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GSCOT Securities PLC (GBAZ)

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Tuesday 29 February, 2000

GSCOT Securities PLC

Interim Results

GSCOT Securities PLC
28 February 2000

GSCOT SECURITIES PLC


THE COMPANY, WHICH IS A WHOLLY-OWNED SUBSIDIARY OF GARTMORE
SPLIT CAPITAL OPPORTUNITIES TRUST PLC ('GSCOT'), WAS
LAUNCHED IN NOVEMBER 1999. IT HAS A FIXED LIFE TO 1 NOVEMBER
2004 AND WAS ESTABLISHED TO PROVIDE GEARING TO THE PARENT
COMPANY, IN THE FORM OF ZERO DIVIDEND PREFERENCE (ZDP)
SHARES, AND TO ENABLE THE PARENT TO HAVE AN INDEFINITE LIFE.
ARRANGEMENTS ARE IN PLACE BETWEEN GSCOT AND GSCOT SECURITIES
PLC TO SAFEGUARD THE INTERESTS OF THE ZDP SHAREHOLDERS AND
TO PROVIDE THAT THEY RECEIVE THEIR FINAL CAPITAL ENTITLEMENT
(SUBJECT TO THERE BEING SUFFICIENT ASSETS AVAILABLE) ON THE
ZDP REPAYMENT DATE.

AS THE COMPANY IS A WHOLLY-OWNED SUBSIDIARY THE INTERIM
RESULTS ANNOUNCED TODAY, 28TH FEBRUARY 2000, FOR GSCOT
INCORPORATE THE COMPANY'S RESULTS. THE BOARD DO NOT CONSIDER
THAT IT IS APPROPRIATE TO ANNOUNCE SEPARATE INTERIM RESULTS
(STATEMENT OF TOTAL RETURN AND BALANCE SHEET) FOR THE
COMPANY AS IT HOLDS ONLY A TOKEN PORTFOLIO WHICH GENERATES
MINIMAL REVENUE. THE INTERIM REPORT FOR THE GROUP WILL BE
POSTED TO SHAREHOLDERS IN MARCH 2000.

THE ZDP SHARES OFFER HOLDERS THE PROSPECT OF A FIXED RATE OF
CAPITAL GROWTH (REDEMPTION YIELD) OF 8.3% PER ANNUM AT THE
ORIGINAL ISSUE PRICE OF 100P, BUT NO RIGHT TO INCOME. THE
CAPITAL GROWTH IS INCORPORATED INTO THE ASSET VALUE OF THE
SHARES ON A DAILY BASIS SUCH THAT THE REPAYMENT VALUE OF
EACH ZDP SHARE, INITIALLY 95.3P, WAS 97.4P ON 31ST JANUARY
2000, AND SHOULD EVENTUALLY REACH 149.35P AT 1ST NOVEMBER
2004. AT THE MID-MARKET PRICE OF 100.0P AT 31ST JANUARY
2000, THE REDEMPTION YIELD WAS 8.8%.

TOTAL ASSETS OF THE GROUP (EXCLUDING MINORITIES) AT 31ST
JANUARY 2000 WERE MORE THAN SUFFICIENT TO REPAY 149.35P ON
WINDING-UP, WITH A COVER OF 1.3 TIMES.

THE CAPITAL RETURN INDICATED ABOVE IS DEPENDENT ON THERE
BEING SUFFICIENT ASSETS AVAILABLE AT 1ST NOVEMBER 2004 AND
IS NOT GUARANTEED.

GARTMORE INVESTMENT LIMITED
SECRETARIES

                                        

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