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GSCOT Securities PLC (GBAZ)

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Friday 21 September, 2001

GSCOT Securities PLC

Final Results

GSCOT Securities PLC
21 September 2001



STOCK EXCHANGE ANNOUNCEMENT


GSCOT SECURITIES PLC
PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS
------------------------------------------

THE DIRECTORS ANNOUNCE THE COMPANY'S UNAUDITED RESULTS FOR THE YEAR TO 31ST
JULY 2001 AS FOLLOWS:-


TOTAL RETURN
------------

                                               YEAR TO 31ST JULY 2001

                                      REVENUE         CAPITAL      TOTAL RETURN
                                        £'000           £'000             £'000
INCOME AND CAPITAL PROFITS
  DIVIDENDS AND OTHER INTEREST             18               -                18
  NET LOSS ON INVESTMENTS                   -             (2)               (2)
                                        -----           -----            ------
RETURN BEFORE EXPENSES                     18             (2)                16
   AND TAXATION
EXPENSES                                  (5)               -               (5)
                                        -----           -----             -----
RETURN BEFORE AND AFTER EXPENSES           13             (2)                11
   AND TAXATION

APPROPRIATED TO NON-EQUITY

   SHAREHOLDERS
REDEMPTION PREMIUM RESERVE -
   ZERO DIVIDEND PREFERENCE SHARES          -         (3,063)           (3,063)
                                        -----           -----            ------
RETURN TO EQUITY SHAREHOLDERS
TRANSFERRED TO/FROM) RESERVES              13         (3,065)           (3,052)
                                        -----           -----            ------
TOTAL RETURN PER ORDINARY SHARE         £8.67     (£2,043.33)       (£2,034.66)


                                              
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.



TOTAL RETURN (COMPARATIVE)
--------------------------

                                             PERIOD TO 31ST JULY 2000  

                                       REVENUE       CAPITAL       TOTAL RETURN
                                         £'000         £'000              £'000
INCOME AND CAPITAL PROFITS
  DIVIDENDS AND OTHER INTEREST              25             -                 25
  NET PROFIT ON INVESTMENTS                  -            11                 11
                                         -----         -----             ------
RETURN BEFORE EXPENSES                      25            11                 36
  AND TAXATION

EXPENSES                                   (2)             -                (2)
                                         -----         -----              -----
RETURN BEFORE AND                           23            11                 34
  AFTER TAXATION
APPROPRIATED TO NON-EQUITY
  SHAREHOLDERS
REDEMPTION PREMIUM RESERVE -
  ZERO DIVIDEND PREFERENCE SHARES            -         (594)              (594)
                                         -----         -----             ------
RETURN TO EQUITY SHAREHOLDERS
 TRANSFERRED TO/(FROM) RESERVES             23         (583)              (560)
                                         -----         -----             ------
TOTAL RETURN PER ORDINARY SHARE         £15.33     (£388.66)          (£373.33)



NOTE:


THE COMPARATIVE STATEMENT OF TOTAL RETURN SHOWN ABOVE IS FOR THE PERIOD FROM
INCORPORATION, 24TH AUGUST 1999, TO 31ST JULY 2000.


SUMMARISED BALANCE SHEET                     AT         AT
-------------------------               31-7-01    31-7-00
                                          £'000      £'000
FIXED ASSETS
  Listed investments at valuation           154        156
  Loan Note to parent company            31,650     31,650
                                        -------    -------
                                         31,804     31,806
CURRENT ASSETS
  Inter-company account                     203         49
  Cash at bank                               13        154
                                        -------    -------
NET CURRENT ASSETS                          216        203
                                        -------    -------
NET ASSETS                               32,020     32,009
                                        =======    =======
CAPITAL AND RESERVES
Called-up share capital                       5          5
Share premium                            31,970     31,970
Redemption premium reserve                3,657        594
Capital reserve - realised              (3,631)      (568)
Capital reserve - unrealised               (17)       (15)
Revenue reserve                              36         23
                                        -------    -------
SHAREHOLDERS' FUNDS                      32,020     32,009
                                        =======    =======

ATTRIBUTABLE TO:
Equity shareholders
Non equity shareholders:                (3,610)      (558)
  Zero Dividend Preference shares        35,628     32,565
  Special Preference shares                   2          2
                                        -------    -------
                                         32,020     32,009
                                        =======    =======
NET ASSET VALUES PER SHARE:
  Ordinary shares                   (£2,406.67)  (£372.00)
  Zero Dividend Preference shares         £1.11      £1.02


THE RESULTS FOR THE YEAR TO 31 ST JULY 2001 ARE UNAUDITED AND DO NOT
CONSTITUTE STATUTORY ACCOUNTS UNDER THE COMPANIES ACT 1985. STATUTORY ACCOUNTS
FOR THE YEAR TO 31ST JULY 2001, ON WHICH THE AUDITORS WILL REPORT, WILL BE
DELIVERED TO THE REGISTRAR OF COMPANIES IN DUE COURSE.


REVIEW OF THE YEAR
------------------

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 31 JULY 2001 AMOUNTED TO £13,000
(2000:£23,000).


ANNUAL REPORT AND ACCOUNTS
--------------------------

THE REPORT AND ACCOUNTS FOR THE YEAR TO 31ST JULY 2001 IS TO BE PUBLISHED AS
AN APPENDIX TO THE REPORT & ACCOUNTS OF GARTMORE SPLIT CAPITAL OPPORTUNITIES
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 4PH.

THE ANNUAL GENERAL MEETING FOR 2001 WILL BE HELD AT THE COMPANY'S REGISTERED
OFFICE ON MONDAY, 3RD DECEMBER 2001, AT 12.10 P.M.


GARTMORE INVESTMENT LIMITED
SECRETARIES
21ST SEPTEMBER 2001



                                                                                
                                                                                
         

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