Offer Update

Dunedin Enterprise Inv Trust PLC
25 May 2001



Not for release, publication or distribution in or into the United States,
Canada, Australia or Japan.


DUNEDIN ENTERPRISE INVESTMENT TRUST PLC


RECOMMENDED OFFER BY CAZENOVE & CO. LTD ON BEHALF OF DUNEDIN ENTERPRISE
INVESTMENT TRUST PLC FOR GROUP TRUST PLC


Level of Acceptances and Offer unconditional as to acceptances


Dunedin Enterprise announces that by 3.00pm on 24 May 2001, being the first
closing date of the Offer, Dunedin Enterprise had received valid acceptances
of the Offer in respect of 53,671,230 Group Shares, representing 96.85% of
Group's issued share capital.


Valid elections under the Partial Cash Alternative have been received
representing 7,646,857 Group Shares (including 2,086,344 Group Shares from
Legal & General, as per the announcement of 16 May 2001). Valid elections for
the Additional Cash Election have been received for 15,832,392 Group Shares;
in accordance with the terms of its acceptance (as set out in the announcement
of 16 May 2001), Legal & General is deemed not to have made an Additional Cash
Election.


In addition, acceptances that are not complete in all respects have been
received in respect of 191,704 Group Shares, representing 0.3% of Group's
issued share capital.



Dunedin Enterprise announces that the Offer has accordingly become
unconditional as to acceptances. The Offer will remain open for acceptance
until further notice. The Partial Cash Alternative and Additional Cash
Election will remain open for acceptance until 3.00 p.m. on 7 June 2001 and
will close on that date. The entitlement of Group Shareholders to cash under
the Additional Cash Election will be determined thereafter.



Dunedin Enterprise intends to declare the Offer wholly unconditional as soon
as possible.



Group Shareholders who wish to accept the Offer but have not already done so
should return their completed Form of Acceptance as soon as possible.



Enquiries:



Angus Gordon Lennox / Richard Locke               0207 588 2828

Cazenove & Co. Ltd



Notes:


 1. The figure for valid acceptances received includes 25,000 Group Shares held
    by Brian Finlayson, who is deemed to be acting on concert with Dunedin
    Enterprise.

 2. Dunedin Enterprise held no shares in Group before the Offer period
    commenced and, except pursuant to the Offer, it has not acquired or agreed
    to acquire any Group Shares during the Offer period.

 3. The expressions used in this announcement, unless the context otherwise
    requires, bear the same meaning as in the Offer Document and Listing
    Particulars issued by Dunedin Enterprise dated 3 May 2001.



Cazenove & Co. Ltd, which is regulated by The Securities and Futures Authority
Limited, is acting exclusively for Dunedin Enterprise Investment Trust plc in
relation to the Offer and will not be responsible to any other person for
providing the protections afforded to customers of Cazenove & Co. Ltd nor for
advising any other person on the contents of this announcement or any matter
referred to herein.