RNS Number:6578N
Portman Ld
17 July 2003


                                                       605 page 1/2 15 July 2001
                                  Form 605
                            Corporations Act 2001
                                Section 671B

                Notice of ceasing to be a substantial holder

To Company Name/Scheme                   AUSTRALIAN SILICON LIMITED
ACN/ARSN                                 ABN 35 094 265 746

1. Details of substantial holder(1)

Name                                     PORTMAN LIMITED
ACN/ARSN (if applicable)                 ABN 22 007 871 892
The holder ceased to be a
substantial holder on                    14/07/2003
The previous notice was given to 
the company on                           03/04/2002
The previous notice was dated            03/04/2002


2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest
(2) of the substantial holder or an associate (3) in voting securities of the
company or scheme, since the substantial holder was last required to give a 
substantial holding notice to the company or scheme are as follows:

Date of     Person whose        Nature of  Consideration       Class (6) and   Person's votes
change      relevant interest   change (4) given in relation   number of       affected
            changed                        to change(5)        securities
                                                               affected

14.07.03 PORTMAN    REF PROSPECTUS $0.01 PER SHARE ORD SHARE  44,400,000
INVESTMENTS P/L     DATED 29.5.03  Nil                 OPTIONS 2,880,500

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or
have changed the nature of their association (7) with, the substantial holder in
relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)        Nature of association
N/A


4. Addresses

The addresses of persons named in this form are as follows:

Name                                   Address
PORTMAN LIMITED                        LEVEL 11, 1 WILLIAM STREET PERTH WA 6000
PORTMAN INVESTMENTS PTY LTD            LEVEL 11, 1 WILLIAM STREET PERTH WA 6000

Signature

print name     G T CLIFFORD            capacity COMPANY SECRETARY
sign here                              date 16/07/2003


                                                       605 page 2/2 15 July 2001
                              DIRECTIONS
(1)
If there are a number of substantial holders with similar or related relevant
interests (eg. a corporation and its related corporations, or the manager and
trustee of an equity trust), the names could be included in an annexure to the 
form. If the relevant interests of a group of persons are essentially similar, 
they may be referred to throughout the form as a specifically named group if the 
membership of each group, with the names and addresses of members is clearly set 
out in paragraph 4 of the form.

(2)
See the definition of "relevant interest" in sections 608 and 671B(7) of the
Corporations Act 2001.

(3)
See the definition of "associate" in section 9 of the Corporations Act 2001.

(4)
Include details of:
(a)
any relevant agreement or other circumstances because of which the change in
relevant interest occurred. If subsection 671B(4) applies, a copy of any
document setting out the terms of any relevant agreement, and a statement by the
person giving full and accurate details of any contract, scheme or
arrangement, must accompany this form, together with a written statement
certifying this contract, scheme or arrangement; and
(b)
any qualification of the power of a person to exercise, control the exercise of,
or influence the exercise of, the voting powers or disposal of the securities to
which the relevant interest relates (indicating clearly the particular
securities to which the qualification applies).
See the definition of "relevant agreement" in section 9 of the Corporations Act
2001.

(5)
Details of the consideration must include any and all benefits, money and other,
that any person from whom a relevant interest was acquired has, or may, become
entitled to receive in relation to that acquisition. Details must be included
even if the benefit is conditional on the happening or not of a contingency.
Details must be included of any benefit paid on behalf of the substantial holder
or its associate in relation to the acquisitions, even if they are not paid 
directly to the person from whom the relevant interest was acquired.

(6)
The voting shares of a company constitute one class unless divided into separate
classes.

(7)
Give details, if appropriate, of the present association and any change in that
association since the last substantial holding notice.


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            The company news service from the London Stock Exchange
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