Winding up of Company

RNS Number:0647X
Ivory & Sime Optimum Inc Tst PLC
29 March 2004


             Ivory & Sime Optimum Income Trust plc (the "Company")

 Shareholders' entitlements under the scheme for the reconstruction and winding
                        up of the Company (the "Scheme")

The entitlements of the Company's shareholders under the Scheme have now been
calculated and, in accordance with the reconstruction proposals:

  * for every 100 ordinary shares held in the Company, ordinary shareholders
    will receive 17.98 shares in the Progressive Growth Fund (a sub-fund of ISIS
    Investment Funds ICVC III) where they have elected for the Share Option, and
    in respect of elections for the Cash Option the liquidators have indicated
    their intention to make an initial distribution of 17.50p per ordinary share
    by 2 April 2004;

  * for every 100 ZDP shares held in the Company, ZDP shareholders will
    receive 203.72 shares in the Progressive Growth Fund where they have elected
for the Share Option and have been offered share class 1 accumulation
    shares. For every 100 ZDP shares held in the Company, ZDP shareholders will
    receive 200.78 shares in the Progressive Growth Fund where they have elected
    for the Share Option and have been offered share class 2 accumulation shares
    , and in respect of elections for the Cash Option the liquidators have
    indicated their intention to make a full distribution of 228.38p per ZDP
    share by 2 April 2004.

The issue price of each share in the Progressive Growth Fund issued under the
Scheme (calculated as at 12.00 noon on 29 March 2004) was 109.30p for share
class 1 accumulation shares and 110.90p for share class 2 accumulation shares.
Dealings in the NewFund Shares will commence on Tuesday 30 March 2004 and
contract notes are expected to be despatched by 2 April 2004.

Shareholders are reminded that the register of holders of Reclassified Shares
has closed and that dealings in the Reclassified Shares have been suspended.

In case of further enquiries, please contact:

Ivory & Sime Optimum Income Trust plc:     Martin Cassels, Company Secretary 
                                           (Telephone [phone])              

Liquidators:                               Gareth Morris, RSM Robson Rhodes LLP 
                                           (Telephone [phone])              

Capitalised words and expressions used in this announcement shall bear the same
meanings as in the circular issued by the Company on 1 March 2004 in respect of
the Scheme.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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