Statement Re: Restoration
May 21 2001 - 8:10AM
UK Regulatory
RNS Number:9337D
Brierley Investments Limited
21 May 2001
MASNET No. 106 OF 21.05.2001
Announcement No. 108
BRIERLEY INVESTMENTS LIMITED
LIFTING OF THE SUSPENSION IN TRADING OF SHARES
The Board of Directors of Brierley Investments Limited ("BIL") would
like to request a lifting of the suspension in the trading of BIL
shares on the Singapore Exchange Ltd with effect from 9.00 a.m on
Tuesday, 22 May 2001.
Submitted by Jane Teah, Company Secretary on 21/05/2001 to the SGX
MASNET No. 105 OF 21.05.2001
Announcement No. 107
BRIERLEY INVESTMENTS LIMITED
DISPOSAL OF STAKE IN JAMES HARDIE INDUSTRIES LIMITED FOR A$567 MILLION
21 May 2001, Singapore - The Board of Directors of Brierley
Investments Limited ("BIL") wishes to announce that its wholly-owned
subsidiary, UB Minerals (Australia) Pty Ltd, has today through JBWere
Limited ("JBWere") placed 119,411,850 shares (the "Shares") in James
Hardie Industries Limited ("James Hardie") at a price of A$4.75 per
share.
The Shares constitute 28.7% of the total issued share capital of James
Hardie. Following the sale of the Shares, James Hardie will cease to
be an associated company of BIL.
James Hardie, which is listed on the Australian Stock Exchange, is a
global leader in the manufacture of fibre cement building products
with major operations in the United States, Australia, New Zealand,
Chile and the Philippines.
The sale of the Shares will realise significant value for BIL's
shareholders and is consistent with BIL's primary objectives as an
active investment management company. BIL's book value of the Shares
is approximately A$333 million. At the placing price of A$4.75 per
share, the total sale proceeds amount to approximately A$567 million,
which represents approximately 37.2% of BIL's net tangible assets as
at 30 June 2000. The excess of the total sale proceeds over the book
value is approximately A$234 million.
The sale proceeds will be applied by BIL for general corporate
purposes including, but not limited to, repayment of debt and making
new investments.
At the time of the announcement of its Interim Results on 15 March
2001, BIL announced that it did not expect to make a profit this
financial year. In part this was due to the need to equity account
extraordinary and abnormal charges taken by James Hardie in its
accounts for the year ended 31 March 2001. As a result of the sale of
the Shares, it is now anticipated that BIL will report a profit for
the financial year ending 30 June 2001.
Net profits (after deducting all charges except taxation and excluding
extraordinary items) attributable to the James Hardie Shares for the
financial year ended 30 June 2000 were A$38.9 million. The sale of the
Shares will have a positive impact on earnings per share and net
tangible assets per share in the current financial year ending 30 June
2001.
Greg Terry, Chief Executive of BIL, commented: "The proceeds of the
sale will enable us to strengthen further our balance sheet to allow
us to exploit future investment opportunities".
None of the Directors or Substantial Shareholders of BIL have any
interest, direct or indirect, in the transaction.
Enquiries:
Brierley Investments Limited
Tel: +65-438-0002
Andrew Shepherd (Chief Financial Officer)
Email: a.shepherd@bil.com.sg
Gavin Anderson & Company
Tel: +65-339-9110
Richard Barton
Mobile: +65-9627-1056
Email: rbarton@gavinanderson.com.sg
Terence Foo
Mobile: +65-9878-8787
Email: tfoo@gavinanderson.com.sg
Rav Dhaliwal
Email: rdhaliwal@gavinanderson.com.sg
Submitted by Jane Teah, Company Secretary on 21/05/2001 to the SGX
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