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Govett Em.Mark.Inv. (GEM)

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Thursday 01 February, 2001

Govett Em.Mark.Inv.

re Scheme of Reconstruction

Govett Emerging Markets Inv Tst PLC
1 February 2001
                
                 Govett Emerging Markets Investment Trust PLC
                                       
               Proposed scheme of reconstruction and winding-up
                         of the Company (the 'Scheme')
                                       
The Directors of Govett Emerging Markets Investment Trust PLC (the 'Company')
announced on 25th October 2000 that given that certain substantial
shareholders had expressed a wish to dispose of their shareholdings prior to
July 2001, they had asked Govett Investment Management Limited (the 'Manager'
or 'GIML') for proposals which would provide a cash exit or an appropriate
rollover vehicle.  Subsequently, the Board appointed Hoare Govett Limited
('Hoare Govett') as financial adviser to the Company and expect to announce
the details of those proposals and to despatch a circular to the Company's
shareholders ('Circular') on or around 28 February 2001.

The Circular will give notices of two extraordinary general meetings, the
first of which is expected to be convened on or around 26th March, for the
purposes of seeking shareholder approval for a Scheme of reconstruction and a
winding-up of the Company.  Subject to obtaining the relevant approvals and
satisfying certain other conditions it is expected that the Scheme will become
effective on or around 5th April.

It is anticipated that the Scheme will offer shareholders:

(i) the opportunity to rollover into the ordinary shares of a new Guernsey-
     domiciled, London listed investment company to be managed by GIML and to
     be launched by a placing sponsored by Hoare Govett; or

(ii)the ability to receive cash for all or part of their holding.

Overseas shareholders should note that, depending on their circumstances, they
may not be entitled to participate in the rollover option under the Scheme.

The investment objective of the new rollover company will be to provide the
potential for capital growth from investment in Asian (excluding Japan) and
Pacific securities as well as a high level of income from investment in split-
capital investment trusts and other closed-end funds and bonds.

Hoare Govett, on behalf of the Company, has consulted with the Company's major
shareholders who have indicated that they are supportive of the proposed
Scheme.

A further announcement will be made upon despatch to the Company's
shareholders of the Circular setting out the Scheme and a prospectus
containing further details of the new company.

Enquiries:

James de Sausmarez                                       
Govett Investment Management                020 7378 7979
Limited                                                  
Bob Cowdell                                              
Hoare Govett Limited                        020 7678 8000

Hoare Govett Limited, which is regulated by the Securities and Futures
Authority Limited, has approved the contents of this document solely for the
purposes of Section 57 of the Financial Services Act 1996.  Hoare Govett
Limited is acting exclusively for Govett Emerging Markets Investment Trust PLC
and for no-one else and will not be responsible to anyone other than Govett
Emerging Markets Investment Trust PLC for providing the protections afforded
its customers or for providing advice in relation to the Scheme or any matter
referred to in this announcement.



                                                                                
     

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