Shamrock dumps Brierley directors

Wednesday 11 November 1998 01:02 GMT

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SHAREHOLDERS IN Brierley Investments, the New Zealand investment company founded by Sir Ron Brierley, yesterday dumped three independent directors in a victory for US-based Shamrock Capital Advisers.

Shamrock has proposed a NZ$200m (pounds 65m) "rescue" in exchange for management control in order to stall the sell-off of assets such as Thistle Hotels as BIL's profits and share price crashed. BIL's new chairman, Selwyn Cushing, said he was keen to negotiate with Shamrock. Malaysia's Camerlin group, which owns 20 per cent of BIL, voted with Shamrock.

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