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Govett Em.Mark.Inv. (GEM)

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Thursday 15 June, 2000

Govett Em.Mark.Inv.

EGM Circular

Govett Emerging Markets Inv Tst PLC
15 June 2000


Govett Emerging Markets Investment Trust PLC

Despatch of circular to shareholders regarding
Extraordinary General Meetings of the Company

On 26 May 2000, Govett Emerging Markets Investment Trust
PLC (the 'Company') announced that it had received a
requisition from Shareholders holding some 13.7 per cent.
of the issued share capital of the Company (the
'requisitionists').  The requisitionists propose that the
Directors be required, within two months of the general
meeting requisitioned by them, to put forward proposals
to Shareholders which would include an opportunity to
realise their investment.  The Company announces that it
has duly despatched a circular to shareholders convening
the meeting required (the 'Second EGM'),

Having, however, considered their proposal, and having
consulted with the Company's principal Shareholders, the
Board believes that the requisitionists' proposal is
poorly timed, costly and against the interests of other
investors in the Company.  They also believe it to be
unrealistic.  The Board, therefore, is recommending that
Shareholders vote against the requisitionists' resolution
which will be proposed at the Second EGM.

The Board instead proposes that the Company should
continue in its current form and that Shareholders be
allowed to consider the Company's future in a year's time
and at regular intervals thereafter (the 'Recommended
Proposal').  The Board believes that, should Shareholders
wish to realise their investment at that time, better
values are likely to be obtained, at lower cost, than
would be possible in the short term.  In the meantime,
Shareholders would be able to retain a continued
investment in a sector which the Directors believe is
showing an opportunity for growth.  This Recommended
Proposal is put forward as an ordinary resolution at a
separate Extraordinary General Meeting (the 'First EGM').

The First EGM is to be held at 10.00 a.m. on Friday 7
July 2000.  The Second EGM is to be held immediately
following the First EGM to consider the requisitionists'
resolution.

Details of the Recommended Proposal

The Board's Recommended Proposal is that the Board be
required, at the Annual General Meeting to be held this
year, to put forward a proposal to amend the Company's
Articles such that:

-    the Continuation Vote of the Company, currently
     scheduled in the  Articles for any time in 2003, be
     brought forward to July 2001;
     
-    the continuation vote be in the form of an ordinary
     resolution (which, if not passed, will lead to the
     Board bringing forward a special resolution for
     winding up the Company).  The existing Articles
     require a special resolution for winding up; and
     
-    further continuation votes be held every three
     years thereafter.

Enquiries:

AIB Govett Asset Management Limited       020 7378 7979
John Murray
Charles Lillis

Deutsche Bank                             020 7545 8000
Simon Colson
Mark Bloomfield



                                                                                
                                                                                
                                                    

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