BRL Blackthorn

RNS No 6565f
BRIERLEY INVESTMENTS LIMITED
13th November 1998


Brierley Investments Limited (BIL) today announced it had sold its shareholding
in WD & HO Wills Holdings Limited (Wills).

BIL sold 21,383,214 million shares at A$3.30 per share through the Australian
Stock Exchange yesterday afternoon.   The total consideration for the
shareholding was A$70.5 million.

BIL initially acquired its shareholding in Wills in 1991 and was the second
largest shareholder in the company after British American Tobacco PLC.

BIL Chairman Mr Selwyn Cushing said, "The sale of the Wills stake is in line
with the Company's strategy of selling investments that do not fit BIL's longer
term investment criteria."

"Wills has been a very profitable investment for BIL generating an internal rate
of return of 19.7% and a profit of A$25 million based on the A$70.5 million sale
price."

In the current financial year BIL has realised investments, or received special
dividends and capital returns, of approximately $1.3 billion.  The Company plans
to sell approximately $400 million of investments, in addition to the asset
sales to date before 30th June 1999.


END

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