BRL Blackthorn

RNS No 7576q
BRIERLEY INVESTMENTS LIMITED
9th March 1999


                      JAMES HARDIE WITHDRAWAL OF US IPO 
                 DOES NOT AFFECT BIL's 1999 PROJECTED SURPLUS

Brierley Investments Limited announces that the withdrawal by James Hardie
Industries Limited of its planned initial public offering of 15% of James Hardie
N.V. in the United States, and the consequent cancellation of the proposed
capital return to James Hardie shareholders, does not affect the Board's
projected net surplus of at least NZ$70 million for the year ending 30 June 1999
(on the assumption that the sale of BIL's shareholding in Sky City is
successful).

The James Hardie proposed distribution was to have been a capital return (as was
the #43 million distribution received from Thistle Hotels Plc in the first half)
and therefore would not have been included in the profit and loss account of the
Group.


M B HORTON
COMPANY SECRETARY

END

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