Octanex Receives Expression Of Interest From Chairman

Octanex Ltd (OXX.AX):

• RECEIVED AN EXPRESSION OF INTEREST FROM ITS CHAIRMAN

• CHAIRMAN INTENDS TO SUBMIT A PROPOSAL WHEREBY COMPANIES AND INTERESTS ASSOCIATED WITH HIM WOULD BUY CO'S SHARES HELD BY OTHER SHAREHOLDERS

• CHAIRMAN INDICATED HE WILL CONTINUE TO FUND CO IN MEET COMMITMENTS THROUGH TO SUCCESSFUL CONCLUSION OF DISCUSSIONS AS TO FUTURE COURSE FOR CO

• CHAIRMAN INTENDS TO BUY CO'S SHARES HELD BY OTHER SHAREHOLDERS, CO WOULD BE PRIVATISED

• CONSIDERATION THAT CHAIRMAN WILL OFFER TO NON-ALBERS SHAREHOLDERS IS YET TO BE DETERMINED

• FORWARD PROJECTIONS OF OUTGOINGS ARE ANTICIPATED TO SEE FURTHER DRAWDOWN OF LOANS FROM CHAIRMAN