Acquisition

Foreign&Colonial Enterprise Tst PLC
27 December 2000



It has been announced that terms have been agreed for F&C Ventures Limited
('FCV'), the manager of Foreign & Colonial Enterprise Trust Plc ('FACET'), to
be acquired by its management team.  The agreement is subject to regulatory
approval by IMRO.  Following the acquisition FCV will become an independent
manager of private equity funds and will be wholly owned by the team which has
managed FACET for many years. 

FCV has always operated as an independent unit within the Foreign & Colonial
group and the change of control will therefore not affect the way in which
FACET is managed.

This announcement coincides with the announcement that terms have been agreed
for the sale of Foreign & Colonial Management.