Reconstruction of Company Approved at EGM

GERMAN SMALLER COMPANIES INVESTMENT TRUST PLC
22 October 1999


Results of Extraordinary General Meeting and
Separate Meeting of Warrantholders
                
                
                
The  Board  of  Directors of the Company  is  pleased  to
announce  that  the  special resolution  to  approve  the
implementation   of   the   proposed   scheme   for   the
reconstruction of the Company, to approve the changes  to
the  investment  policy  of the Company  and  to  approve
associated   changes   to  the  Company's   articles   of
association proposed at the Extraordinary General Meeting of
the  Company held this morning was duly  approved  by
shareholders.  In addition, the extraordinary  resolution to
approve   the  modifications  to the rights of
warrantholders to enable them to participate in the  Pan
European Smaller Companies Fund ('the HSF Fund') proposed at
the  separate  meeting  of  warrantholders  was  duly
approved by warrantholders.

A further Extraordinary General Meeting of the Company is
to  be held on 11 November 1999 and, assuming the special
resolution  to appoint the liquidators is duly  approved,
the  Company's recommended proposals for its  winding  up
and reconstruction are then expected to become effective. A
further  announcement  will be  made  by  the  Company
following this further Extraordinary General Meeting.

The  final results for the elections and deemed elections by
shareholders and subscriptions by warrantholders  for
interests  in the successor vehicles available under  the
proposals are as follows:

                           HSF Fund     The Gilt
                                        Fund
 Shareholder             15,913,799      83,291
 elections                   shares      shares
 Warrantholders             206,946
 subscriptions               shares

Shareholders  representing 23,731,770  of  the  Company's
shares have elected for immediate cash redemption of Gilt
Fund Units.




Enquiries:

Michael Oliver  German Smaller Companies  0171 203 3000
                Investment Trust plc
                
Arthur Copple   Merrill Lynch             0171 772 1000
Jeremy Garrett- International
Cox