Company

News 2010

Port Bouvard Limited ("the Company") (ASX code: PBD) provides the following update in relation to its capital management strategy.

Appointment of Joint Lead Managers

The Company is pleased to advise that it has appointed Euroz Securities Limited ("Euroz") and Macquarie Capital Advisers Limited ("Macquarie") as Joint Lead Managers to assist in the execution of its capital management strategy.

The Company will work with Euroz and Macquarie to pursue the most appropriate capital management outcome for the Company and its shareholders.

Renewal of banking facilities

As announced to the Australian Securities Exchange ("ASX") on 22 December 2009, the Company has renewed its bank facilities totalling $167.7 million with its primary financier St George Bank. There are three separate facilities with expiry dates extending up to 31 December 2011.

For full details please refer to the earlier ASX announcement dated 22 December 2009.

Anticipated reinstatement to official quotation of the Company's securities.

The Company's securities have been in voluntary suspension since late October 2009 to enable it to address renewal of its banking facilities and its capital management strategy.

The Company will release a further announcement shortly in regard to the anticipated date the Company's securities will recommence trading on the ASX.

Financial reporting

The interim audit review of the Company's results for the half year ended 31 December 2009 is currently in progress. The Company expects that the audit review process should be completed by 26 February 2010. An ASX announcement will be made as soon as the interim financial report and the accompanying audit review are finalised.

Operations update

The Company will shortly write to shareholders to provide a full operations update.

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