Substantial Acquisitions of Shares Disclosure

Govett Emerging Markets Inv Tst PLC
22 June 2000


FAX LETTER TO COMPANY ANNOUNCEMENTS OFFICE

Please consider this fax as notification that the Fund Manager Regent Europe
Limited yesterday purchased a further 1,200,000 shares of Govett Emerging
Markets Investment Trust (GEM.L), 886,800 shares on behalf of Undervalued Assets
Fund Series 1 and 313,200 shares on behalf of Regent Undervalued Opportunities
Company Limited.  Undervalued Assets Fund - Series 1 now owning 4,743,187 and
Regent Undervalued Opportunities Company Limited owning 1,740,283.

Regent Fund Management (IOM) Limited acts on behalf of Regent Europe Limited for
Undervalued Assets Fund - Series 1 and Regent Undervalued Opportunities Company
Limited.

As a result of the above Regent Europe Limited has control of 18.12% of the
total shares in issue.


                                                        FORM SAR 3


                                       Date of disclosure     22.6.00

                 DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ('SARs')

                 
Date of acquisition      21 JUNE 2000

Acquisition in   GOVETT EMERGING MARKETS INVESTMENT TRUST   (name of company)


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares acquired      acquired, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

        ORDINARY              ................shares    .....................
                              ...N/A..........rights


(2) Resultant total holding   Resultant total holding   Total percentage
    of voting shares (and %   of rights over shares
    of total voting shares    (and % of total voting
    in issue)                 shares in issue)

       6,483,470   (     %)   ...............(    %)    .............(    %)


(3) Party making disclosure....    REGENT EUROPE LIMITED    ................  

(4)  (a)  Name of person acquiring shares or rights over shares ............
          and, if different, beneficial owner............................... 

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)   REGENT FUND MANAGEMENT (IOM)
                                                   LIMITED
                                                          

Signed, for and on behalf of the party named in (3) above...................

(Also print name of signatory)               J W HEMMANT

Telephone and extension number               01624 640218

Note. Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person.  Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, 
Tel. No: 020 7382 9026.