Re: Minimum Subscriptions etc

RNS Number:7356M
Equalt Investment Fund
24 June 2003

                          STOCK EXCHANGE ANNOUNCEMENT



                     For Immediate Release 24th June, 2003





                      Equalt Investment Fund (the "Trust")

                           Equalt Pair Trading Fund,

                       Equalt Convertible Arbitrage Fund,

                      Equalt Fixed Income Arbitrage Fund,

                            Equalt Core Macro Fund,

                       Equalt Statistical Arbitrage Fund

                            Equalt Equity Hedge Fund

                               (the "Sub-Funds")



   Re:       Exemption from Minimum Subscription and Creation of a New Class



The Directors of the Manager of the Trust wish to exempt directors of the
Manager and certain knowledgeable employees of the Manager and companies
appointed to provide investment management or advisory services to the Trust,
who wish to subscribe for Units in the Trust, from the minimum subscription
requirement and qualifying investor criteria set out in the Prospectus dated 14
April 2003.



The Directors of the Manager have provided the following exemption -



"An exemption from the minimum initial investment requirement, continuing
holding requirement of Euro250,000 and/or the requirement that the applicant be a
Qualifying Investor may be granted to persons who fall within the following
categories:

a director of the Manager;



(b)        an employee of the Manager, where the employee:



(i)         is directly involved in the investment activities of the Trust, or

(ii)        is a senior employee of the Manager and has experience in the
provision of investment management services;



(c)        an employee of a company appointed to provide investment management
or advisory services to the Trust where the employee:



            (i)         is directly involved in the investment activities of the
Trust, or

(ii)        is a senior employee of the company and has experience in the
provision of investment management services; or



(d)        a member of the supervisory council which oversees the operations of
the Investment Manager.



In the case of investments by knowledgeable employees, (those provided for in
(b) and (c) above), and investments by members of the supervisory council (those
provided for in (d) above), the Manager must be satisfied that the prospective
investor falls within the criteria outlined.



Investors who wish to avail of the exemptions provided for in the above
paragraphs must complete the qualifying investor certification requirements.  In
addition, those investors who wish to avail of the exemption under (c) or (d)
above must certify to the Manager that they are availing of the exemption and
that they are aware that the Trust is normally marketed solely to Qualifying
Investors who (a) meet a high minimum net worth test and (b) are subject to a
minimum subscription requirement of Euro250,000."



Creation of a New Class



With effect from the Dealing Day on 1 July 2003 all of the units in each of the
Sub-Funds in issue on that day shall be redesignated accumulating units ("
Accumulating Units").  With effect from the Dealing Day on 1 July 2003 an
additional class of units may be issued in respect of each Fund.  This class
will be designated distributing units ("Distributing Units").



In each prospectus the section entitled "Distribution Policy" in the summary and
in the Prospectus shall be amended to read as follows:



"Distribution Policy

It is not proposed to declare a distribution in respect of the Accumulating
Units of each Fund and the net income and capital gains attributable to the
Accumulating Units will be retained and allocated to the Accumulating Units.



In the case of Distributing Units all accumulated net income and net realised
and unrealised capital gains shall be distributed to the holders of the
Distributing Units twice yearly on the Dealing Day in August and February in
each year and will be automatically reinvested in additional Distributing Units
in the Fund unless the Unitholder has instructed the Manager otherwise not later
than five Business Days prior to the Dealing Day."



Distributing Units will be offered on the Dealing Day on 1 July 2003 for the
relevant Fund at the Net Asset Value per Accumulating Unit on that Dealing Day
in the case of the first subscription for Distributing Units and thereafter at
the Net Asset Value per Distributing Unit on that Dealing Day.







Enquiries:


Arthur Cox                                Dara Harrington                 [phone]

J & E Davy                                Brian Seymour                   [phone]

This announcement has been issued through the Companies Announcement Service of

                           the Irish Stock Exchange.






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