BRL Blackthorn

RNS No 9255c
BRIERLEY INVESTMENTS LIMITED
10th December 1998

SALE OF SHAREHOLDING IN FAIRFAX

Brierley Investments Limited (BIL) announces that its Australian listed
subsidiary Australian Consolidated Investments Limited (ACIL) will sell its
interest in John Fairfax Holdings Ltd (Fairfax). 

BIL's Chairman, Mr Selwyn Cushing, made the following comments on the sale.

"The sale of the 24 per cent stake in Fairfax will realise in excess of NZ$700
million, and as a consequence it completely restores BIL's financial strength.

"This investment was realised at a premium to the market value at 30 June 1998
and again demonstrates the Board and management's determination to sell
investments without sacrificing shareholder value.

"The sale of this investment also vindicates the Board's decision that BIL
should restore its balance sheet health without raising fresh capital.

"The asset sales programme is now substantially complete and any further sales
will be based solely on the Board and management's assessment of growth
potential and relative value. The weak seller perception is well past.

"In total, since 30 June 1996 BIL has either directly or indirectly realised
assets or received capital returns and special dividends totalling approximately
$2 billion. After settlement, the level of the parent company's net debt will be
approximately half that of six months ago.

"BIL will proceed to conclude negotiations on a new lending package that will
allow the Company to conduct business in a normal fashion over the long term.
The package is expected to be finalised early in the new year".

FROM:     M B HORTON 
          COMPANY SECRETARY

END


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