AH45 Citi Fun 24

RNS Number:1920Y
BIL International Limited
4 July 2002



MASNET No. 67 OF 04.07.2002
Announcement No. 77



   BIL INTERNATIONAL LIMITED


BIL - CAPITAL NOTES


4 July 2002 - The Board of Directors of BIL International Limited ("BIL") has
noted that Ross Securities Pty Ltd (trading as "Ross Investments") has made a
third offer to approximately 6,000 Capital Note Holders (2003 Series only) on 27
June 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.  As a registered debt security, the BIL
Capital Notes are quoted on the New Zealand Stock Exchange ("NZSE").

BIL would like to repeat that the price offered by Ross Investments does not
represent fair value for the Capital Notes.  BIL is therefore recommending
Capital Note Holders not to accept the unsolicited offer from Ross Investments.

The Board of BIL recommends that Capital Note Holders consider the following:


 • As at 4 July 2002, the quoted buy offer on the NZSE for the BIL 2003 Series
Notes was in the range of NZ$0.93 to NZ$0.94 cents, giving a yield to maturity
in the range of 15.9 to 16.4%.

 • At NZ$0.615 as offered by Ross Investments, the yield to maturity is
calculated by BIL at approximately 49%.

 • The offer by Ross Investments therefore represents a substantial discount of
up to 33% to the quoted buy offer and a difference of up to 33% to the yield to
maturity.

 • 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.

 • Standard & Poors has on 3 July 2002 improved BIL's credit quality to BB with
a stable outlook.

 • On 19 March 2002, BIL announced a net interim profit of US$5.1 million for
the six months ended 31 December 2001.



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 04/07/2002 to the SGX



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