BRL Blackthorn

RNS No 7514f
BRIERLEY INVESTMENTS LIMITED
20 September 1999


Brierley Investments Limited (BIL) announces that it has reached further
agreement with SEA Holdings Limited (SEA) regarding the sale to SEA of its
interest in Seabil Pacific Limited and its 44,505,375 shares in SEA.  The
agreement is subject to SEA shareholder approval and completion is expected to
occur before the calender year end.

BIL will receive HK$130,000,000 from SEA on completion of the revised
transaction.

From completion BIL will have no further obligations to SEA in respect of the
Seabil Pacific joint venture which will be terminated.

BIL's book loss on the transactioon will be allocated against its provision of
NZ$663,570,000 at 30 June 1999.



END

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