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Fleming Claverhouse (JCH)

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Monday 19 June, 2000

Fleming Claverhouse

Issue of Debt

Fleming Claverhouse Inv Trust PLC
19 June 2000

       Issue of £30,000,000 Secured Bonds due 2020
The  Fleming  Claverhouse Investment Trust plc
announces the issue of £30,000,000 Secured Bonds due
The  Board  believes that current conditions  in
the  UK fixed interest market offer the Company the
to  raise  long-term fixed-rate borrowings at
attractive rates.   The proceeds will principally be
used to  invest in new  equities,  in  accordance
with  the  Company's
investment objectives.
The  bonds will be secured by a floating charge over
the whole of the Company's assets, which will rank
pari passu with  a  floating  charge  in respect  of
the  Company's existing 11% Debenture 2008 and with
a floating charge to be  granted  at  the  same time
by the  Company  for  its existing banking
The sole Lead-Manager of the issue is Cazenove & Co.
The  Bonds  will be issued at a price and  coupon
to  be determined  later  today, such that the gross
redemption yield on the bonds at the issue price
will be a margin of 2.45% over  that  of the 8% 2021
reference  gilt  at  or
before  3.00  p.m.  today.  A second  announcement
later today will state the issue price, interest
rate and yield on the bonds, but no other details.
The  bonds  will  pay  interest on 30th  March  and
30th September each year, with the first payment
being made on 30th  September 2000.  The closing
date of the issue will be 14th July 2000.  The bonds
will be available in bearer form, with a registered

For further information, please contact:

Fleming Investment Management Limited     
Jonathan Latter 020 7880 3408
Cazenove & Co. Duncan Hunter 020 7588 28 28

Stabilisation notice:  In connection with  the
issue  of the  Bonds,  Cazenove  &  Co. may  over-
allot  or  effect transactions which stabilise or
maintain the market price of  the  Bonds  at  a
level which  might  not  otherwise prevail.   Such
stabilising,  if  commenced,   may be
discontinued at any time.