Re: Participation in Scheme

JPMorgan Fleming Mercantile IT PLC
11 February 2005



11 February 2005

JPMorgan Fleming Mercantile Investment Trust plc (the 'Company')

Involvement in Scheme of Reconstruction of Britannic Smaller Companies Trust plc
(the 'Scheme')

Further to the announcement released earlier today, the Company now announces
that it has repurchased 3,000,000 shares in the market at an average price of
763.16 pence per share, being a 11.4 per cent discount to the NAV (calculated
with debt at book value) of 861.36 pence per share calculated as at 10.00 a.m.
today.  These shares will be held in treasury.

In accordance with the Company's agreement with Britannic Smaller Companies
Trust plc ('Britannic Smaller'), the Company will issue new shares to
shareholders of Britannic Smaller who validly elect to rollover under the Scheme
at an issue price which is a discount of 8.4 per cent. to the net asset value
per share (calculated with debt at book value) as at the close of business on
the day the issue price is calculated, subject to the issue price of the shares
being no lower than a discount of 10 per cent to their closing middle market
price immediately preceding the issue.

Enquiries:

Hamish Leslie Melville                                   Tel: [phone]
Chairman

David Barron/Robert Peel                                 Tel: [phone]
JPMorgan Fleming Asset Management

Robbie Robertson/Andrew Zychowski  Tel: [phone]
Dresdner Kleinwort Wasserstein

Dresdner Kleinwort Wasserstein Securities Limited, which is regulated by the
Financial Services Authority, is acting for the Company and for no-one else in
connection with the contents of this announcement and will not be responsible to
anyone other than JPMorgan Fleming Mercantile Investment Trust plc for providing
the protections afforded to customers of Dresdner Kleinwort Wasserstein
Securities Limited, or for affording advice in relation to the contents of this
announcement or any matters referred to herein.








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