BRL Blackthorn

RNS Number:3285F
Brierley Investments Limited
15 June 2001


    MASNET No. 13 OF 15.06.2001

    Announcement No. 13

    BRIERLEY INVESTMENTS LIMITED

    Disposal of Stake in Tasman Agriculture Limited


    15 June 2001 - The Board of Directors of Brierley Investments Limited
    ("BIL") wishes to announce that its wholly-owned subsidiary, BIL (NZ
    Holdings) Ltd, has completed the sale of its entire shareholding in Tasman
    Agriculture Limited ("Tasman"), comprising 66% of the total issued share
    capital of Tasman, to Dairy Holdings Limited, for a total sale
    consideration of approximately NZ$117 million.

    Tasman, which is a company listed on the New Zealand Stock Exchange, owns
    dairy farms in the South Island of New Zealand and has sheep, beef and
    dairy interests in Tasmania. Tasman also undertakes conversion of sheep
    and beef farms into dairy farms.

    With the sale, Tasman will cease to be a subsidiary of BIL.

    BIL has been a shareholder of Tasman for more than 10 years. BIL has been
    selling its substantial holdings in New Zealand dairy farms. It still
    retains dairy and beef operations in Tasmania, Australia.

    BIL's book value of its interest in Tasman is NZ$92 million. The excess of
    the sale proceeds over the book value is approximately NZ$25 million.

    The transaction is not expected to have any material effect on the Group's
    net tangible assets or earnings per share for the financial year ending 30
    June 2001.

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



    Submitted by Jane Teah, Company Secretary on 15/06/2001 to the SGX





    MASNET No. 14 OF 15.06.2001

    Announcement No. 14

    BRIERLEY INVESTMENTS LIMITED


    Press Statement - BIL receives NZ$117 million from Tasman Agriculture sale


    Brierley Investments Limited ("BIL") announced today it had, through its
    wholly-owned subsidiary, BIL (NZ Holdings) Ltd, completed the sale of its
    entire holding in New Zealand listed-company Tasman Agriculture Limited
    for cash proceeds of NZ$117 million.

    BIL (NZ Holdings) Ltd has been a shareholder of Tasman Agriculture Limited
    for the past 10 years, and has sold its 66% stake to Dairy Holdings
    Limited, a farming consortium based in New Zealand's South Island.

    BIL's Chief Executive Officer, Mr Greg Terry said the consideration
    represented a price of NZ$1.68 per share, which would give BIL a profit on
    the transaction of approximately NZ$25 million.

    " We are particularly pleased with the results of this transaction, " he
    said.

    " Eighteen months ago Tasman's share price did not reflect the net
    tangible asset backing of the company's dairy farms. We began a farm sale
    process so that the true value of the assets would be recognised, " he
    said.

    Mr Terry said this strategy had been successful and that BIL was able to
    sell its shares at about double the average of the company's share price
    over its holding period.

    " We believe we have now maximised our value and it is time for other
    investors to take the company forward, " he said.

    Mr Terry said that sales of non-core New Zealand assets over the last six
    months had realised cash of more than NZ$350 million. This represented a
    profit over book value of more than NZ$50 million.

    BIL was now able to consider a number of opportunities in the Australasian
    region, he said.

    Enquiries:

    Brierley Investments Limited

    Singapore

    Tel: +65-4380002

    Andrew Shepherd (Chief Financial Officer)

    Email: a.shepherd@bil.com.sg



    BIL (NZ Holdings) Ltd

    New Zealand

    Tel: +64-4-9138800

    Arun Amarsi (General Manager - New Zealand)

    Email: a.amarsi@bil.co.nz

    Gavin Anderson & Company

    Tel: +65-3399110

    Richard Barton

    Mobile: +65-96271056

    Email: rbarton@gavinanderson.com.sg

    Terence Foo

    Mobile: +65-98788787

    Email: tfoo@gavinanderson.com.sg

    Rav Dhaliwal

    Email: rdhaliwal@gavinanderson.com.sg


    Submitted by Jane Teah, Company Secretary on 15/06/2001 to the SGX

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