BRL Blackthorn

RNS Number:9337D
Brierley Investments Limited
21 May 2001




    MASNET No. 106 OF 21.05.2001

    Announcement No. 108

    BRIERLEY INVESTMENTS LIMITED



    LIFTING OF THE SUSPENSION IN TRADING OF SHARES



        The Board of Directors of Brierley Investments Limited ("BIL") would
        like to request a lifting of the suspension in the trading of BIL
        shares on the Singapore Exchange Ltd with effect from 9.00 a.m on
        Tuesday, 22 May 2001.

Submitted by Jane Teah, Company Secretary on 21/05/2001 to the SGX


    MASNET No. 105 OF 21.05.2001

    Announcement No. 107

    BRIERLEY INVESTMENTS LIMITED



    DISPOSAL OF STAKE IN JAMES HARDIE INDUSTRIES LIMITED FOR A$567 MILLION



        21 May 2001, Singapore - The Board of Directors of Brierley
        Investments Limited ("BIL") wishes to announce that its wholly-owned
        subsidiary, UB Minerals (Australia) Pty Ltd, has today through JBWere
        Limited ("JBWere") placed 119,411,850 shares (the "Shares") in James
        Hardie Industries Limited ("James Hardie") at a price of A$4.75 per
        share.

        The Shares constitute 28.7% of the total issued share capital of James
        Hardie. Following the sale of the Shares, James Hardie will cease to
        be an associated company of BIL.

        James Hardie, which is listed on the Australian Stock Exchange, is a
        global leader in the manufacture of fibre cement building products
        with major operations in the United States, Australia, New Zealand,
        Chile and the Philippines.

        The sale of the Shares will realise significant value for BIL's
        shareholders and is consistent with BIL's primary objectives as an
        active investment management company. BIL's book value of the Shares
        is approximately A$333 million. At the placing price of A$4.75 per
        share, the total sale proceeds amount to approximately A$567 million,
        which represents approximately 37.2% of BIL's net tangible assets as
        at 30 June 2000. The excess of the total sale proceeds over the book
        value is approximately A$234 million.

        The sale proceeds will be applied by BIL for general corporate
        purposes including, but not limited to, repayment of debt and making
        new investments.

        At the time of the announcement of its Interim Results on 15 March
        2001, BIL announced that it did not expect to make a profit this
        financial year. In part this was due to the need to equity account
        extraordinary and abnormal charges taken by James Hardie in its
        accounts for the year ended 31 March 2001. As a result of the sale of
        the Shares, it is now anticipated that BIL will report a profit for
        the financial year ending 30 June 2001.

        Net profits (after deducting all charges except taxation and excluding
        extraordinary items) attributable to the James Hardie Shares for the
        financial year ended 30 June 2000 were A$38.9 million. The sale of the
        Shares will have a positive impact on earnings per share and net
        tangible assets per share in the current financial year ending 30 June
        2001.

        Greg Terry, Chief Executive of BIL, commented: "The proceeds of the
        sale will enable us to strengthen further our balance sheet to allow
        us to exploit future investment opportunities".

        None of the Directors or Substantial Shareholders of BIL have any
        interest, direct or indirect, in the transaction.



        Enquiries:

        Brierley Investments Limited

        Tel: +65-438-0002

        Andrew Shepherd (Chief Financial Officer)

        Email: a.shepherd@bil.com.sg

        Gavin Anderson & Company

        Tel: +65-339-9110

        Richard Barton

        Mobile: +65-9627-1056

        Email: rbarton@gavinanderson.com.sg

        Terence Foo

        Mobile: +65-9878-8787

        Email: tfoo@gavinanderson.com.sg

        Rav Dhaliwal

        Email: rdhaliwal@gavinanderson.com.sg



    Submitted by Jane Teah, Company Secretary on 21/05/2001 to the SGX

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