SYNTARA LIMITED — Major Shareholding Notification 2011

Dec 21, 2011

FORM 603 Corporations Act 2001 Section 671B

NOTICE OF INITIAL SUBSTANTIAL HOLDER

To: Company Name/Scheme

PXS - Pharmaxis Ltd

ACN/ARSN

1. Details of Substantial Holder(1)

Name Acorn Capital Limited ACN/ARSN (if applicable) 082 694 531 The holder became a substantial holder on 22/12/2011

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:

Class of Securities (4)	Number of Securities	Person's Votes (5)	Voting Power (6)
Ordinary	17,532,666	17,532,666	5.73%

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
Acorn Capital Limited	Power to (or to control) exercise vote and/ordispose of the shares as discretionaryinvestment managers or advisers tosuperannuation funds, pooled superannuationtrusts, managed investment schemes andinvestment management agreements.	17,532,666

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 beRegistered as Holder(8)	Class and Number ofSecurities
Catholic Superannuation Fund	National Nominees		556,041
Microcap Investment Trust 1	National Nominees		711,908
Military Superannuation & Benefits Board	National Nominees		715,840
LUCRF Acorn Micro-Cap Equities	JP Morgan Chase Nominees		765,099
Auscoal Superannuation Fund	JP Morgan Chase Nominees		823,239
Queensland Local Government Superannuation	JP Morgan Chase Nominees		897,065
Commonwealth Bank Officers' Superannuation Fund	Citicorp Nominees		1,407,395
Health Super	JP Morgan Chase Nominees		1,578,900
Sunsuper Fund	National Nominees		2,128,083
Microcap Investment Trust 2	National Nominees		2,161,262
Acorn Capital Microcap Trust	National Nominees		2,448,608
UniSuper	National Nominees		3,339,226

Page 1 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)	Consideration (9)	Class and Number of Securities
		Cash	Non-Cash
Acorn Capital Limited	24-Sep-2003 to 22-Dec-2011	$14,658,994.66		17,532,666

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) Name of Association

7. Addresses

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

Name	Address
All Relevant Holders	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000

==> picture [334 x 41] intentionally omitted <==

----- Start of picture text ----- Print Name PAUL PALUMBO Capacity Portfolio ManagerSign Here Date 22/12/2011----- End of picture text -----

Page 2 of 2