RNS Number:9704Q
Portman Ld
16 October 2003

Portman
Limited

ACN 007 871 892
ABN 22 007 871 892

Level 11
The Quadrant
1 William Street
Perth,  6000
Western Australia
GPO Box W2017
Perth, 6001

16 October 2003

Tel: 61 8 9426 3333

Fax: 61 8 9426 3344


The Announcements Officer

Australian Stock Exchange (Sydney) Limited
Level 10
20 Bond Street
SYDNEY  NSW  2000


Dear Sir


EXERCISE OF PORTMAN LIMITED DIRECTORS OPTIONS - EXPIRY DATE:  24 MAY 2006


Portman Limited wishes to advise that 200,000 ordinary fully paid shares have
been issued as a result of the exercise of 200,000 directors options.


The total number of fully paid ordinary shares on issue is now 174,425,712.


Yours faithfully

G.T. CLIFFORD
COMPANY SECRETARY

                                                Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

                            New issue announcement,
               application for quotation of additional securities
                                 and agreement


Information or documents not available now must be given to ASX as soon as
available.  Information and documents given to ASX become ASX's property and may
be made public.

Introduced 1/7/96.  Origin: Appendix 5.  Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/
2001, 11/3/2002, 1/1/2003.



Name of entity
Portman Limited


ABN
22 007 871 892



We (the entity) give ASX the following information.





Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough
space).


1     +Class of +securities issued or to be   Ordinary Shares
      issued



2     Number  of +securities issued or to be  200,000
      issued (if known) or maximum number
      which may be issued



3     Principal terms of the +securities (eg, Exercise of 200,000 options at the exercise price of
      if options, exercise price and expiry   $0.924 each.  Expiry date 24 May 2006.
      date; if partly paid +securities, the
      amount outstanding and due dates for
      payment; if +convertible securities,
      the conversion price and dates for
      conversion)


4    Do the +securities rank equally in all Yes
     respects from the date of allotment
     with an existing +class of quoted
     +securities?



     If the additional securities do not
     rank equally, please state:

     *       the date from which they do

     *       the extent to which they
     participate for the next dividend, (in
     the case of a trust, distribution) or
     interest payment

     *       the extent to which they do
     not rank equally, other than in
     relation to the next dividend,
     distribution or interest payment

5    Issue price or consideration           200,000 @ $0.924 each



     Purpose of the issue                   Exercise of Portman Limited options resulting in the
                                            issue of Fully Paid Ordinary Shares.
6    (If issued as consideration for the
     acquisition of assets, clearly
     identify those assets)


7       Dates of entering +securities into  16 October 2003
        uncertificated holdings or despatch
        of certificates





                                            Number                   +Class
8       Number and +class of all            174,425,712              Ordinary
        +securities quoted on ASX
        (including the securities in clause
        2 if applicable)



                                                Number                    +Class
9       Number and +class of all +securities    10,124,931                Options
        not quoted on ASX (including the
        securities in clause 2 if applicable)





10      Dividend policy (in the case of a       Same as for existing quoted shares
        trust, distribution policy) on the
        increased capital (interests)



Part 2 -  Bonus issue or pro rata issue


11     Is security holder approval required?



12     Is the issue renounceable or
       non-renounceable?

13     Ratio in which the +securities will be
       offered

14     +Class of +securities to which the
       offer relates

15     +Record date to determine entitlements



16     Will holdings on different registers
       (or subregisters) be aggregated for
       calculating entitlements?

17     Policy for deciding entitlements in
       relation to fractions



18     Names of countries in which the entity
       has +security holders who will not be
       sent new issue documents

       Note: Security holders must be told how
       their entitlements are to be dealt
       with.

       Cross reference: rule 7.7.

19     Closing date for receipt of acceptances
       or renunciations


20     Names of any underwriters





21     Amount of any underwriting fee or
       commission

22     Names of any brokers to the issue




23     Fee or commission payable to the
       broker to the issue

24     Amount of any handling fee payable to
       brokers who lodge acceptances or
       renunciations on behalf of +security
       holders

25     If the issue is contingent on +security
       holders' approval, the date of the
       meeting

26     Date entitlement and acceptance form
       and prospectus or Product Disclosure
       Statement will be sent to persons
       entitled

27     If the entity has issued options, and
       the terms entitle option holders to
       participate on exercise, the date on
       which notices will be sent to option
       holders

28     Date rights trading will begin (if
       applicable)

29     Date rights trading will end (if
       applicable)




30     How do +security holders sell their
       entitlements in full through a broker?

31     How do +security holders sell part of
       their entitlements through a broker and
       accept for the balance?




32     How do +security holders dispose of
       their entitlements (except by sale
       through a broker)?

33     +Despatch date








Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of
securities


34     Type of securities

       (tick one)


(a)    X     Securities described in Part 1



(b)                All other securities

       Example: restricted securities at the end of the escrowed period, partly paid securities that
       become fully paid, employee incentive share securities when restriction ends, securities issued
       on expiry or conversion of convertible securities



Entities that have ticked box 34(a)



Additional securities forming a new class of securities




Tick to indicate you are providing the information
or documents


35           If the +securities are +equity securities, the names of the 20 largest holders of the
             additional +securities, and the number and percentage of additional +securities held by those
             holders

36           If the +securities are +equity securities, a distribution schedule of the additional
             +securities setting out the number of holders in the categories

             1 - 1,000

             1,001 - 5,000

             5,001 - 10,000

             10,001 - 100,000

             100,001 and over

37           A copy of any trust deed for the additional +securities






Entities that have ticked box 34(b)


38     Number of securities for which
       +quotation is sought



39     Class of +securities for which
       quotation is sought



40     Do the +securities rank equally in all
       respects from the date of allotment
       with an existing +class of quoted
       +securities?



       If the additional securities do not
       rank equally, please state:

       *       the date from which they do

       *       the extent to which they
       participate for the next dividend, (in
       the case of a trust, distribution) or
       interest payment

       *       the extent to which they do not
       rank equally, other than in relation to
       the next dividend, distribution or
       interest payment

41     Reason for request for quotation now

       Example: In the case of restricted
       securities, end of restriction period



       (if issued upon conversion of another
       security, clearly identify that other
       security)



                                               Number                     +Class
42     Number and +class of all +securities
       quoted on ASX (including the securities
       in clause 38)







Quotation agreement



1              +Quotation of our additional +securities is in ASX's absolute
discretion.  ASX may quote the +securities on any conditions it decides.



2              We warrant the following to ASX.



*              The issue of the +securities to be quoted complies with the law
and is not for an illegal purpose.



*              There is no reason why those +securities should not be granted
+quotation.



*              An offer of the +securities for sale within 12 months after their
issue will not require disclosure under section 707(3) or section 1012C(6) of
the Corporations Act.



Note: An entity may need to obtain appropriate warranties from subscribers for
the securities in order to be able to give this warranty



*              Section 724 or section 1016E of the Corporations Act does not
apply to any applications received by us in relation to any +securities to be
quoted and that no-one has any right to return any +securities to be quoted
under sections 737, 738 or 1016F of the Corporations Act at the time that we
request that the +securities be quoted.



*              We warrant that if confirmation is required under section 1017F
of the Corporations Act in relation to the +securities to be quoted, it has been
provided at the time that we request that the +securities be quoted.



*              If we are a trust, we warrant that no person has the right to
return the +securities to be quoted under section 1019B of the Corporations Act
at the time that we request that the +securities be quoted.




 3      We will indemnify ASX to the fullest extent permitted by law in respect
of any claim, action or expense arising from or connected with any breach of the
warranties in this agreement.



4         We give ASX the information and documents required by this form.  If
any information or document not available now, will give it to ASX before
+quotation of the +securities begins.  We acknowledge that ASX is relying on the
information and documents.  We warrant that they are (will be) true and
complete.



Sign here:                              Date:  16 October 2003
                                                (Company secretary)

Print name:                                           G T Clifford


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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