Result of Equity Issue

JPMorgan Fleming Mercantile IT PLC
15 April 2005





                          STOCK EXCHANGE ANNOUNCEMENT

                JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC

                                (the 'Company')



Result of equity issue



The Company announces that its participation in the scheme reconstruction and
winding up of Britannic Smaller Companies Trust plc ('BSCT') became effective
today, 15 April 2005.



Under the scheme 2,573,502 new ordinary shares ('New Shares') were issued,
subject to admission, to BSCT shareholders in accordance with their elections or
deemed elections. The issue price was 767.06756 pence per share, being an 8.4
per cent discount to the net asset value (with debt at book value) of 837.41
pence per share as at the close of business as at 13 April 2005.



Application has been made to the London Stock Exchange and UK Listing Authority
for these shares to be admitted to the Daily Official List and dealings in the
New Shares are expected to commence at 8.00 a.m. 18 April 2005. Certificates are
expected to be issued in the week commencing 18 April 2005.


Cancellation of treasury shares


The Company further announces that the 3,000,000 shares held in treasury are to
be cancelled. These shares had been bought into treasury on 11 February 2005 at
a discount of 11.4 per cent. to net asset value (with debt at book value).


Following the issue of the New Shares and the cancellation of the shares held in
treasury, the Company's issued share capital will be 135,400,142 ordinary shares
of 25 pence, with no shares held in treasury.





Enquiries



Hamish Leslie Melville             Tel: [phone]
Chairman



Robert Peel                        Tel: [phone]

J.P. Morgan Fleming Asset Management (UK) Limited


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