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UK Select Trust Ld (UKT)

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Tuesday 25 May, 2004

UK Select Trust Ld

EGM Statement

UK Select Trust Limited
25 May 2004

                            UK Select Trust Limited
                                  25 May 2004


                                  Announcement
                            UK Select Trust Limited

     Continuation of company and appointment of JM Le Pelley and JG West as
                                   directors.

The Board of UK Select Trust Limited (the 'Company') today announces that it has
  posted a circular to shareholders giving notice of an Extraordinary General
 Meeting to be held at St. Pierre Park Hotel, Rohais, St. Peter Port, Guernsey
                     GY1 1FD on 14 June 2004 at 11.00 a.m.



The Extraordinary General Meeting will consider and, if thought fit, pass
ordinary resolutions for:

(i)    the continuation of the Company;

(ii)   the appointment of Mr. JM Le Pelley as Director; and

(iii)  the appointment of Mr. JG West as Director.


Continuation of Company

The Board has been asked by its largest shareholder to consider a scheme by
which shareholders may be able to realise their investment at Net Asset Value ('
NAV') less liquidation expenses.

This shareholder (representing 28.6% of the Company's present issued share
capital) attended the Company's Annual General Meeting on the 23 April 2004 by
way of corporate representative and voted against the resolutions re-appointing
Mr. JM Le Pelley and Mr. JG West as Directors.  These resolutions were narrowly
defeated and consequently Mr. JM Le Pelley and Mr. JG West were not reappointed
to the Board.

It is the Board's opinion that the largest shareholder's request to realise
their shareholding in the Company at NAV cannot, in practice, be achieved
without the Company being wound-up.  It is the Board's opinion that the
Company's substantial private shareholder base value the existing structure and
the fact that certain shareholders can receive dividends in a tax efficient
manner by way of scrip dividends in lieu of cash.

In light of the largest shareholder's action in voting against the re-election
of two of the Company's five Directors the Board believes that it is necessary
to ask all shareholders to reaffirm the decision made at the time of the tender
offer in May 2002 that the Company should continue in its present form until the
next continuation vote which is due at the annual general meeting in 2007.  The
Board therefore proposes to put a simple continuation vote to Shareholders at
the Extraordinary General Meeting.

If the ordinary resolution for the Company to continue is not passed then the
Board will convene a further meeting of shareholders, within three months of the
date of the Extraordinary General Meeting, to put forward proposals to wind-up
the Company enabling shareholders either to realise their investments in the
Company at NAV less liquidation expenses, or, if the Board after due
consideration thinks it appropriate, to roll over their investments into a
suitable alternative vehicle (or vehicles).

Appointment of Directors

As outlined above, at the Annual General Meeting of the Company Mr. JM Le Pelley
and Mr. JG West were not re-elected to the Board.

The minimum quorum for Board meetings is three Directors.  The Board is
therefore of the opinion that, regardless of the outcome of the continuation
vote, it is necessary to have additional Directors on the Board.  The Board
proposes that Mr. JM Le Pelley and Mr. JG West be elected as Directors at the
Extraordinary General Meeting by way of ordinary resolution.  They are both
familiar with the Company and have been greatly valued by the Board for their
contributions at Board meetings.

The full text of the circular is available for inspection at the UKLA Document
Viewing Facility, 25 The North Colonnade, Canary Wharf, London E14 5HS.
   

Enquiries:

Company:                    Niall Counihan        (Director)                             01481 263595

Company Secretary:          Tina Pasquire         (Orbis Management Limited)             01481 719516

Adviser to the Company:     Andrew Zychowski      (Dresdner Kleinwort Wasserstein)       020 7623 8000


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