Proposed Secondary Issue

Finsbury Worldwide Pharm Tst PLC
11 October 2004



FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC



Proposed Secondary Issue



11 October 2004





The Board of Finsbury Worldwide Pharmaceutical Trust PLC announces that it is
considering proposals for a secondary issue of the company's Ordinary shares to
both existing shareholders and new investors. From initial soundings the Board
has already received preliminary indications, subject to final confirmation and
documentation, of interest for a secondary issue in excess of £40 million.



As part of the proposals it is intended that warrants to subscribe for Ordinary
shares will be bonus issued on the basis of one warrant for every five existing
and new Ordinary shares, and that a discount control mechanism will be
introduced.



The proposals as envisaged, which would be non-dilutive of existing ordinary
shareholders' interests, will require the approval of the existing shareholders.



It is intended that firm placing commitments will be sought by mid November,
with completion expected in early December.  A further announcement will be made
by the Company in due course.





Enquiries:



Alastair Smith
Close Finsbury Asset Management Limited, Investment Manager
Tel: [phone]



Nathan Brown
Close Brothers Securities, Broker to the Issue
Tel: [phone]




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