Substantial Acquisitions of Shares Disclosure

Govett Emerging Markets Inv Tst PLC
3 May 2000

                                                  
Notification that the Fund Manager Regent Europe Limited (formerly known as
Regent Fund Management(Cayman) Limited) now has control of 6,325,000 shares of
Govett Emerging Markets Investment Trust (GEM.L) as a result of purchase.

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

Regent Europe Limited now has control of 17.68% of the total shares in issue,
each fund owning the following amount of shares:

       Undervalued Assets Fund-Asia 1,691,530
       Undervalued Assets Fund-Series 1-3,372,937
       Regent Undervalued Opportunities Company Limited-1,260,533



                                                           FORM SAR 3


                                       Date of disclosure  3 MAY 2000

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

                 
Date of acquisition  3 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)

     6,325,000  (17.68%)      ...............(    %)    17.68%   (    %)


(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
                                                  REGENT FINANCIAL MANAGEMENT
                                                      (IOM) LIMITED


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.