3i UK Select Trust Ld
23 November 2001
3i UK Select Trust Limited
Notification from major shareholder
In advance of the forthcoming continuation vote to be put to shareholders of
3i UK Select Trust Limited (the 'Company') at its AGM to be held in April
2002, the Company has sought the views of its largest shareholder, 3i Group
plc ('3i'). The Company has been notified by 3i that it wishes to realise its
25.7% holding in the Company. In addition, the Company's investment manager,
3i Investments plc (a wholly owned subsidiary of 3i), has indicated that it
intends to step down as investment manager.
3i Investments plc has expressed its desire to work closely with the Company
and its advisers in respect of both the realisation and the change of manager
in order that a satisfactory conclusion may be reached that is in the best
interests of both the Company and 3i.
3i will continue to manage the Company's investment portfolio in line with its
existing investment policy and objectives until further notice.
Although the Company's Board of Directors is also aware of a number of other
shareholders who have expressed a desire to reduce their investment in the
Company, it believes that a significant proportion of shareholders wish to
remain invested in the Company in its present form. The Board is therefore
working with its advisers on proposals which will seek to address the
interests of the Company's shareholders as a whole. Such proposals are likely
to involve a tender for a substantial portion of the Company's shares at an
appropriate discount to net asset value and the appointment of a new
The Board will write to shareholders in due course with detailed proposals
when a further announcement will also be made.
Jim Le Pelley
3i Investments plc
020 7928 3131
Dresdner Kleinwort Wasserstein
020 7623 8000