Substantial Acquisitions of Shares Disclosure

Govett Emerging Markets Inv Tst PLC
11 May 2000

Fund Manager Regent Europe Limited (formerly known as Regent Fund Management
(Cayman) Limited has today purchased a further 250,000 shares of Govett Emerging
Markets Investment Trust (GEM.L).  As a result, the Regent Pacific Group now has
control of 18.38% of the total shares in issue, each fund owning the following
amount of shares totalling 6,575,000:

       Undervalued Assets Fund - Asia                    1,691,530
       Undervalued Assets Fund - Series 1                3,560,437
       Regent Undervalued Opportunities Company Limited  1,323,033

Regent Fund Management (IOM) Limited acts on behalf of Regent Europe Limited for
Undervalued Assets Fund Series 1 and Regent Undervalued Opportunities Company
Limited.  Regent Financial Services Limited acts on behalf of Regent Fund
Management Limited for Undervalued Assets Fund - Asia (previously managed by
Regent Europe Limited).


                                                        FORM SAR 3


                                       Date of disclosure..11 May 2000

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

                 
Date of acquisition..........11 May 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)

    ..6,575,000.(     %)   ...............(    %)    . .....18.38% (    %)


(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 Financial Services Ltd
                 Regent Fund Management (IOM Ltd)

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

(Also print name of signatory).......John 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 Take-overs and Mergers, 
Tel. No: 01-382-9026.