Trading Statement

RNS Number:0564R
Equity Special Situations Limited
09 September 2005

9 September 2005

Embargoed for release at 7:20am


           Equity Special Situations Limited ("ESS" or "the Company")
                                   Investment

A trading statement was released on 10 June 2005 relating to the creation and
funding by ESS of a new company called Syndicate Asset Management plc ("SAM").
The directors are now pleased to report that today, SAM made a recommended cash
offer for Ashcourt Holdings Plc ("Ashcourt").  Ashcourt is an AIM quoted asset
management company with approximately #600 million of funds under management.
The recommended offer by SAM values Ashcourt at approximately #13 million.

SAM has stated within the Offer Document that the consideration payable for
Ashcourt will be financed by way of a subscription for SAM ordinary shares at a
price of 60 pence per SAM ordinary share.  The offer is conditional upon SAM's
ordinary shares being admitted to trading on AIM ("Admission").  Admission is
expected to occur on or about 23 September 2005.

ESS currently owns 20,000,000 shares in SAM and has not subscribed for any
additional shares in SAM as part of the offer.  ESS has agreed to a lock in of
12 months for the shares in SAM owned at the time of Admission and, in the
following 12 months, will only dispose of these shares in accordance with
orderly market principles.

Peter Griffin, Director of ESS, commented: "We are delighted that our efforts
over the last year to create a dynamic fund management company are now bearing
fruit.  We believe that there exists a number of attractive growth opportunities
in this industry and we are confident that SAM will quickly become a key asset
manager and will be an operation that attracts the best fund managers in the
industry."

Contacts:

Peter Griffin, Director, ESS:                               [phone]
Sarah Gestetner / Justin Griffiths, Citigate Dewe Rogerson  [phone]
Alasdair Robinson, Noble & Company:                         [phone]

Notes to Editors

ESS is a strategic investment company which aims to achieve long term capital
growth for its shareholders through the purchase, holding and sale of minority
stakes in other companies and investment funds.  ESS will invest in companies
which are, or are expected shortly to be, quoted on recognised investment
exchanges and exchange regulated markets in Europe, the US and Canada.  ESS may
also invest in quoted and unquoted investment funds.




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