SYNTARA LIMITED — Major Shareholding Notification 2004

Jun 23, 2004

ACORN CAPITAL

ABN 51 082 694 531 FSA Licence 227605

Acorn Capital Limited ACN 082 694 531 Level 12, 90 Collins Street Melbourne 3000 Vic. Australia Telephone +31 3 9639 0522 Facsimile $+61396390515$ Website acornoapital.com.au

24 June 2004

The Manager Australian Stock Exchange Limited 18 Bridge Street Sydney NSW 2000

Dear Sir/Madam,

Notice of change of interest of substantial holder Pharmaxis Limited

Acorn Capital Limited has today lodged a Form 604, Notice Of Change of Interest of Substantial Holder, with the above named company.

A copy of that Notice is herewith lodged with the Australian Stock Exchange.

Yours sincerely

tonglasher

Douglas Loh Portfolio Manager

ACORN CAPITAL

ABN 51 082 694 531 FSA Licence 227605

Acorn Capital Limited ACN 082 694 531 Level 12, 90 Collins Street Melbourne 3000 Vic. Australia Telephone +61 3 9639 0522 Facsimile $+51396390515$ Website acornoapital.com.au

24 June 2004

David McGarvey Company Secretary Pharmaxis Limited Unit 2, 10 Rodborough Rd Frenchs Forest NSW 2086

Dear Sir

Notice of Change of Interest of Substantial Holder

Enclosed is a Form 604, Notice Of Change of Interest of Substantial Holder.

A copy of this Notice has been lodged today with the Australian Stock Exchange.

Yours sincerely

Douglas Loh Portfolio Manager

	FORM 604Corporations Act 2001Section 671B
			NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER
To:Company Name/SchemePharmaxis Limited
	ACIVARSN	082811630
1.	Details of Substantial Holder(1)
	Name	Accrn Capital Limited
	ACN/ARSN (if applicable)	082 694 531
	There was a change in the interests of thesubstantial holder on		24-06-04
	The previous notice was given to the company on		01-03-04
	The previous notice was dated		01-03-04

$2.$ Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the schema that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now r schame, are as follows:

Class ofSecurities (4)	$-1.11$Previous noticeInternational Committee Committee Committee Committee Committee Committee Committee Committee Committee Committee		Present Notice	The Company'sMARTINEZIA
	Person's votes	Votina power (5).	Person's votes	Voting power (5)
OrdinaryThe Program and Council	7.3595.577	5.16%--------------------------------------	6,686,800	______________________________________6.19%

$\overline{\mathbf{3}}$ . Changes in relevant interests

$\ddot{\phantom{a}}$

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities ofThe company or scheme, since the substantial holder was last required to give follows:

Date ofChange	--------Person whose relevantinterest changed	Nature ofchange (6)	Consideration given inrelation to change (7)	Class and number ofsecurities affected	Person's votesaffected
01-03-04 to24-06-04	Acorn Capital	Purchase	$534,243.91	1 109,441	109.441
			________	_____

$\overline{\mathbf{4}}$ Present relevant interests

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

Holder of Relevant Interest	Registered Holder ofSecurities	Person Entitled to beRegistered as Holder (8)	Nature of relevantinterest (6)	Class andNumber ofSecurities	Person's Votes
Military Superannuation &Benefits Board	National Nominees			300,000	300.000
Queensland LocalGovernmentSuperannuation	JPMorgan ChaseNominaes.			558,739	558,739
Acorn Capital MicrocapTrust	National Nominees			1.153,311	1,153,311
Commonwealth BankOfficers' SuperannuationFund	National Nominees			1.474,750	,474,750
UniSuper	National Nominees			3.200.000	3,200,000

5. Changes In Associates

The persons who have become associates (2) of, ceased to be associates, or have change the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follow

With WarName and ACN/ARSN (if /applicable)______	لمستحسبCONTRACTORName of Association-------~~
The Controller	The Medican Control
	---------------------------------------
STARTING	----------With All Inc.
The Company'sCONTRACTOR	-----

6. Addresses

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

Name	Address
Military Superannuation & Benefits Board	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Queensland Local Government Superannuation	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Acorn Capital Microcap Trust	C/O Acorn Capital Limited, Leval 12, 90 Collins Street, Melbourne Victoria 3000
Commonwealth Bank Officers' Superannuation Fund	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
UniSuper	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000

Signature

DOUGLAS LOH Print Name Capacity Portfolio Manager Jongles Sign Here Date 24-06-04