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GSCOT Securities PLC (GBAZ)

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Friday 22 September, 2000

GSCOT Securities PLC

Preliminary Announcement

GSCOT Securities PLC
21 September 2000

PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS
------------------------------------------

The Directors announce the Company's unaudited results for
the period from incorporation, on 24th August 1999, to 31st
July 2000.

The Company commenced business on 26th October 1999 and it
became a wholly owned subsidiary of Gartmore Split Capital
Opportunities Trust PLC on 8th November 1999.

TOTAL RETURN
------------                      PERIOD TO 31ST JULY 2000
                                                      TOTAL
                                 REVENUE   CAPITAL   RETURN
                                   £'000     £'000    £'000
INCOME AND CAPITAL PROFITS                                 
  Dividends and other income          25         -       25
  Net profit on investments            -        11       11
                                   -----     -----    -----
RETURN BEFORE EXPENSES AND            25        11       36
TAXATION
EXPENSES                              (2)        -       (2)
                                   -----     -----    -----
RETURN BEFORE AND AFTER               23        11       34
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 Revenue column shown above represents the Revenue
Account of the Company.
All revenue is derived from continuing operations.


BALANCE SHEET                             
-------------                                      AT
                                              31-7-00
                                                £'000
FIXED ASSETS                                         
  Listed investments at valuation                 156
  Loan Note to parent company                  31,650
                                              -------
                                               31,806
CURRENT ASSETS                                       
  Inter-company account                            49
  Cash at bank                                    154
                                              -------
NET CURRENT ASSETS                                203
                                              -------
NET ASSETS                                     32,009
                                              =======
CAPITAL AND RESERVES                                 
Called-up share capital                             5
Share premium                                  31,970
Redemption premium reserve                        594
Other reserves:                                      
  Capital reserve                                (568)
  Unrealised depreciation of investments          (15)
Revenue reserve                                    23
                                              -------
SHAREHOLDERS' FUNDS                            32,009
                                              =======
                                                     
ATTRIBUTABLE TO:                                     
Equity shareholders                                  
Non equity shareholders:                         (558)
  Zero Dividend Preference shares              32,565
  Special Preference shares                         2
                                              -------
                                               32,009
                                              =======
NET ASSET VALUES PER SHARE:                          
  Ordinary shares                            (£372.00)
  Zero Dividend Preference shares               £1.02


The results for the period to 31st July 2000 are unaudited
and do not constitute statutory accounts under the Companies
Act 1985. Statutory accounts for the period to 31st July
2000, 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
period.
The Company acquired a number of Capital shares and Zero
Dividend Preference shares of The Gartmore Scotland
Investment Trust PLC under offers by the Company and its
parent, Gartmore Split Capital Opportunities Trust PLC
(GSCOT). These were sold to GSCOT at their market value on
8th November 1999.
Revenue return after taxation for the period amounted to
£23,000.


ANNUAL ACCOUNTS
---------------
The Company's Accounts for the period to 31st July 2000 will
be published as part of the Report and Accounts of Gartmore
Split Capital Opportunities PLC which will be posted to
shareholders shortly. Copies will be available from the
registered office of the Company: Gartmore House, 8
Fenchurch Place, London EC3M 4PH.


ANNUAL GENERAL MEETING
----------------------
The Annual General Meeting for 2000 will be held at the
Company's registered office on Thursday, 9th November 2000,
at 12.10 p.m.


GARTMORE INVESTMENT LIMITED
Secretaries
21st SEPTEMBER 2000


                                         

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