Substantial Acquisitions of Shares Disclosure

Govett Emerging Markets Inv Tst PLC
21 June 2000


LETTER TO: COMPANY ANNOUNCEMENTS OFFICE

Please consider this letter as notification that the Fund Manager Regent Europe
Limited (formerly known as Regent Fund Management (Cayman) Limited) yesterday
purchased a further 300,000 shares of Govett Emerging Markets Investment Trust
(GEM.L), 221,700 shares on behalf of Undervalued Assets Fund Series 1 and 78,300
shares on behalf of Regent Undervalued Opportunities Company Limited.

As a result of this and the restructuring of the Regent Pacific Group Limited
which took place 16 May 2000, the share ownership is reflected as follows:

Undervalued Assets Fund-Asia - 1,691,530 (controlling company being iRegent.com
Limited)
Undervalued Assets Fund - Series 1 - 3,856,387 (controlling company being Regent
Europe Limited)
Regent Undervalued Opportunities Company Limited - 1,427,083 (controlling
company being Regent Europe Limited)

Regent Fund Management (IOM) Limited acts on behalf of Regent Europe Limited for
Undervalued Assets Fund - Series I and Regent Undervalued Opportunities Company
Limited.  Regent Financial Services Limited for whom iRegent.com is the
controlling company, acts on behalf of Regent Fund Management Limited for
Undervalued Assets Fund-Asia.

As a result of the above, i.Regent.com Limited now has control of 4.73% and
Regent Europe Limited has control of 14.77% of the total shares in issue.

Please note I have attached a copy of the Form SAR3 to clarify the status of
ownership with regard to the restructuring of the Regent Pacific Group and any
further notices regarding Undervalued Assets Fund- Asia will be submitted by
Regent Financial Services, Hong Kong (contact: Stella Fund 00852 2514 6111).


LETTER FROM: REGENT FUND MANAGEMENT (IOM) LTD

                                                        FORM SAR 3


                                       Date of disclosure.....21/06/00.........

                 DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ('SARs')

                 
Date of acquisition ..20 JUNE 2000 .........................................

Acquisition in......GOVETT EMERGING MARKETS INVESTMENT TRUST.(name of company).


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares acquired      acquired, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

    .....ORDINARY........     ................shares    .....................
                              ................rights


(2) Resultant total holding   Resultant total holding   Total percentage
    of voting shares (and %   of rights over shares
    of total voting shares    (and % of total voting
    in issue)                 shares in issue)

    .......5,283,470.......   ...............(    %)    .....14.77%.........


(3) Party making disclosure.....REGENT EUROPE LIMITED.......................

(4)  (a)  Name of person acquiring shares or rights over shares ............
          and, if different, beneficial owner............................... 

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)....REGENT FUND MANAGEMENT
                                                    (IOM) LTD ...............


Signed, for and on behalf of the party named in (3) above......................

(Also print name of signatory).......JOHN W HEMMANT............................

Telephone and extension number.......01624 640218..............................

Note. Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person.  Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, 
Tel. No: 020 7382 9026.