BRL Blackthorn

RNS No 5367k
BRIERLEY INVESTMENT LIMITED
8 June 1999

              BIL Supports Move to Privatise LWR Industries

Brierley Investments Limited (BIL) Operations Director, Mr John Green, today
said BIL supported the moves by CHL New Zealand Limited (CHL) to privatise LWR
Industries Limited (LWR).

BIL has granted CHL a call option to acquire its shareholding in LWR which is
exercisable over a two year period.

Mr Green said, "Since re-listing on the New Zealand Stock Exchange in 1993 LWR
has consistently under performed market benchmarks.

"There are a variety of reasons for LWR's under performance but the most
significant have been the large reductions in tariff structures, resulting in
import substitution and consequent pressure on the company's margins, and the
entrance of global sporting apparel manufacturers into rugby sponsorship.

"These factors mean that LWR, and in particular the Canterbury brand, are
required to significantly invest in global brand management expertise if they
are to survive.  A new shareholder with specific industry expertise is our
preferred option to lead this process.

"Given this situation, and regardless of the outcome of the bid by CHL, it is
BIL's view that LWR should significantly reduce the current level of cash
dividends paid to shareholders and reinvest this capital into its core apparel
businesses."

END


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