Result of EGM

Glasgow Income Trust PLC
16 December 2003


Glasgow Income Trust plc


16 December 2003


Result of EGM, announcement of Issue Price and size of the Placing and Offer for
Subscription


Further to the announcement on 21 November 2003 relating to the Placing and
Offer for Subscription of new Ordinary Shares in Glasgow Income Trust plc (the
"Company") the board is pleased to announce the necessary resolution to
implement the proposals was passed at this morning's Extraordinary General
Meeting.


The new Ordinary Shares will not rank for the dividend in respect of the 3 month
period ending 31 December 2003. The ex dividend date for that dividend is
expected to be 14 January 2004, following which the new Ordinary Shares will
rank pari passu in all respects with the existing issued Shares.


Applying a 4 per cent. premium to the NAV per Share (as at close of business on
12 December 2003), the issue price per each new Ordinary Share, calculated in
accordance with the formula set out in Part III of the Prospectus published on
21 November 2003, is 62p. This figure represents a discount of 1.6 per cent. to
the closing middle market price of 63 p per share on 15 December 2003.


The total size of the fund raising under the Placing and Offer for Subscription
was £7,414,750.


Accordingly 10,483,871 new Ordinary Shares were allotted by the Company under
the Placing and 1,475,291 under the Offer for Subscription, in each case
conditional on such new Ordinary Shares being admitted to the Official List and
to trading on the London Stock Exchange.


Immediately following the implementation of the Placing and the Offer for
Subscription, the Company will have net assets of approximately £29 million and
48,974,274 Ordinary Shares in issue.


It is expected that admission to the Official List and commencement of dealings
in the new ordinary shares on the London Stock Exchange will take place on 17
December 2003.




Enquiries

David Williams    Glasgow Investment Managers Limited         0141 572 2700
Susan Murray      Glasgow Investment Managers Limited         0141 572 2700
Tom Durie         Close Brothers Securities                   020 7621 5564






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