Holding(s) in Co - Replace

Govett Asian Recovery Trust PLC
16 December 2002

The following replaces the Holding in Company announcement released on 13
December 2002, at 12:53, under RNS number 0975F. In Section 13, the percentage
holding of issued class following this notification is 13.01% and not 12.99% as
previously stated.

All other details remain unchanged, and the full amended text appears below.


                   NOTIFICATION OF MAJOR INTERESTS IN SHARES


        1) Name of company

        Govett Asian Recovery Trust PLC

        2) Name of shareholder having a major interest

        Laxey Partners Ltd

        3) Please state whether notification indicates that it is in respect of
        holding of the shareholder named in 2 above or in respect of a
        non-beneficial interest or in the case of an individual holder if it is
        a holding of that person's spouse or children under the age of 18

        Laxey Partners UK Ltd

        4) Name of the registered holder(s) and, if more than one holder, the
        number of shares held by each of them

        Not advised


        5) Number of shares/amount of stock acquired

        Not advised

        6) Percentage of issued class

        -

        7) Number of shares/amount of stock disposed

        Not advised

        8) Percentage of issued class

        -

        9) Class of security

        Ordinary shares of 10 pence each

        10) Date of transaction

        Not advised

        11) Date company informed

        13th December 2002

        12) Total holding following this notification

        4,702,006 shares

        13) Total percentage holding of issued class following this notification


        13.01%

        14) Any additional information

        15) Name of contact and telephone number for queries

        Eleanor Cranmer 020 7940 5742

        16) Name and signature of authorised company official responsible for
        making this notification

        Eleanor Cranmer


        Date of notification 16th December 2002



                      This information is provided by RNS
            The company news service from the London Stock Exchange