SAR - Pavilion Geared Recvy

RNS Number:5985L
Aberdeen Asset Managers Limited
15 October 2001


FORM SAR 5

Lodge with Company Announcements Office and the Panel. A copy must also be
sent to the company the shares of which are being sold.

Date of disclosure.....15/10/01.......

DISCLOSURE UNDER NOTE 3 OF RULE 5 OF THE RULES GOVERNING
SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")


Date of sale...12/10/01.....................................................

Sale of... Pavilion Geared Recovery Trust Plc............(name of company)

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

    Income 1p                    2,000,000  shares
                                            rights

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

                                          
    6,500,000      (21.67%)               (%)                    (21.67%)




(3) Party making disclosure..Aberdeen Asset Managers Limited......

(4) (a) Name of person selling shares or rights over shares ..............
and, if different, beneficial owner.. Discretionary funds under the
Management of Aberdeen Asset Managers Limited..
(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)..Gary Marnoch................................

Telephone and extension number..01224 425291................................


or 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.