Background

Bickley Property Pty Ltd ACN 130 656 675 (“Bickley Property”) was established for the purpose of purchasing the property at 53 & 73 Bickley Road, Beckenham, Western Australia. $4,050,000 was raised by issuing 4,050,000 Redeemable Preference Shares at $1.00 per share. The equity along with debt was used to acquire the property which was settled on 23 June 2008.

The project involves undertaking an industrial land subdivision on that property which involves obtaining relevant statutory approvals, the proposed subdivision will result in the creation of a total of 10-15 lots. The life of the project was originally anticipated to be 20-24 months from settlement of the purchase.