ort

Australian Stock Exchange
Company Announcements Office

ORT Limited ABN 63 007 708
[email protected] W: www.ort.com.au
12 December 2005

WMRC Project Update
On 23 September 2005 the Company announced the signing of a Heads of Agreement
between Perpetual Investment Management Limited and Perpetual Trust Services Limited
(Perpetual) acting as Responsible Entities of Perpetual’s Diversified Infrastructure Funds,
and ORT subsidiary Organic Resource Technologies Limited (Organic). Since that date
Perpetual has been conducting a detailed due diligence and the parties (Perpetual and
Organic) have been working together to develop the commercial terms for the WMRC
Project with WMRC.
The detailed due diligence is continuing.
With respect to the development of commercial terms considerable progress has been
made, and at a WMRC council meeting held on 8 December 2005 the following was
resolved;
• WMRC have agreed in principle with the gate fee proposed by Perpetual and
Organic, subject to agreement by WMRC of a Waste Supply Agreement,
• WMRC has authorised its executive to negotiate and draft a Waste Supply
Agreement with Perpetual and Organic, and
• WMRC has agreed to consider an offer to invest approximately $1million for a 10%
equity interest in the DiCOM project, subject to the consent of Member Councils and
successful completion of the Stage 1 prototype trial in accordance with terms
already agreed between WMRC and Organic.
The key milestones still to be achieved before the WMRC Project proceeds, involving
Perpetual as principal equity financier are as follows.
• Completion of Perpetual due diligence. Organic anticipates this will be concluded by
the end of January.
• Perpetual to formally make the decision to invest. This will follow a successful
conclusion of due diligence.
• The parties (Perpetual, Organic and WMRC) to negotiate and settle the project and
commercial agreements, including the Waste Supply Agreement.
Richard Rudas
Managing Director