Brierley Investments - Chairman's Stmt Re Meeting

RNS No 0703c
BRIERLEY INVESTMENTS LIMITED
24th August 1998


Statement by Sir Roger Douglas

Brierley Investments Limited Executive Chairman Sir Roger Douglas today
released a statement on the events surrounding the requisition by Camerlin
Group to hold a shareholders meeting to remove him as a director of the
company.

Sir Roger said that in his role as Chairman he would ensure that correct
procedure is followed with respect to the Camerlin request, He also said that
BIL, had asked Camerlin to disclose their intentions following speculation that
a takeover bid might be forthcoming.

"I am absolutely confident that the decisions we have taken in the past three
months are in the best interests of the company and all its shareholders. I
also believe that a majority of the board and other significant shareholders
agree on this point.

"If I did not have the support of the board I would not continue as chairman. I
assure you that I have not become attached to the position of executive
chairman.  It has always been my intention to withdraw to a non executive role
as soon as a Chief Executive has been appointed.

"In April I was elected executive chairman, nominated by Camerlin, when it
was clear fundamental change was necessary, The full board has agreed on
the process of change to date and will make a final decision on the strategic
direction of BIL on Monday of next week.

"Among the final issues to be resolved are financial policies (including
shareholder distribution policy) and the appointment of a new Chief Executive.
Obviously I cannot provide more detail until the Board has considered these
issues.

"I am therefore very disappointed at the timing of Camerlin's requisition as
this will not assist the early completion of the review and the appointment of a
Chief Executive.

"I presume Camerlin will know this and I am therefore at a loss to explain
Camerlin's actions."

Sir Roger said that the request for a shareholders' meeting followed a request
that he should resign as Chairman.


"There are confusing signals as to Camerlin's intentions.  The most recent
media speculation today suggests Camerlin may be considering making a bid
for the company. My duty and those of my fellow directors is to ensure the
interests of all shareholders are protected and not solely those of a 20%
shareholder. I have formally written to Camerlin on behalf of the company
requesting Camerlin to state its intentions.

"I accept that BIL has not had an easy three months and that the outcome of
the Thistle process is a disappointment.

"The simple fact is that there was not an offer that the directors of Thistle
and BIL could accept.  This outcome primarily reflects the changes in market
conditions and the particular circumstances of the final bidder, rather than any
failure in the sale process.

"I would also add that this same instability in the world's stock markets over
the last twelve months has had a significant effect on BIL's own share price.

"We will continue to work with the Thistle board to maximise the value of that
company and to that extent we should remind ourselves that Thistle remains
an immensely more profitable organisation than the one we invested in nearly
a decade ago.

"In closing I would like to say I have no difficulty with the concept that
shareholders should elect and control the board and they will ultimately decide
this issue.  However, before they do so they should make certain they fully
understand Camerlin's agenda."

BIL will make a further announcement following the 31 August Board meeting.


For further information please contact:

Mike Drogemuller
Group Communications Manager
Ph. [phone]


END

MSCBLGBIUXDCCIU