Result of EGM, etc

GUINNESS FLIGHT GEARED INCOME & GROWTH TRUST PLC
21 September 1999


    Guinness Flight Geared Income & Growth Trust PLC
                       ('GFGIGT')
 City of Oxford Investment Trust PLC ('City of Oxford')

Issue and Placing of new GFGIGT Shares in connection with
 a Recommended Scheme for the reconstruction of City of
                         Oxford
                            
 Results of Extraordinary General Meetings and separate
                     class meetings

The  first City of Oxford Extraordinary General  Meeting,
the  separate general meeting of City of Oxford  Ordinary
Income  Shareholders and the separate general meeting  of
City of Oxford Zero Dividend Preference Shareholders were
held  today.   The special and extraordinary  resolutions
proposed to sanction the Scheme were duly passed.

The Extraordinary General Meeting of GFGIGT, the separate
general  meeting of the holders of GFGIGT  Income  Shares
and the separate general meeting of the holders of GFGIGT
Geared Ordinary Shares were held today.  The special  and
extraordinary resolutions to enable the issue and placing
proposed  at  those  meetings  were  duly  passed.    The
separate  general meeting of the holders of  GFGIGT  Zero
Dividend Preference Shares was adjourned through lack  of
a  quorum  and  will be held at 2 Gresham Street,  London
EC2V 7QP on 29 September 1999 at 10.04am.

The  Placing of new GFGIGT Shares closes on 24  September
1999.   A  further  announcement  will  be  made  on   29
September 1999.

Enquiries:

Investec Guinness Flight   Richard  Prvulovich    0171 597 2000
                           Andrew Martin Smith

HSBC Investment Bank plc   Ravi  Anand            0171 336 2234

Cazenove & Co.             Christopher Smith      0171 588 2828