value Total intangibles
		- 3,489,662
		- (2,634,662)
		- 855,000
		- 5,929,600
		- (2,957,194)
		- 2,972,406
		1,600,000 1,000,000
		- -
		1,600,000 1,000,000
		1,600,000 4,827,406
NOTE 5. FINANCIAL LIABILITIES
CURRENT Unsecured liabilities Lease liability Converting note interests Government R&D start loan Loans at Call Unsecured borrowings Converting note interests Secured liabilities Bank loans
		- 14,918
		- 300,000
		- 434,996
		- 1,878,618
		4,871,000 -
		2,220,000 -
		7,091,000 2,628,532
		4,410,000 - 4,410,000 -
		11,501,000 2,628,532

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SHELL VILLAGES AND RESORTS LIMITED AND CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008

NOTE 5. FINANCIAL LIABILITIES (CONT.)

NON-CURRENT Unsecured liabilities Converting note interests Unsecured borrowing Secured liabilities Commercial Bills		Consolidated Group 2008 $ 2007 $ - 2,330,000 - 3,307,500 - 5,637,500 1,773,000 6,183,000 1,773,000 6,183,000 1,773,000 11,820,500
NOTE 6. ISSUED CAPITAL
Ordinary Shares At the beginning of reporting period Shares issued during year — 6 October 2006 — 6 December 2006 — 3 January 2007 — 18 January 2007 — 21 May 2007 Share consolidation (3 for 1 basis) Shares issued during year — 5 September 2007 — 19 September 2007 — 1 November 2007 — 15 November 2007 — 23 November 2007 — 27 February 2008 — 7 March 2008 — 25 March 2008 — 8 April 2008 — 29 April 2008 — 14 May 2008 — 22 May 2008 — 23 June 2008 — 25 June 2008 At reporting date
	2008 2007 2008 2007 No. No. $ $ 91,292,254 64,358,956 40,083,421 35,746,633 5,325,000 1,065,000 8,069,736 1,561,750 1,630,000 326,000 1,614,474 236,038 10,294,088 1,148,000 (60,861,502) - 1,511,667 453,500 1,011,926 455,360 166,666 50,000 694,666 167,000 425,495 127,649 642,090 128,418 125,000 25,000 280,554 50,500 440,000 44,000 850,000 85,000 490,000 49,000 100,000 10,000 400,000 40,000 250,000 25,000 37,818,816 91,292,254 41,793,848 40,083,421

NOTE 7. DISCONTINUED OPERATION

On 23 August 2007 the Group sold its entire heart monitoring segment; the segment was not a discontinued operation or classified as held for sale as at 30 June 2007 and the comparative income statement and statement of cash flows have been restated to show the discontinued operation separately from continuing operations.

The disposal involved the sale of 100% of the Group’s interest in Heart Monitors Pty Ltd. During the year ended 30 June 2008, the heart monitoring segment had net cash outflows from operating activities of $6,634 (2007: inflows $ 39,157).

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SHELL VILLAGES AND RESORTS LIMITED AND CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008

Profits attributable to the discontinued operation for year ended 30 June 2008 were as follows:

	2008 2007
Results of discontinued operation	$ $
	26,796 124,012 (5,000) (2,201) (24,151) (66,838) (10,471) (35,221) - (1,178,314)
Revenue
Administration expenses
Consulting and professional services fees
Other expenses
Impairment of intangible assets
Results from operating activities	(12,826) (1,282,573) - -
Income tax expense
Loss after tax but before gain on sale of discontinued operation	(12,826) (1,158,561) 8,893 -
Gain on sale of discontinued operation
Loss for the period	(3,933) (1,158,561)

NOTE 8. ENTITIES BUSINESSES AQUIRED OR SOLD DURING THE YEAR

(a) During the 2008 financial year Shell Villages and Resorts Limited registered the following entities:

• Shell Villages and Resorts Commercial Pty Ltd;

• Shell Villages and Resorts Bribie Island Pty Ltd.

These entities were dormant at 30 June 2008.

(b) During the 2008 financial year Shell Villages and Resorts Limited sold the following entities:

• Heart Monitors Pty Ltd;

• E-Medicine Services Limited;

• Medical Monitors (UK) Limited;

• Wellness Monitors Inc.

Refer to note 7 for details of these disposals.

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