Result of Tender Offer

Govett Asian Recovery Trust PLC
23 December 2003



Govett Asian Recovery Trust plc (to be renamed Gartmore Asia Pacific Trust plc)
(the 'Company')



23 December 2003



RESULT OF TENDER OFFER AND MATCHING FACILITY



Further to the announcement made on 22 December 2003 in relation to the passing
of resolutions at an extraordinary general meeting held on 22 December 2003 to
approve the change of investment objective of Govett Asian Recovery Trust plc
(to be renamed Gartmore Asia Pacific Trust plc) (the 'Company'), to change the
Company's name, to approve the new management agreements with Gartmore
Investment Limited, to sanction the Tender Offer and Matching Facility, and to
alter the Articles of Association concerning the continuation vote for the
Company, the Board is pleased to announce the results of the Tender Offer and
Matching Facility.



The Tender Offer and Matching Facility under which Shareholders (other than
Overseas Shareholders) could tender Shares at 96.5% of Net Asset Value as at the
Calculation Date has now become unconditional.  The Net Asset Value at the close
of business on the Calculation Date (22 December 2003) was £1.5186 per Share.
The Tender Offer Price is therefore £1.465449 per Share.


The result of the Tender Offer was as follows:


Total Number of Shares in issue: 35,608,077


Total number of Shares to be bought back under the Tender Offer: 18,921,310



Total number of Shares to be purchased under the Matching Facility: 64,560


All tender and purchase instructions will be satisfied in full.


Following settlement of the Tender Offer, which is expected to be made on 30
December 2003, 16,686,767 Shares will be in issue (46.8 per cent. of the current
issued share capital of the Company).


Enquiries:



David Price
Chairman, Govett Asian Recovery Trust plc (to be renamed Gartmore Asia Pacific
Trust plc)
020 7628 8000



Angus Gordon Lennox
Cazenove & Co. Ltd

020 7588 2828






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