Result of Reconstruction

RNS Number:5465O
Govett Asian SmallerCo'sInv.Tst Ld
11 December 2001


Govett Asian Smaller Companies Investment Trust Limited (the "Company")


Result of Reconstruction Proposals


In accordance with the scheme of reconstruction approved at the extraordinary
general meeting of the company on 29 November 2001, the Company has been
placed in liquidation and Simon Peter Bower and Michael John Hore have been
appointed liquidators to the Company.


In accordance with the reconstruction proposals, for every 100 Shares in the
Company a Shareholder will receive 111.86988 shares (rounded down to two
decimal places) in the Govett Asia Pacific Fund; or 99.41658 units (rounded
down to two decimal places) of the Govett Money Market Fund; and any pro rata
combination in accordance with their elections.


The issue price of the shares in the Govett Asia Pacific Fund (as determined
at the relevant valuation point) was 89.57 p. The issue price of the units in
the Govett Money Market Fund (as determined at the relevant valuation point)
was 100.49 p.


The despatch of confirmations of entitlement for Govett Money Market Fund
Units (except to Shareholders who requested redemption on their Form of
Election) and the despatch of confirmations of entitlement to Govett Asia
Pacific Fund Shares are expected to take place on 14 December 2001.


The despatch of cheques or CHAPS payments made to Restricted Holders and the
despatch of cheques or CHAPS payments made in respect of redemptions of Govett
Money Market Fund Units requested on the Forms of Election and corresponding
contract notes are expected to take place on 14 December 2001.


Enquiries:


Noel McEvoy                         020 7378 7979

Govett Investment Management Limited


Angus Gordon Lennox               020 7588 2828

Cazenove & Co. Ltd


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