SHIELD EQUITIES LIMITED

SHIELD EQUITIES LIMITED                       2000-03-31  ASX-SIGNAL-G

HOMEX - Perth                                                         

+++++++++++++++++++++++++
The Board of Shield Equities Limited is pleased to announce the
appointment of Mr Ben Livson as an executive director and Dr Robert
Laurie as a non-executive director of the Company. Mr Livson and Dr
Laurie have significant experience in the telecommunications sector
and project financing respectively. Their appointments are a
significant step in the Company's expansion into the
telecommunications sector.

Mr Livson LPHIL, MSC (age 47) has been providing consulting and
management services in the defence, aerospace, information technology
and telecommunications infrastructure sectors for over twenty years,
and now focuses on the areas of new generation telecommunications,
Internet services and e-commerce. Mr Livson was also an architect and
project manager of Telstra Big Pond Intranet.

Mr Livson will be responsible for identifying and negotiating cable
laying and capacity opportunities and other telecommunications
opportunities, and assisting Layer 2 in its strategic development and
various contract negotiations and technical matters. Mr Livson will
be based in Sydney.

Dr Laurie PHD, BE, BSC (age 41) was formerly Executive Vice President
of Bankers Trust and Vice President of UBS in Sydney and New York and
in those capacities was responsible for advising on and arranging in
excess of US$10 billion of financings in the telecommunications,
power, infrastructure and natural resource sectors throughout the
Americas, Europe, Africa, Australia and South-East Asia. Based in
Sydney, Dr Laurie now advises companies on Internet, e-business and
telecommunications investments. His company will provide consulting
services to Shield.

It is proposed that subject to shareholder approval the Company will
issue to Mr Livson or his nominee up to 625,000 shares at an issue
price of 40 cents each, with up to 312,500 free attaching options
exercisable at 50 cents each.

Subject to shareholder approval, Dr Laurie or his nominee will be
offered up to 5,000,000 shares at an issue price of 40 cents each,
with up to 2,500,000 free attaching options exercisable at 50 cents
each.

These shares and options are to be issued on the same terms as the
prospectus fundraising currently in progress.

It is also proposed, subject to shareholder approval, to issue Mr
Livson and Dr Laurie options as an incentive to develop the group's
telecommunications business. It is proposed that the options be
issued for no consideration and have the right to subscribe to fully
paid ordinary shares as follows:

                                           Dr LAURIE     Mr LIVSON 

* exercisable at 40 cents each on or 
  before 30 April 2003                     2,500,000     1,500,000 
* exercisable at 50 cents between 
  1 May 2001 and 30 April 2004             1,250,000     1,250,000 
* exercisable at 60 cents between 
  1 May 2002 and 30 April 2005             1,250,000     1,250,000 

An Appendix 3 New Issue Announcement is attached.


C Carson 
DIRECTOR


                              APPENDIX 3B
                        NEW ISSUE ANNOUNCEMENT

Name of Entity
Shield Equities Limited

ACN or ARBN
065 212 679

We (the entity) give ASX the following information.


PART 1 - ALL ISSUES


1. Class of securities to be issued    Fully paid ordinary shares and
                                       options
 
2. Number of securities to be issued   1. 5,625,000 shares and
                                          2,812,500 options (subject
                                          to shareholder approval)
                                       2. 8,000,000 options (subject
                                          to shareholder approval)

3. Issue price of the securities       1. shares - 40 cents per share;
                                          options - nil
                                       2. options - nil

4. If the securities are convertible,  1. the options will be exercis-
   a summary of their main terms       able at 50 cents on or before
                                       31/03/2003
                                       2. refer attached ASX announce-
                                       ment. In addition, options will
                                       not be transferable and will
                                       lapse, if not exercised, within
                                       one month of the holder ceasing
                                       to be a director of, employee
                                       of or consultant to the Company

5. The amount to be raised by the      1. 2,250,000
   issue                               2. Nil

6. Is there a right to accept or       No
   retain over-subscriptions                                        
                                                                    
   If so, give details                                              

7. Purpose of the issue                Refer attached ASX announcement
                                                                    
                                                                    

8. Will the securities participate     1. Shares - yes
   in dividends (in the case of a      2. Options - no
   trust, distributions) or                                          
   interest                                                         
                                                                    
   If so, give the date from which     Shares - fully from the date of
   they will participate, and the      issue
   extent to which they will                                        
   participate                                                      

9. Dividend policy (in the case of     There are no plans to pay
   a trust, distribution policy) on    dividends at this stage
   the increased capital (interests)                                


PART 2 - ISSUE TO A CLASS OF SECURITY HOLDERS
If the issue is a placement, this part does not need to be completed.

    Items 10 to 38 are Not Applicable


P Flint 
COMPANY SECRETARY
30/03/2000