Wed 29 July 16:49:29 NZST

SLG / Announcements

SSH ( Furzefield Pty Ltd and Mr William Westray Burrell)

4:10pm, 11 Jun 2010 | SSH

Disclosure of ceasing to have substantial holding
Section 25, Securities Markets Act 1988

To: New Zealand Exchange Ltd

And: Sealegs Corporation Ltd

Date this disclosure made: 11 June 2010

Date last disclosure made: 12 February 2009

Substantial security holder(s) giving disclosure

Name(s): Furzefield Pty Ltd and Mr William Westray Burrell
Contact details: Contact for both substantial security holders – Mr William Burrell, tel +61 3 9823 6263, email

Date on which substantial security holder(s) ceased to have substantial holding: 11 June 2010

Summary of previous substantial holding to which disclosure relates

Class of listed voting securities: Ordinary Shares
Summary for: Furzefield Pty Ltd
For last disclosure,—
(a) total number held in class: 6,169,269
(b) total in class: 93,090,190
(c) total percentage held in class: 6.6%
For current holding after ceasing to have substantial holding:
(a) total number held in class: 1,669,269
(b) total in class: 93,090,190
(c) total percentage held in class: 1.8%
Details of transactions and events giving rise to person ceasing to have substantial holding
Details of the transactions or other events requiring disclosure under the instructions to this form:
Off market transfer on 11 June 2010 of 4,500,000 shares to Avenport Investment Corporation for the net consideration of $630,000.

Additional information
Nature of connection between substantial security holders: William Burrell is indirectly able to control the exercise right to vote attached to the securities and indirectly has the power to control the acquisition or disposal of the securities as sole director and ultimate shareholder of Furzefield Pty Ltd. No relevant agreement document is required.
Address(es) of substantial security holder(s): Level 19, 644 Chapel Street, South Yarra, Victoria 3141, Australia.
Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates: Avenport Inv Corp

I, William Burrell, declare that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made.

William Westray Burrell