Brierley Investments - Re Disposal of Interest

RNS No 4868m
BRIERLEY INVESTMENTS LIMITED 
3rd March 1999

PROSPECTUS REGISTERED FOR BIL SALE OF SKY CITY SHAREHOLDING 

Brierley Investments Limited (BIL) registered yesterday the prospectus for the
sale of its 65% shareholding in Sky City Limited via an instalment receipts
offering to New Zealand and international investors.

The offer will open at 9.00am on Monday 8 March 1999 and the closing date for
the New Zealand public pool will be 5.00pm on Thursday, 25 March 1999.
Applications made under firm allocations through Members of the New Zealand
Stock Exchange must be received by 5.00pm on Wednesday, 24 March 1999.

The investment statement will be available from Members of the New Zealand Stock
Exchange from Monday, 8 March 1999.

A pool of 15 million shares has been reserved for preferential allocation to BIL
shareholders.

Payment for the shares is to be made in two instalments. The first instalment of
NZ$4.00 per share is payable at the time of application. The final instalment
which is payable by 20 April 2000 will be the final price less the first
instalment. The final price will be set through a book building process.

BIL does not guarantee the shares being offered. Application has been made to
the New Zealand Stock Exchange for permission to quote the instalment receipts,
and all the requirements of the Exchange relating thereto that can be compiled
with on or before the date of this announcement have been duly compiled with.
However, the Exchange accepts no responsibility for any statement in this
announcment.


END

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