BRL Blackthorn

RNS No 6168t
BRIERLEY INVESTMENTS LIMITED
30 June 1999



                    BIL Sells Majority of EWS Interest

Brierley Investments Limited (BIL), through subsidiary Bell Resources
Developments Pty Limited ("Bell Resources"), has sold the majority of its
interest in English, Welsh and Scottish Railway Holdings Limited ("EWS") to
Wisconsin Central International, Inc. and The Goldman Sachs Group, Inc.

Bell resources sold 6,529,700 shares at #3.07 each.  Together with the sale of
options over a number of EWS shares, the proceeds amount to #20.1 million 
(NZ$59.7 million).

The EWS interest was acquired in February 1996 at #1.00 per share.  This
transaction therefore generates a surplus of #13.6 million (NZ$40.3 million).

BIL Executive Chairman, Sir Selwyn Cushing said, "The sale of the EWS stake is
consistent with BIL's strategy of reducing the size of the Group's investment
portfolio, and focussing on a smaller number of larger investments."

In March 1999, in an unrelated transaction, Fay, Richwhite UK Management
exercised an option to buy Bell Resource's interest in 1.8 million shares in EWS
at a price of #1.77 per share.  This resulted in a suplus of #1.4 million
(NZ$4.1 million).

Bell Resources retains an interest in 1.7 million EWS shares.  Fay, Richwhite UK
Management has an option to acquire these shares at any time up until February
2002.  The current exercise price is approximately #2.06 and it is subject to an
annual increase of 20 per cent per annum, compounded annually.

M B Horton
Company Secretary

END


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