BRL Blackthorn

RNS No 1643q
BRIERLEY INVESTMENTS LIMITED
9th October 1998



Brierley Investments Limited (BIL) today announced details of $37.8 million of
Capital Notes subject to an Election on 15 October 1998. 

Noteholders totalling $27.2 million have elected to convert their Capital Notes
for shares in BIL while the balance of Noteholders have reinvested their Capital
Notes for a further 3 year term at 7.5% p.a. coupon. Under the terms of the
Capital Notes BIL will exercise its option to purchase for cash the $27.2
million of Capital Notes prior to them converting to shares. 

M.B. Horton
Company Secretary


END

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