RENOUF SELLS 10.83 PCT NZI STAKE TO BRIERLEY

  &lt;Renouf Corp Ltd> said it sold its
  10.83 pct stake in &lt;NZI Corp Ltd> to &lt;Brierley Investments
  Ltd>, (BIL), for 207.7 mln N.Z. Dlrs.
      Renouf managing director Mike Cashin said in a statement it
  had been Renouf's intention to build up a long-term strategic
  position in NZI. "But it became clear to us that it was in the
  best interests of both NZI and ourselves for Brierley
  Investments to acquire our holding," he said.
      He said Renouf built up its NZI holding over the past six
  months. The sale comprised 74.9 mln shares at 2.725 N.Z. Dlrs a
  share and 2,095 warrants at 1,709 dlrs each.
      The warrants are attached to a 150 mln Swiss franc note
  issue. Each bond of 5,000 francs carries a detachable warrant
  entitling the bearer to 2,486 NZI shares.
      In its 1986 annual report BIL reported that it held a 19
  pct stake in NZI.
      NZI has 673.4 mln ordinary shares on issue. Total capital
  including shares attached to warrants is 678.8 mln shares.
      Cashin said the sale will result in a significant profit
  and places Renouf in a good position to consolidate on recent
  transactions and pursue other opportunities.
      NZI shares were at 2.18 N.Z. Dlrs, BIL at 4.08 and Renouf
  at 6.15 at the close of trading.
      BIL executives were unavailable for comment.
  

