Statement re Capital Notes

RNS Number:1438V
BIL International Limited
26 April 2002

MASNET No. 45 OF 26.04.2002

Announcement No. 73

BIL INTERNATIONAL LIMITED

BIL - CAPITAL NOTES

26 April 2002 - The Board of Directors of BIL International Limited ("BIL") has
noted that Ross Securities Pty Ltd (trading as "Ross Investments") has made
another offer to approximately 6,000 Capital Note Holders (2003 Series only) on
22 April 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 is of the view 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:



•         In the week ending 19 April 2002, the quoted buy offer on the NZSE for
the BIL 2003 Series Notes was in the range of NZ$0.89 to NZ$0.91cents, giving a
yield to maturity in the range of 16 to 18%.



•         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 32% to the quoted buy offer and a difference of up to 32% to
the yield to maturity, during the week ending 19 April 2002.



•         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 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 26/04/2002 to the SGX



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