Result of Meeting

Grainger Trust PLC
16 December 2003


16 December 2003
For immediate release


GRAINGER TRUST PLC
Result of meeting

At a meeting of holders of Grainger Trust's 11.75 per cent. First Mortgage
Debenture Stock 2024 held earlier today, an extraordinary resolution was passed
approving an amendment to the conditions of the stock.  This amendment grants
Grainger Trust the option (at its discretion) to redeem the stock early at the
higher of par and the price at which the yield on the stock is equal to the
yield on the 8% Treasury Stock 2021, together with accrued interest, all as more
fully described in the circular that Grainger Trust posted to stockholders on 21
November 2003.



Further information:

Grainger Trust plc:
   Andrew Cunningham, Finance Director, 0191 261 1819
   Marie Glanville, Company Secretary, 0191 261 1819

Cazenove & Co. Ltd:
   Francis Burkitt, Director, 020 7155 8855

Baron Phillips Associates:
   Baron Phillips, 020 7920 3161


This announcement has been approved for the purposes of section 21 of the
Financial Services and Markets Act 2000 by Cazenove & Co. Ltd, which is
regulated by the Financial Services Authority.


                      This information is provided by RNS
            The company news service from the London Stock Exchange