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SLG / Announcements

SSH (Avenport Investment Corporation)

8:33am, 1 Sep 2010 | SSH

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest or both
Sections 23 and 24, Securities Markets Act 1988
Relevant event being disclosed: Movement of 1% or more of a substantial security holding

Date of relevant event: 16 August 2010
To: NZX Limited
And: Sealegs Corporation Limited
Date this disclosure made: 1 September 2010
Date last disclosure made: 11 June 2010
Substantial security holder(s) giving disclosure
Name(s): Avenport Investment Corporation
Contact details: Simon Vodanovich, c/- Buddle Findlay, (09) 358 7032,

Summary of substantial holding to which disclosure relates
Class of listed voting securities: Fully paid ordinary shares in Sealegs Corporation Limited
Summary for: Avenport Investment Corporation
For this disclosure,—
total number held in class: 49,500,000
total in class: 124,190,190
total percentage held in class: 39.858%
For last disclosure,—
total number held in class: 18,500,000
total in class: 93,090,190
total percentage held in class: 19.873%

Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure under the instructions to this form: Issue of 31,000,000 new ordinary shares by Sealegs to Avenport Investment Corporation for NZ$0.20 per share at a total consideration of NZ$6,200,000 ("New Shares"). The New Shares were issued pursuant to a notice of allotment by Sealegs dated 16 August 2010.
Details of relevant interests in substantial holding after relevant event

Details for: Avenport Investment Corporation
Nature of relevant interest(s): Registered holder and beneficial owner of securities.
For that relevant interest,—
number held in class: 49,500,000
percentage held in class: 39.858%
current registered holder(s) of securities: Not applicable
registered holder(s) of securities once transfers registered: Avenport Investment Corporation

Additional information
Nature of connection between substantial security holders: Not applicable
Address of substantial security holder: 4th Floor, Ebene Skies, Rue de I'Institut, Ebene, Mauritius
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: Not applicable

I, Mitch Barrett, 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.