SAR - (St. David's Inv Ord )

RNS Number:9346Y
Collins Stewart Ld
20 May 2004

                                                                      FORM SAR 3

Lodge with Company Announcements Office and Newstrack, if appropriate, and the
Takeover Panel. A copy must also be sent to the company the shares of which are
acquired.

                                              Date of disclosure...20 May 2004..

   DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING SUBSTANTIAL ACQUISITIONS OF
                                SHARES ("SARs")



Date of acquisition 17th May  2004.......................................

Acquisition in ............St David's Investment Trust.....................(name
of company)


(1)  Class of voting shares          Number of shares/rights over shares  If rights over shares acquired,
                                     acquired                             as opposed to the shares
      (eg ordinary shares)                                                themselves, specify nature of
                                                                          rights

      ordinary GBP0.01p shares       9,329,350



(2)   Resultant total holding of    Resultant total holding of rights    Total percentage
voting shares (and % of total       over shares (and % of total voting
voting shares in issue)             shares in issue)



       13,819,798 (17.089%)                                              17.089%



(3)  Party making disclosure Collins Stewart Limited



(4)  (a)  Name of person acquiring shares or rights over shares  ..Collins
Stewart Ltd

            and, if different, beneficial owner ..............................
.................................................



      (b)  Names of any other persons acting by

            agreement or understanding (see SAR 5)





Signed, for and on behalf of the party named in (3) above .....................
........................................



(Also print name of signatory) ..................Damian ...Fernandez............
................



Telephone and extension number ...............020 7523 8327.....................

                     ______________________________________


Note.   Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129.






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