21.20 Announcement

HG Capital Trust PLC
05 January 2005


HgCapital Trust plc

02 January 2005


Pursuant to Listing Rule 21.20. (1) (i) HgCapital Trust plc announces that, as
at the last business day of December 2004, it had no investments in listed
investment companies whose investment policies allow them to invest more than
15% of their gross assets in other listed investment companies.



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