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Gartmore Fldg Index (MIOT)

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Tuesday 18 January, 2000

Gartmore Fldg Index

Offer for Themis FTSE Fledgling & Other News

Gartmore Fledgling Index Trust PLC
18 January 2000


  Gartmore Fledgling Index Trust plc ('Gartmore Fledgling' or
                        the 'Company')
                     Proposed Tender Offer
                              and
   Offer for Themis FTSE Fledgling Index Trust PLC ('Themis
                          Fledgling')

Proposed Tender Offer

The Company is pleased to announce that it proposes to make  a
tender offer to shareholders for 30 per cent. of the Company's
shares  at an 8 per cent. discount to net asset value.  It  is
currently  expected that an explanatory circular  setting  out
the  terms  of  such tender offer, together with  a  form  for
accepting the tender offer, will be despatched to shareholders
at  the  end  of this month.  The tender offer is expected  to
close   by  the  end  of  February  with  settlement   shortly
thereafter.

In  the  circular  to shareholders and the offer  document  to
Themis  Fledgling shareholders dated 11 November 1999  it  was
envisaged  that  two tender offers of approximately  15%  each
would  be  made  by  March 2000 and June 2000.   However,  the
rebalancing  of  the  Company's  portfolio  in  December  1999
resulted  in  surplus cash from the net movement of  companies
out of the FTSE Fledgling Index into the FTSE All-Share Index.
Rather  than  investing  the surplus cash  proportionately  in
companies comprised in the FTSE Fledgling Index, in  light  of
the  proposed Tender Offer the Company has retained it in  the
form  of  cash  or  near cash investments so  as  to  maintain
liquidity  and  to  minimise  transaction  costs.  The   Board
considers  that such cash and near cash investments,  together
with   the  Company's  available  borrowing  facilities,  will
provide   sufficient  resources  to  enable  the  Company   to
undertake a single 30% tender offer. The Company has sought to
maintain  a  full  equity  exposure  by  the  purchase  of  an
appropriate number of FTSE-100 futures contracts which will be
realised at the time of completion of the Tender Offer.

Offer for Themis Fledgling

Further  to its announcement of 11th November 1999 of a  share
for  share  offer  by  the Company for Themis  Fledgling  (the
'Offer'),   the  Board  of  Directors  of  Gartmore  Fledgling
announces  that  as  at 3.00pm on Monday  17  January  it  had
received  valid  acceptances for the Offer  from  shareholders
holding  in  aggregate 47,865,978 shares in  Themis  Fledgling
representing   95.22%  of  Themis  Fledgling's  issued   share
capital. As a result of the acquisition by the Company of more
than  90% of the shares in Themis Fledgling to which the Offer
relates, the Company is now entitled, pursuant to sections 428
to 430F of the Companies Act 1985, to acquire compulsorily all
shares  in  Themis Fledgling in respect of which  it  has  not
already received acceptances under the terms of the Offer.

The  Offer  will remain open for acceptance until  1  February
2000.   The   Company  will  use  its  powers  of   compulsory
acquisition  to  acquire  all shares in  Themis  Fledgling  in
respect  of which no acceptance of the Offer has been received
by 3.00 pm on that date.


Dresdner  Kleinwort Benson, which is regulated in  the  United
Kingdom  by  The Securities and Futures Authority Limited,  is
acting exclusively for Gartmore Fledgling and for no-one  else
in  connection  with the Offer and will not be responsible  to
anyone  other  than  Gartmore  Fledgling  for  providing   the
protections afforded to customers of Dresdner Kleinwort Benson
or for providing advice in relation to the Offer.

Enquiries:-

Gartmore Investment Limited  Tel:  0207 782 2000
Michael Wrobel
Gary Smith

Dresdner Kleinwort Benson    Tel:  0207 623 8000
Andrew Zychowski

                                                                                                                                                                                                                                    

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