RNS Number:6337O
Utilico Invesment Trust PLC
13 August 2003

                                                                  13 August 2003

                          Utilico Investment Trust plc



Utilico Investment Trust plc ("Utilico") is a new investment trust, established
as a successor to The Special Utilities Investment Trust PLC ("SUIT").

Utilico has today allotted 100,288,415 Ordinary Shares and 20,057,085 Warrants
to qualifying shareholders under SUIT's reconstruction. Dealings in the Ordinary
Shares and Warrants will commence on the London Stock Exchange on 14 August 2003
and on the New Zealand Stock Exchange on 15 August 2003.

The objective of Utilico is to provide long term capital growth by investing
predominantly in utility and related industries with essential service or
monopolistic characteristics. Industries that meet these criteria include water
& sewage, electricity, gas, telecommunications, ports, airports, public
transport, toll road and service companies. The Company will also seek to invest
in companies providing services to these industries, in other investment
companies investing in these industries and new sectors with similar
characteristics. Whilst the Company will have the flexibility to invest
worldwide, it will focus on the developed markets of the UK, Europe, North
America and Australasia, searching out under-rated and under-researched
companies with the potential to offer superior returns.

Ingot Capital Management Pty Limited, co-manager of SUIT, provides investment
advisory services to the Company. Administration and secretarial services are
provided by F&C Management Limited.

Utilico has acquired a portfolio of investments from SUIT amounting to #129.2m.
The portfolio was acquired under a transfer in exchange for the issue of
96,432,983 Ordinary Shares at 100p each and 19,286,123 Warrants as part of the
reconstruction arrangements and Utilico also issued 3,855,432 Ordinary Shares
and 770,962 Warrants to those SUIT shareholders who elected to roll over their
cash entitlements into Utilico's Ordinary Shares and Warrants.

Utilico's initial Net Asset Value is some #99.7m, representing 99.5p per
Ordinary Share. Utilico's net debt is some #29.5m. Utilico's initial top 10
holdings are detailed below.



Initial top 10 holdings of Utilico Investment Trust plc:
                                                                                      Value

1.      ERG                                                 (Australia)               #18.3m
        Public transport ticketing

2.      Infratil                                            (New Zealand)             #15.5m
        Infrastructure and utilities sector fund

3.      East Surrey Holdings                                (UK)                      #13.0m
        Water supplier

4.      Glasgow Prestwick Airport                           (UK)                      #9.0m
        Airport owner and operator

5.      Simon Group                                         (UK)                      #8.4m
        Port owner and operator

6.      BELCO Holdings                                      (Bermuda)                 #8.3m
        Electricity supply and distribution

7.      Allegiance Telecom                                  (USA)                     #8.0m
        Telecommunications

8.      Keytech                                             (Bermuda)                 #7.8m
        Telecommunications

9.      Colt Telecom                                        (UK)                      #7.6m
        Telecommunications

10.     Ecofin Water & Power Opportunities                  (UK)                      #6.5m
        International water and power sector fund

        Total top 10                                                                  #102.4m



Enquiries:

Charles Jillings
020 7825 2107


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