GBA Relisting, page-7

From 2005 Annual Report

Dear Shareholder,
I am pleased to report that the Grandbridge operating profit for the consolidated entity after tax for the year was $85,781 (2004 $81,946 loss).
The company also distributed 21,693,508 shares it held in BioPharmica Ltd back to its shareholders prior to the ASX listing of BioPharmica in August 2005. The Company still holds 6.5M shares in BioPharmica.
Grandbridge has been developing further opportunities and carefully assessing the structure in which to deal with transactions in order to provide the most immediate benefit to shareholders.
Before the BioPharmica transaction the Company enabled all shareholders the opportunity to purchase discount shares in a Share Purchase Plan. During this period the Company has again offered shareholders the ability to increase their shareholding through a Share Purchase Plan before a new transaction occurs.
The following Grandbridge share price variation occurred when the company previously distributed shares in the IPO of an investment (BioPharmica) to its shareholders;-

.085 cents - upon updating the market on its biotechnology investment .

16.5 cents - upon detailing free shares and plans to IPO its investment

.20 cents - before the cut-off date to become a shareholder with free shares had expired

The Grandbridge share price closed the year off its high in a period where the company has been working on a further transaction. The Company has been actively seeking to address the fall in share price and create a return for shareholders.
In line with its investment focus Grandbridge is particularly interested in those high growth industries such as energy or resources exploration. We have announced our interest in the mining and exploration sector and have assessed a number of opportunities in this sector.
We will continue to work hard to provide shareholders with a return from our investments. Yours Sincerely,
D L Breeze
Executive Chairman
GRANDBRIDGE Ltd and its controlled entities > Annual Report 2005

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