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GBAT Securities (GBAZ)

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Friday 01 November, 2002

GBAT Securities

Final Results


STOCK EXCHANGE ANNOUNCEMENT

GBAT SECURITIES PLC

(FORMERLY GSCOT SECURITIES PLC)

PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS

------------------------------------------

THE DIRECTORS ANNOUNCE THE COMPANY'S UNAUDITED RESULTS FOR THE YEAR TO 31ST
JULY 2002 AS FOLLOWS:-

STATEMENT OF TOTAL RETURN

--------------------------

YEAR TO 31ST JULY 2002

                                            REVENUE       CAPITAL  TOTAL RETURN
                                                                               
                                              £'000         £'000         £'000
                                                                               
INCOME AND CAPITAL PROFITS                                                     
                                                                               
DIVIDENDS AND OTHER INTEREST                     15             -            15
                                                                               
NET LOSS ON INVESTMENTS                           -      (15,158)      (15,158)
                                                                               
                                              -----         -----        ------
                                                                               
RETURN BEFORE EXPENSES                           15      (15,158)      (15,143)
                                                                               
AND TAXATION                                                                   
                                                                               
EXPENSES                                        (9)             -           (9)
                                                                               
                                              -----         -----         -----
                                                                               
RETURN BEFORE AND AFTER TAXATION                  6      (15,158)      (15,152)
                                                                               
APPROPRIATED TO NON-EQUITY                                                     
                                                                               
SHAREHOLDERS                                                                   
                                                                               
TRANSFER TO ZERO DIVIDEND PREFERENCE              -       (3,352)       (3,352)
SHARES REDEMPTION RESERVE                                                      
                                                                               
TRANSFER RE SPECIAL (LIMITED RIGHTS)              -             2             2
PREFERENCE SHARE ENTITLEMENT                                                   
                                                                               
                                              -----         -----        ------
                                                                               
RETURN TO EQUITY SHAREHOLDERS                     6      (18,508)      (18,502)
                                                                               
TRANSFERRED TO/(FROM) RESERVES                                                 
                                                                               
                                              -----         -----        ------
                                                                               
TOTAL RETURN PER ORDINARY SHARE               £4.00  (£12,338.66)  (£12,334.66)

NOTE:

THE REVENUE COLUMN SHOWN ABOVE REPRESENTS THE REVENUE ACCOUNT OF THE COMPANY.

ALL REVENUE AND CAPITAL ITEMS DERIVE FROM CONTINUING ACTIVITIES. NO OPERATIONS
WERE ACQUIRED OR DISCONTINUED IN THE PERIOD.

STATEMENT OF TOTAL RETURN (COMPARATIVE)

--------------------------

PERIOD TO 31ST JULY 2001

                                            REVENUE       CAPITAL  TOTAL RETURN
                                                                               
                                              £'000         £'000         £'000
                                                                               
INCOME AND CAPITAL PROFITS                                                     
                                                                               
DIVIDENDS AND OTHER INTEREST                     18             -            18
                                                                               
NET PROFIT ON INVESTMENTS                         -           (2)           (2)
                                                                               
                                              -----         -----        ------
                                                                               
RETURN BEFORE EXPENSES                           18           (2)            16
                                                                               
AND TAXATION                                                                   
                                                                               
EXPENSES                                        (5)             -           (5)
                                                                               
                                              -----         -----         -----
                                                                               
RETURN BEFORE AND                                13           (2)            11
                                                                               
AFTER TAXATION                                                                 
                                                                               
APPROPRIATED TO NON-EQUITY                                                     
                                                                               
SHAREHOLDERS                                                                   
                                                                               
TRANSFER TO ZERO DIVIDEND PREFERENCE              -       (3,063)       (3,063)
SHARES REDEMPTION RESERVE                                                      
                                                                               
TRANSFER RE SPECIAL (LIMITED RIGHTS)              -             -             -
PREFERENCE SHARE ENTITLEMENT                                                   
                                                                               
                                              -----         -----         -----
                                                                               
RETURN TO EQUITY SHAREHOLDERS                    13       (3,065)       (3,052)
                                                                               
TRANSFERRED TO/(FROM) RESERVES                                                 
                                                                               
                                              -----         -----        ------
                                                                               
TOTAL RETURN PER ORDINARY SHARE               £8.67   (£2,043.33)   (£2,034.66)

SUMMARISED BALANCE SHEET               AT        AT                                    
                                                                                       
-------------------------         31-7-02   31-7-01                                    
                                                                                       
                          NOTE      £'000     £'000                                    
                                                                                       
FIXED ASSETS                                                                           
                                                                                       
Listed investments at                 148       154                                    
valuation                                                                              
                                                                                       
Unlisted investments at      2     16,498    31,650                                    
valuation                                                                              
                                                                                       
                                  -------   -------                                    
                                                                                       
                                   16,646    31,804                                    
                                                                                       
CURRENT ASSETS                                                                         
                                                                                       
Debtors                               203       203                                    
                                                                                       
Cash at bank                           19        13                                    
                                                                                       
                                  -------   -------                                    
                                                                                       
NET CURRENT ASSETS                    222       216                                    
                                                                                       
                                  -------   -------                                    
                                                                                       
NET ASSETS                         16,868    32,020                                    
                                                                                       
                                  =======   =======                                    
                                                                                       
CAPITAL AND RESERVES                                                                   
                                                                                       
Called-up share capital                 5         5                                    
                                                                                       
Share premium                      31,970    31,970                                    
                                                                                       
Redemption premium                  7,009     3,657                                    
reserve                                                                                
                                                                                       
Capital reserve -                 (6,983)   (3,631)                                    
realised                                                                               
                                                                                       
Capital reserve -                (15,175)      (17)                                    
unrealised                                                                             
                                                                                       
Revenue reserve                        42        36                                    
                                                                                       
                                  -------   -------                                    
                                                                                       
SHAREHOLDERS' FUNDS                16,868    32,020                                    
                                                                                       
                                  =======   =======                                    
                                                                                       
ATTRIBUTABLE TO:                                                                       
                                                                                       
Equity shareholders              (22,112)   (3,610)                                    
                                                                                       
Non equity shareholders:                                                               
                                                                                       
Special (Limited Rights)                -         2                                    
Preference shares                                                                      
                                                                                       
Zero Dividend Preference           38,980    35,628                                    
shares                                                                                 
                                                                                       
                                  -------   -------                                    
                                                                                       
                                   16,868    32,020                                    
                                                                                       
                                  =======   =======                                    
                                                                                       
NET ASSET VALUES PER                                                                   
SHARE (AS PER FRS4):                                                                   
                                                                                       
Zero Dividend Preference     3      £1.22     £1.11                                    
shares                                                                                 
                                                                                       
Ordinary shares                        (£        (£                                    
                               14,741.33) 2,406.67)                                    
                                                                                       
AVAILABLE ASSETS PER                                                                   
SHARE (AS PER ARTICLES):                                                               
                                                                                       
Zero Dividend Preference     3      £0.53     £1.11                                    
shares                                                                                 
                                                                                       
Ordinary shares                       Nil        (£                                    
                                          2,406.67)                                    

NOTES:

1. THE COMPANY'S ARTICLES OF ASSOCIATION PROVIDE THAT THE COMPANY WILL WIND UP
ON 1 NOVEMBER 2004 UNLESS PRIOR TO THAT DATE THE SHAREHOLDERS FORMALLY VOTE IN
FAVOUR OF A PROPOSAL TO RE-STRUCTURE OR OTHERWISE EXTEND THE LIFE OF THE
COMPANY. THE DIRECTORS DO NOT EXPECT THAT ANY SUCH RE-STRUCTURING PROPOSALS
WOULD BE DEVELOPED UNTIL NEARER THE CRITICAL DATE. THE DIRECTORS EXPECT THE
COMPANY TO CONTINUE IN OPERATIONAL EXISTENCE TO NOVEMBER 2004 AND, CONSISTENT
WITH PREVIOUS YEARS, THE FINANCIAL STATEMENTS HAVE THEREFORE BEEN PREPARED ON A
GOING CONCERN BASIS.

2. THE UNLISTED INVESTMENT COMPRISES AN UNSECURED ZERO COUPON LOAN TO THE
COMPANY'S PARENT, GARTMORE BALANCED ASSETS TRUST PLC (GBAT), WITH A NOMINAL
VALUE OF £31,650,000. THE LOAN IS REPAYABLE AT PAR ON 1 NOVEMBER 2004 ON A
SUBORDINATED AND LIMITED RECOURSE BASIS. AS SUCH THE AMOUNT OWED TO THE COMPANY
IS DEPENDENT UPON THE FUNDS AVAILABLE FROM GBAT ON ITS WINDING-UP UNLESS THE
OBLIGATION IS RESTRUCTURED. CONSEQUENTLY THE LOAN HAS BEEN WRITTEN DOWN TO THE
VALUE THAT THE PARENT COMPANY IS ABLE TO REPAY AT 31 JULY 2002 AS INDICATED BY
THE REPORT AND ACCOUNTS OF THAT COMPANY. HOWEVER, IT SHOULD BE NOTED THAT THOSE
ACCOUNTS MENTION THAT IN THE CURRENT MARKET THE REALISABLE VALUE OF ITS
INVESTMENTS IN SHARES IN SPLIT CAPITAL INVESTMENT TRUSTS ARE VERY UNCERTAIN AND
MAY BE SIGNIFICANTLY LOWER THAN THEIR MID MARKET PRICES. REPAYMENT OF THE LOAN
IS SUBORDINATED TO THE PRIOR CLAIMS OF THE UNSECURED BANK LOAN AND OTHER
UNSECURED CREDITORS OF GARTMORE BALANCED ASSETS TRUST PLC, BUT NOT SUBORDINATED
TO THE ORDINARY SHARES OF THAT COMAPANY.

3.THE NET ASSET VALUES ARE CALCULATED AS PER FRS4 AS FOLLOWS:

(i) PER ORDINARY SHARE - ON NET LIABILITIES OF £22,112,000 (2001: £3,610,000)
AND 1,500 (2001: 1,500) ZDP SHARES IN ISSUE AT THE YEAR-END.

(ii) PER ZERO DIVIDEND PREFERENCE (ZDP) SHARE - ON ASSETS OF £38,980,000 (2001:
£35,628,000) AND 31,971,646 (2001: 31,971,646) ZDP SHARES IN ISSUE AT THE
YEAR-END.

A RECONCILIATION OF THIS BASIS TO THE ARTICLES BASIS IS SHOWN BELOW:

                                       2002       2002          2001       2001
                                                                               
                                      £'000      £'000         £'000      £'000
                                                                               
                                   ORDINARY        ZDP      ORDINARY        ZDP
                                                                               
ASSETS ATTRIBUTABLE PER FRS4       (22,112)     38,980       (3,610)     35,628
BASIS                                                                          
                                                                               
DEFICIENCY RE UNSECURED LOAN         15,152   (15,152)             -          -
NOTE                                                                           
                                                                               
DEFICIENCY RE SUBSCRIPTION            6,960    (6,960)             -          -
UNDERTAKING                                                                    
                                                                               
                                    -------    -------       -------    -------
                                                                               
AVAILABLE ASSETS PER ARTICLES             -     16,868       (3,610)     35,628
BASIS                                                                          
                                                                               
                                    =======    =======       =======    =======
                                                                               
AVAILABLE ASSETS PER SHARE              NIL      £0.53   (£2,406.67)      £1.11
(SUBJECT TO NOTE 2 ABOVE)                                                      

THE COMPANY OPERATED AS AN INVESTMENT COMPANY THROUGHOUT THE YEAR. NO CHANGES
WERE MADE IN ITS INVESTMENTS DURING THE YEAR.

REVENUE RETURN AFTER TAXATION FOR THE YEAR TO 31ST JULY 2002 AMOUNTED TO £6,000
(2001: £13,000).

THE RESULTS FOR THE YEAR TO 31ST JULY 2002 ARE UNAUDITED AND DO NOT CONSTITUTE
STATUTORY ACCOUNTS UNDER THE COMPANIES ACT 1985. STATUTORY ACCOUNTS FOR THE
YEAR TO 31ST JULY 2002, ON WHICH THE AUDITORS WILL REPORT, WILL BE DELIVERED TO
THE REGISTRAR OF COMPANIES IN DUE COURSE.

ANNUAL REPORT AND ACCOUNTS

--------------------------

THE REPORT AND ACCOUNTS FOR THE YEAR TO 31ST JULY 2002 IS TO BE PUBLISHED AS AN
APPENDIX TO THE REPORT & ACCOUNTS OF GARTMORE BALANCED ASSETS TRUST PLC AND
WILL BE POSTED TO SHAREHOLDERS SHORTLY. COPIES WILL ALSO BE AVAILABLE FROM THE
REGISTERED OFFICE OF THE COMPANY: GARTMORE HOUSE, 8 FENCHURCH PLACE, LONDON
EC3M 4PB.

THE ANNUAL GENERAL MEETING FOR 2002 WILL BE HELD AT THE COMPANY'S REGISTERED
OFFICE ON MONDAY, 2ND DECEMBER 2002, AT 11.45 A.M.

GARTMORE INVESTMENT LIMITED

SECRETARIES

1st NOVEMBER 2002


                                                                                              

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