Company

News 2010

Please find attached Completion of Bookbuild for Capital Raising announcement.

ASX Announcement
22 June 2010

Port Bouvard Limited successfully completes bookbuild for Institutional Placement & Entitlement Offer

Western Australian based property development company, Port Bouvard Ltd (PBD or Company),
refers to its announcement of 20 May 2010 regarding its proposed $60,200,000 capital raising
(Capital Raising) comprising of:

• the issue of 175,000,000 shares at $0.13 per share to FKP Limited (FKP) or its nominee on the terms and conditions of the subscription agreement dated 20 May 2010 between PBD and FKP (Subscription Agreement) to raise $22,750,000 (FKP Placement);
• the issue of 157,285,551 shares at $0.13 per share to institutional and sophisticated investors to raise $20,447,122 (Institutional Placement); and
• a 1 for 1 non-renounceable entitlement issue of 130,791,372 shares at $0.13 per share to raise $17,002,878 (Entitlement Offer).

Further to that announcement, PBD is pleased to announce the successful completion of the bookbuild for the Institutional Placement and the accelerated institutional component of the Entitlement Offer. The Company had strong support from both new institutions and existing sophisticated investors. As a result of the bookbuild, the Company has received binding commitments of $26.4 million. The underwritten retail component of the Entitlement Offer is expected to raise the balance of $11.0 million.

The Company has entered into an underwriting agreement in respect of the Institutional Placement and the Entitlement Offer, and these components of the Capital Raising are fully underwritten by Macquarie Capital Advisers Limited and Euroz Securities Ltd, joint lead managers of the Capital Raising.

Settlement of the Institutional Placement and the institutional component of the Entitlement Offer is expected to occur on or around 28 June 2010, subject to the approval of the FKP Placement and the Institutional Placement by shareholders at the general meeting to be held this Wednesday, 23 June 2010 (Shareholder Approval), as well as certain other settlement conditions.

FKP Placement

The Company is pleased to advise that all conditions precedent under the Subscription Agreement that are capable of satisfaction to date have been satisfied, including FIRB approval.

Subject to Shareholder Approval being granted this Wednesday, 23 June 2010, the recommencement of trading of PBD shares on ASX and the satisfaction of certain other conditions precedent, settlement of the FKP Placement is expected to occur contemporaneously with the settlement of the Institutional Placement and the institutional component of the Entitlement Offer on or around 28 June 2010.

Retail Entitlement Offer

The prospectus for the retail component of the Entitlement Offer (Prospectus) is expected to be
lodged and despatched to eligible shareholders on or around 25 June 2010 with the offer due to close on or around 9 July 2010. A detailed timetable will be included as part of the Prospectus.

Eligible retail shareholders will have the opportunity to apply for additional shares in excess of their entitlement under the Entitlement Offer by completing the relevant documentation which will be provided with the Prospectus.

The Company appreciates the support and patience shown by shareholders to date and looks forward to recommencing trading on the ASX, successfully recapitalised to fund the construction of the initial infrastructure and utility services along with the development of the first stage of residential lots of its flagship project, Point Grey.

For further information please contact the Company.

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Mr Stephen Court,
Executive Director
Port Bouvard Limited
Tel: 08 6436 2200

Mr John Wroth,
Chief Executive Officer
Port Bouvard Limited
Tel: 08 6436 2200

Mr David Tasker
Professional Public Relations
Tel: 08 9388 0944
Mob: 0433 112 936