AH45 Citi Fun 24

RNS Number:3282S
BIL International Limited
4 March 2002



MASNET No. 23 OF 04.03.2002
Announcement No. 23


   BIL INTERNATIONAL LIMITED


BIL - CAPITAL NOTES



4 March 2002 - The Board of Directors of BIL International Limited ("BIL") has
considered an offer made to approximately 6,000 Capital Note Holders (2003
Series only) by Ross Securities Pty Ltd (trading as "Ross Investments") on 21
February 2002.  The offer is to purchase the BIL 2003 Series Notes at a price of
NZ$0.615 for each NZ$1.00 Capital Note.  The Board of BIL is of the view that
the price offered by Ross Investments does not represent fair value for the
Capital Notes.



As a registered debt security, the BIL Capital Notes are quoted on the New
Zealand Stock Exchange (NZSE).  In the week ending 1 March, the quoted buy offer
was in the range of NZ$0.88 to NZ$0.90cents.  At this quoted price the yield to
maturity on the Capital Notes is in the range of 18 to 20%.  At the price
offered by Ross Investments, the yield to maturity is calculated by BIL at 49%.
Obviously, the offer made by Ross Investments represents a further substantial
discount in the value of the Capital Notes.  The Notes are not distressed debt
and this deep discount is not justified or appropriate.  BIL has been advised
that there is currently unsatisfied demand for the Capital Notes at the price
quoted on the NZSE.



BIL is able to confirm categorically that no material adverse event has occurred
since publication of our results for the year ended 30 June 2001.  BIL's interim
results for the period to 31 December 2001 will be announced during March.

BIL encourages holders of the Capital Notes to take independent financial advice
on the terms of the offer made by Ross Investments.



Submitted by Jane Teah, Company Secretary on 04/03/2002 to the SGX



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