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Gartmore Emrgng Pac (GTM)

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Thursday 26 August, 1999

Gartmore Emrgng Pac

Reconstruction Proposals

GARTMORE EMERGING PACIFIC INVESTMENT TRUST PLC
26 August 1999


GARTMORE EMERGING PACIFIC INVESTMENT TRUST PLC

RECOMMENDED PROPOSAL FOR THE UNITISATION OF THE COMPANY

The  Board  of  Gartmore  Emerging  Pacific  Investment  Trust  PLC  announces
proposals for the reconstruction of the Company enabling shareholders to roll-
over into an existing unit trust, the Gartmore Pacific Growth Fund, and/or  to
realise their investment for cash.

The Board considers that the Proposal provides a number of attractive features
to Shareholders including:-

-    Shareholders  wishing  to  retain a Pacific  equity  exposure  are  being
     offered an investment in the GPG Fund.

-    GPG  Fund  units  trade  at a price which is directly  related  to  their
     underlying net asset value.

-    For  those  Shareholders  who  elect to  realise  their  investment,  the
     Proposal  provides  the opportunity to take cash at close  to  net  asset
     value.

Commenting on the proposals, John Curtis, Chairman of the Company, said:

'The  Board put forward proposals for a reconstruction of the Company  planned
for  April  2000.  Following discussions with the Company's  shareholders  the
Board  decided to bring forward these proposals and this decision was approved
by   shareholders  at  this  year's  AGM  in  June.  Having   considered   the
alternatives, the Board considers that the proposals are in the best interests
of  shareholders as a whole and recommends shareholders to vote in  favour  of
the proposals announced today.'

Enquiries:

Gartmore Investment Limited         
Lucy Allan                          0171 782 2824
                                    
Credit Lyonnais Securities          
Sue Whillans                        0171 214 5021

GARTMORE EMERGING PACIFIC INVESTMENT TRUST PLC
                                       
RECOMMENDED PROPOSAL FOR THE UNITISATION OF THE COMPANY
                                       
The Board of Gartmore Emerging Pacific Investment Trust PLC ('the Company'  or
'GEPIT') announces proposals for the reconstruction of the Company.

At  the  Company's  annual general meeting held on 22 June 1999,  Shareholders
voted  in favour of an ordinary resolution directing the Board to produce  for
consideration  by  Shareholders prior to 30 September 1999 proposals  for  the
reconstruction  of  the  Company, such proposals  to  enable  Shareholders  to
continue their investment in the region and/or to achieve a cash exit from the
Company.

Accordingly,  the  Board  is proposing to offer Shareholders  the  opportunity
either to roll-over their investment into a unit trust with similar investment
objectives to the Company, namely the Gartmore Pacific Growth Fund  (the  'GPG
Fund'), or to realise their investment for cash.

The  GPG  Fund's objective is to achieve long-term capital growth by investing
in  the shares and other related securities of companies in the Pacific  Basin
and  the  Far  East, but excluding Japan.  This investment remit  is  somewhat
wider than that of the Company in that it includes Australia and New Zealand.

In addition, the Board announces an interim dividend of 1.79p per Share

The proposal

Under the Proposal, Shareholders (other than Overseas Shareholders who will be
deemed to have elected for cash) may elect to roll-over their investment  into
the  GPG  Fund or to receive cash or to receive any combination  of  GPG  Fund
Units and cash.  Shareholders who do not validly complete and return a form of
election  by  3.00  p.m.  on 17 September 1999 will automatically  have  their
investment rolled-over into the GPG Fund.

The  proposal  provides  for  the Company to be put  into  members'  voluntary
liquidation  and for the division of the Company's assets (after  taking  into
account,  inter alia, the expenses of the Scheme and the assets to be retained
by  the  Liquidators to meet liabilities) between the GPG Fund  and  cash,  in
accordance with Shareholder elections.

Under the Scheme, an agreed portfolio of the Company's equity securities  will
be  transferred by the Liquidators to the GPG Fund representing the  interests
of Shareholders who elect or are deemed to elect to roll over their investment
into  the GPG Fund.  Gartmore may, with the approval of the Board, take  steps
prior  to  the  First  Extraordinary General Meeting to carry  out  a  limited
repositioning of some parts of the Company's portfolio.

Before transferring any assets to the GPG Fund, the Liquidators will set aside
cash  and  other  assets in the Liquidation Pool which will  provide  for  the
entitlement  of cash electors, and an amount considered by the Liquidators  to
be  sufficient to deal with all outstanding and contingent liabilities of  the
Company  (including the expenses of the Proposal).  It is currently  estimated
that  the  amount  to  be set aside in the Liquidation  Pool  to  provide  for
contingencies over and above the Company's known liabilities will be  £50,000.
There will also be included in the Liquidation Pool any investments which  the
Company, the Liquidators and Gartmore agree are not readily realisable at  the
Effective Date, any unsold investments, any trades awaiting settlement and any
non-sterling  accounts.   Any  cash balance remaining  in  the  hands  of  the
Liquidators on the termination of the liquidation will be paid as one or  more
liquidation distributions to the Shareholders on the Register on the Effective
Date.   If  the  amount  payable to any Shareholder is  less  than  £3  (after
expenses) it will be distributed to the GPG Fund.  The precise timing  of  any
distribution  will  depend  on  the  progress  of  the  liquidation  and,   in
particular,  the  receipt  by  the  Liquidators  of  confirmation   from   the
appropriate   tax  authorities  that  the  Company  has  no  outstanding   tax
liabilities.

The  GPG  Fund  Units will be issued for the purposes of the scheme  at  their
creation price at noon on the Effective Date (expected to be 6 October  1999),
as  calculated  by Gartmore Fund Managers Limited ('GFML') in accordance  with
the Regulations.  The GPG Fund Units to be issued shall be accumulation units,
however,  Shareholders shall be entitled to convert these to income  units  at
their request and at no additional cost.  No preliminary charge will be levied
on the units in the GPG Fund issued under the Proposal.

As  at  24 August 1999, the net asset value per Share was 72.82p.  This figure
does  not  include  the  costs  of the Proposal (which  are  estimated  to  be
£420,000,  inclusive  of irrecoverable VAT) and takes no  account  of  current
financial period revenue reserves or the interim dividend declared today.

Benefits of the Proposal

The Board considers that the Proposal provides a number of attractive features
to Shareholders:-

-    Shareholders  wishing  to  retain a Pacific  equity  exposure  are  being
     offered an investment in the GPG Fund.

-    GPG  Fund  Units  trade  at a price which is directly  related  to  their
     underlying net asset value.

-    No  preliminary charge will be levied on the GPG Fund Units issued  under
     the Proposal.

-    In electing for the GPG Fund, no liability to capital gains tax should be
     crystallised.

-    For  those  Shareholders  who  elect to  realise  their  investment,  the
     Proposal  provides  the opportunity to take cash at close  to  net  asset
     value.

Dividends

The  Directors today announced an interim dividend of  1.79p per Share payable
to  the holders of Shares on the Register on 17 September 1999 for payment  on
27  September  1999.   This dividend is being paid in order  to  maintain  the
Company's  status  as  an investment trust.  It is not  anticipated  that  the
Company will pay any further dividends.

Management Agreement

If  the Proposal is approved, the management agreement between the Company and
Gartmore   will   terminate  on  the  Effective  Date,  without   payment   of
compensation.

Expected Timetable

Last date for elections                         17 September 1999
Register of members closes
Record   date   for  GEPIT   interim
dividend
                                                
First  Extraordinary General Meeting            20 September 1999
of GEPIT
                                                
Payment of interim dividend                     27 September 1999
                                                
Calculation  Date  for  entitlements            5 October 1999
under the Scheme
                                                
Second Extraordinary General Meeting            6 October 1999
of GEPIT
Effective Date
Units issued in the GPG Fund
                                                
Cheques despatched to cash electors             7 October 1999

Further Information

A  circular giving full details of the Proposal and containing notice  of  the
necessary meetings of GEPIT will be sent to Shareholders shortly.  It will  be
accompanied by a Form of Election.

Enquiries:

Gartmore Investment Limited         
Lucy Allan                          0171 782 2824
                                    
Credit Lyonnais Securities          
Sue Whillans                        0171 214 5021

                                                                                                                                                                                                                                                   

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