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Scottish Value Tst (HAST)

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Friday 30 March, 2001

Scottish Value Tst

Merger Update

Scottish Value Trust PLC
30 March 2001


                       Scottish Value Trust plc ('SVT')

     Recommended Merger Offer (the 'Merger Offer') for Warrants and Value
                        Investment Trust plc ('WAVIT')


                  Merger Offer unconditional in all respects

The directors of SVT announce that SVT's recommended merger offer to acquire
the entire issued share capital of WAVIT has been declared wholly
unconditional, subject to admission of the new SVT Shares to the Official List
of the UK Listing Authority and to trading on the main market of the London
Stock Exchange becoming effective.

A further announcement will be made shortly as to the calculation of the FAVs
of a SVT Share and a WAVIT Share and to the expected date of admission.

As at 3pm on 29 March 2001, SVT had received valid acceptances of the Merger
Offer in respect of 60,824,413 WAVIT Shares, representing 91.98% of WAVIT's
issued share capital.

The Merger Offer will remain open for acceptance until further notice. The
board of SVT recommend WAVIT Shareholders to accept the Merger Offer without
delay if they have not already done so.

As SVT has received valid acceptances under the Merger Offer of over 90% of
the WAVIT Shares, it intends to acquire compulsorily any remaining WAVIT
Shares under the provision of sections 428 - 430F (inclusive) of the Companies
Act 1985.

Enquiries:
Scottish Value Trust plc                   Simon McClean    0131 226 6699
Warrants and Value Investment Trust plc    Senator Ross     00 353 1 2950276
Scottish Value Management Limited          Colin McLean     0131 226 6699

Notes:


        1.     As at 21 March 2001, the first closing date of the Merger
        Offer, SVT had received valid acceptances of the Merger Offer in
        respect of 58,397,669 WAVIT Shares representing 88.31% of WAVIT's
        issued share capital.

        2.     Of the acceptances referred to above, valid acceptances in
        respect of 5,205,000 WAVIT Shares (representing approximately 7.87% of
        WAVIT's issued share capital) have been received from SVT Directors,
        Scottish Value Management (Ireland) Limited and Master Value Fund, a
        discretionary client of SVM, who are deemed to have been acting in
        concert with SVT, as described in the merger document dated 28
        February 2001.

        3.     The persons referred to above, who are deemed to have been
        acting in concert with SVT, held on 27 February 2001, the date prior
        to the commencement of the offer period, 5,205,000 WAVIT Shares
        (representing approximately 7.87% of WAVIT's issued share capital).

        4.     Save as disclosed herein, neither SVT nor any person deemed to
        acting in concert with SVT held any WAVIT Shares on 27 February 2001,
        the date prior to the commencement of the offer period, or have
        acquired or agreed to acquire any WAVIT Shares (or rights over WAVIT
        Shares) during the offer period.



                                                                                
                                                                                
                                                                            

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