Commencement of dealings

RNS Number:7498J
Accelerated Return Fund Limited
08 April 2003


               RESULT OF PLACING AND OFFER FOR SUBSCRIPTION



ADMISSION OF SHARES OF THE ACCELERATED RETURN FUND LIMITED TO THE OFFICIAL LIST
                               AND TO TRADING ON

            THE LONDON STOCK EXCHANGE AND AVAILABILITY OF PROSPECTUS





Further to the prospectus published by The Accelerated Return Fund Limited (the
"Company") on 26 March 2003, 21,200,000 participating shares of the Company (the
"Shares") were issued under the placing and offer for subscription.



The Shares were admitted to the Official List, and dealings in the Shares on the
London Stock Exchange commenced, on Tuesday, 8 April 2003.



The Shares are designed to pay shareholders on the redemption date of the
Shares, expected to be on or around 10 October 2008 (the "Redemption Date") up
to a maximum amount (the "Final Capital Entitlement") of 166p per Share,
comprising a capital growth amount (the "Growth Amount") of up to 66p per Share
and a capital amount (the "Capital Amount") of 100p per Share.



The Shares are designed to pay on the Redemption Date a Growth Amount per Share
equal to six times any percentage increase in the FTSE 100 Index (the "Index")
over the period from 7 April 2003 (the "Start Date") to 7 October 2008 (the "End
Date") (or, if that day is not a day on which the Index is calculated, the next
day on which it is calculated) (the "Calculation Period"), subject to a maximum
of 66p per Share.  If the level on the End Date is equal to or less than the
level on the Start Date, no Growth Amount will be payable to shareholders.



The Shares are designed to pay a Capital Amount of 100p per Share on the
Redemption Date.  If on any day during the Calculation Period the closing value
of the Index is more than 50 per cent. lower than the level of the Index on the
Start Date (an "Index Barrier Breach") and the level of the Index on the End
Date is lower than the level on the Start Date, the Capital Amount of 100p per
Share will be reduced by a percentage equal to the percentage by which the level
of the Index on the End Date is lower than the Start Date.  If the level of the
Index on the End Date is less than the level on the Start Date but no Index
Barrier Breach occurs, then the Capital Amount will still be 100p per Share.



The level of the Index at the close of business on 7 April 2003 was 3,935.80.
The maximum Final Capital Entitlement will be payable on the Redemption Date if
the level of the Index on the End Date is equal to or more than 4,368.74.



Copies of the prospectus are available for inspection at the Document Viewing
Facility of the Financial Services Authority, 25 The North Colonnade, London
EH14 5HS.



Enquiries


Marc Gordon/Richard Bolchover                           Tel:  [phone]





Neither this press release nor any part of it may be released, mailed,
transmitted, copied, distributed, taken or otherwise sent in or into the United
States of America, Canada, Australia or Japan.  Any failure to comply with these
restrictions may constitute a violation of United States of America, Canada,
Australia or Japanese securities laws.



Intelli Corporate Finance Limited is authorised and regulated by the Financial
Services Authority.






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