Diversa : Initial Substantial Holder Notice – The Boat Fund

3 August 2016

Attention:

DIVERSA LIMITED

Level 9, Waterfront Place 1 Eagle Street

Brisbane Queensland 4000

Copy:

Company Announcements Office ASX Limited

20 Bridge St

Sydney, NSW 2000

Re: Notice of becoming an initial substantial holder in Diversa Limited (DVA)

TBF Investment Management Pty Ltd [T/A The Boat Fund], as the Investment Manager of the TBF Small Cap Value Growth Fund, advises it became a substantial holder in DVA on 25 July 2016.

We enclose below details of Form 603 - Notice of initial substantial holder. Yours faithfully,

Directors & Portfolio Managers:

Sam Orr Ron Shamgar

Holder of relevant interest	Dateof acquisition	Consideration (9)		Classandnumber of securities
SEE ANNEXURE A	Cash	Non-cash

Holder of relevant interest	Registered holder of securities	Personentitled to be registeredasholder (8)	Classandnumber of securities
SEE ANNEXURE A

Holder of relevant interest	Nature of relevant interest (7)	Classandnumber of securities
SEE ANNEXURE A

Classof securities(4)	Number of securities	Person's votes(5)	Votingpower (6)
ORDINARY	3,450,154	3,450,154	5.78%

Form603 CorporationsAct 2001 Section 671B Notice of initial substantial holder
To CompanyName/Scheme ACN/ARSN 1. Details of substantial holder (1) Name ACN/ARSN (if applicable)	DIVERSA LIMITED
	ABN 60 079 201 835
	TBF INVESTMENT MANAGEMENT PTY LTD
	ACN 160 092 419
Theholder became a substantial holder on 25/07/2016 Details of voting power Details of relevant interests Details of present registered holders Consideration Thetotal number of votesattachedtoall thevotingsharesin thecompanyor votinginterests in thescheme that thesubstanti al holder or anassociate(2)hada relevant interest (3)inonthedate thesubstantial holder becameasubstantial holder areasfollows: Thenature of therelevant interest thesubstantial holder or anassociate hadin the followingvotingsecuritieson thedate thesubstantial holder became a substantial holder areasfollows: Thepersonsregisteredasholders of thesecuritiesreferred to in paragraph3 aboveare as follows: Theconsiderationpaid for eachrelevant interest referred to in paragraph3 above, andacquired in the four monthsprior to the daythat thesubstantial holder became a substantial holder isasfollows:

1. Associates

   Thereasonsthepersonsnamed in paragraph3 aboveare associatesof thesubstantial holder are as follows:

   Name andACN/ARSN (if applicable)	Nature of association
   SEE ANNEXURE A

2. Addresses

Theaddressesof personsnamedin this formareasfollows:

Name	Address
SEE ANNEXURE A

Signature

print name

Sam Orr

capacity Director and Portfolio Manager

sign here date

03/08/2016

DIRECTIONS

1. If thereareanumber of substantial holders withsimilaror relatedrelevant interests (eg. acorporationandits relatedc orporations, or the manager andtrusteeof an equity trust), thenamescouldbeincludedinanannexure to theform. If therelevant interestsof agroupof personsareessentiallysimilar, theymaybereferredto throughout theformasaspecificallynamedgroupif themembershipof eachgroup, with thenames andaddressesof members isclearlyset out inparagraph7of the form.

2. See thedefinitionof "associate" in section9 of theCorporationsAct 2001.

3. See thedefinitionof "relevant interest" in sections608and671B(7)of theCorporationsAct 2001.

4. Thevotingsharesof acompanyconstituteoneclassunlessdividedintoseparateclasses.

5. Thetotal number of votesattachedtoall thevotingsharesin thecompanyor votinginterests in thescheme(if any)that thepersonor anassociatehasa relevant interest in.

6. Theperson'svotesdividedbythetotal votesin thebodycorporateor schememultipliedby100.

7. Includedetailsof:

8. anyrelevant agreement orother circumstancesbywhichtherelevant interest wasacquired. If subsection671B(4)applies, a copyof anydocument settingout the termsof anyrelevant agreement, anda statement by thepersongiving full andaccurate details of anycontract, scheme orarrangement, must accompany this form, together witha writtenstatement certifyingthiscontract, schemeor arrangement; and

9. anyqualificationof thepower of apersontoexercise, control theexerciseof, or influencetheexerciseof, thevotingpo wersor disposal of thesecuritiesto whichtherelevant interest relates(indicatingclearly theparticular securitiestowhichthequalificationapplies).

   See thedefinitionof "relevant agreement" in section9 of theCorporationsAct 2001.

10. If thesubstantial holder isunable todeterminetheidentityof theperson(eg. if therelevant interest arisesbecauseof anoption)write "unknown".

11. Detailsof theconsiderationmust includeanyandall benefits,moneyandother, that anypersonfromwhoma relevant interest wasacquiredhas, ormay, become entitledto receivein relationto that acquisition. Detailsmust beincludedevenif thebenefit isconditional onthehappeningor not of acontingency. Detailsmust be includedof anybenefit paidonbehalf of thesubstantial holder or itsassociate inrelationto theacquisitions, evenif they arenot paiddirectly to thepersonfromwhom therelevant interest wasacquired.

12. ANNEXURE A THIS IS "ANNEXURE A" OF 2 PAGES REFERRED TO IN FORM 603 NOTICE OF INITIAL SUBSTANTIAL HOLDER IN DIVERSA LIMITED ABN 60 079 201 835
13. Details of relevant interests

    The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

    Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
    TBF INVESTMENT MANAGEMENT PTY LTD	TBF INVESTMENT MANAGEMENT PTY LTD HAS THE POWER TO EXERCISE, OR CONTROL THE EXERCISE OF, A RIGHT TO VOTE ATTACHED TO THE SECURITIES AND THE POWER TO DISPOSE OF (OR ACQUIRE FURTHER), OR CONTROL THE EXERCISE OF A POWER TO DISPOSE OF (OR ACQUIRE FURTHER), THE SECURITIES AS THE INVESTMENT MANAGER OF THE TBF SMALL CAP VALUE GROWTH FUND	ORDINARY 3,450,154

14. Details of present registered holders

    Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
    TBF INVESTMENT MANAGEMENT PTY LTD	JP MORGAN NOMINEES (CUSTODIAN)	EQUITY TRUSTESS LIMITED (RESPONSIBLE ENTITY OF THE TBF SMALL CAP VALUE GROWTH FUND)	ORDINARY 3,450,154

15. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquire din the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)	Class and number of securities
TBF INVESTMENT MANAGEMENT PTY LTD	VARIOUS FROM 20 MAY 2016 TO 25 JULY 2016	VARIOUS FROM $.675 TO $.70 (ON MARKET PURCHASE)	3,450,154

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