Redemption of CULS

RNS Number:7743V
Utilico Investment Trust PLC
30 April 2007

For immediate release

30 April 2007

           Utilico Investment Trust plc ("Utilico" or the "Company")

            Redemption of the 3.75 per cent. subordinated convertible
                            loan stock 2009 ("CULS")
                                        
Further to the announcement on 19 April 2007 that the Company is proposing to
exercise its redemption rights to compulsorily redeem the CULS, the Company has
today given notice to CULS holders that it is exercising its right to
compulsorily redeem all outstanding CULS in accordance with the CULS trust deed
on 18 June 2007 (the "Redemption Date"). Prior to the Redemption Date, CULS
holders will be able to convert their CULS into ordinary shares of 1.5625p each
in the capital of the Company ("Ordinary Shares") on 11 June 2007 and the rate
of conversion is 0.75 Ordinary Shares for every 100p nominal of CULS. Any CULS
which are not converted on 11 June 2007 will be redeemd by the Company on 18
June 2007 at par together with interest due for the period from 1 May 2007 to 18
June 2007 (inclusive).

Under the terms of the CULS trust deed, the Company has the right to give notice
requiring the compulsory redemption of all of the CULS if the net asset value of
an Ordinary Share for at least 20 dealing days (on the London Stock Exchange) in
any 30 dealing day period ending on or after 30 April 2007, is 30 per cent. or
more above the CULS conversion price, being 133.33p, at the end of such period.
The net asset value of an Ordinary Share has exceeded this level continuously
since 6 September 2005 and as at 24 April 2007 (the latest practicable day prior
to this announcement) the net asset value of an Ordinary Share was 366.01p
(being 174 per cent. above the current conversion price).

There are currently 20.0 million CULS outstanding and, taking into account
fractions, full conversion would result in the issue of 14,968,876 Ordinary
Shares, being 18.8 per cent. of the enlarged share capital of the Company.


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