BRL Blackthorn

RNS No 6067f
BRIERLEY INVESTMENTS LIMITED
20th October 1998



       BIL Agrees to Sell Ibstock Stake for #91.5 Million

Brierley Investments Limited (BIL) today announced that it has
agreed to sell its 29.8 percent stake in UK brick maker Ibstock
plc to Wienerberger of Austria for #91.5 million.

BIL will receive 66 pence per share in cash for its 138,706,993
shares.  This represents a 53 percent premium to the market price
of 43 pence per share at the close of trading on 16 October 1998.
BIL will also receive and retain the interim dividend from
Ibstock of 0.85 pence per share to bring its total receipts to
#92.7 million.  The transaction, which is unconditional, will be
completed no later than 23 October 1998.

BIL Executive Chairman Sir Roger Douglas said, "Our UK management
team led by Rupert Morley are to be congratulated for completing
the sale in a difficult stock market, particularly for UK
building materials companies.

"By achieving a significant premium to market value we have
demonstrated that asset sales can be achieved without sacrificing
shareholder value.

"BIL has an extremely capable management team focused on
realising the current transition phase and positioning the
company for the future.  Despite the significant changes to the
Board and management since April, it is clear that investments
are being managed in a rational and professional manner,
consistent with Board approved plans.

"The total consideration of almost NZ$294 million means BIL has
achieved asset sales and committed capital returns of
approximately NZ$1.2 billion since 30 June.  The values achieved
to date are in line with the asset book values agreed by the
Board on 30 June 1998.  This achievement is against a subsequent
significant decline in world stock markets."

Sir Roger said the sale of the company's stake in Ibstock was
consistent with BIL's strategy, announced in July 1998, of
realising investments that did not meet the longer term
investment criteria of the company.

In the future BIL will operate with a smaller portfolio of larger
investments located primarily in Australia and New Zealand, as
well as a lower overall level of gearing.  On 30 June 1998, BIL
had parent company assets totalling NZ$5.9 billion, with 69
percent comprising key investments in Thistle Hotels, Fairfax,
James Hardie, Air New Zealand and Sky City.  Of the NZ$1.9
billion balance BIL has now realised approximately NZ$800 million
in cash (excluding capital returns) at a net surplus to market
values at 30 June 1998.



For further information please contact:

Mr Mike Drogemuller
Group Communications Manager
Brierley Investments Limited
Tel:  64 21 418 530



END

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