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Net Asset Value

SR EUROPE INVESTMENT TRUST PLC

The Company announces that the unaudited Net Asset Values at 31 August 2010 were:

Per Ordinary share – basic, including estimated current period revenue reserves: 209.93 pence.

Per Ordinary share – basic, excluding estimated current period revenue reserves: 207.46 pence.

Net Asset Value

The Company announces that the unaudited Net Asset Values at 24 August 2010 were:
Per Ordinary share – basic, including estimated current period revenue reserves: 207.85 pence.
Per Ordinary share – basic, excluding estimated current period revenue reserves: 205.37 pence.

Half Yearly Report to 30 June 2010

Class/type of shares if possible using the ISIN CODE	Situation previous to the Triggering transaction		Resulting situation after the triggering transaction
	Number of Shares	Number of Voting Rights	Number of shares	Number of Voting Rights		% of Voting Rights
			Direct	Direct	Indirect	Direct	Indirect
Ord: GB0030668940	875,000	875,000	885,000		885,000		3.02%

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction

Type of financial instrument	Expiration date	Exercise/Conversion Period/Date	Number of voting rights that may be acquired if the instrument is exercised/converted.	% of voting Rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction

Type of financial instrument	Exercise price	Expiration date xvii	Exercise/ Conversion period xviii	Number of voting rights instrument refers to	% of voting rights xix, xx
					Nominal	Delta

Total (A+B+C)

Number of voting rights	% of voting rights
885,000	3.02%

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:	SR EUROPE INVESTMENT TRUST
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights	Yes
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the notification obligation: iii	Henderson Global Investors Limited
4. Full name of shareholder(s) (if different from 3.):
5. Date of the transaction and date on which the threshold is crossed or reached:	31 March 2010
6. Date on which issuer notified:	06 April 2010
7. Threshold(s) that is/are crossed or reached:	15%

8. Notified details:
A: Voting rights attached to shares

Class/type of shares if possible using the ISIN CODE	Situation previous to the triggering transaction		Resulting situation after the triggering transaction
	Number of Shares	Number of Voting Rights	Number of shares	Number of voting rights		% of voting rights
			Direct	Direct	Indirect	Direct	Indirect
ORD GBP0.10	4,286,448	4,286,448	4,475,001		4,475,001		15.10
GB0030668940

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction

Type of financial instrument	Expiration date	Exercise/ Conversion Period	Number of voting rights that may be acquired if the instrument is exercised/ converted.	% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments
Resulting situation after the triggering transaction

Type of financial instrument	Exercise price	Expiration date	Exercise/ Conversion period	Number of voting rights instrument refers to	% of voting rights
					Nominal	Delta

Total (A+B+C)

Number of voting rights	Percentage of voting rights
4,475,001	15.10

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi

Proxy Voting:

10. Name of the proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:
13. Additional information:
14. Contact name:	Gavin Dolding
15. Contact telephone number:	020 7818 5217

Net Asset Value

The Company announces that the unaudited Net Asset Values at 31 March 2010 were:
Per Ordinary share – basic, including estimated current period revenue reserves: 253.14 pence.
Per Ordinary share – basic, excluding estimated current period revenue reserves: 251.58 pence.

Total Voting Rights

VOTING RIGHTS AND CAPITAL

In conformity with the Disclosure and Transparency rule 5.6.1, we would like to notify the market of the following:

As at 31 March 2010 the Company’s issued share capital consisted of 29,625,234 Ordinary shares of 10p each with voting rights and 5,937,927 Subscription shares of 1p each without voting rights.

The above figure of 29,625,234 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, S R Europe Investment Trust PLC under the FSA’s Disclosure and Transparency Rules.

1 April 2010

For further information contact the Company Secretary, Capita Sinclair Henderson Limited; telephone 01392 412122 or log onto the Company’s website www.sreit.co.uk.

The Company’s registered office address is:

Beaufort House
51 New North Road
Exeter
EX4 4EP

Holdings in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer    SR Europe Investment Trust Plc
of existing shares to which voting rights are
attached: ii
2. Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights                                                    Yes
An acquisition or disposal of qualifying financial instruments which may
result in the acquisition of shares already issued to which voting
rights are attached
An acquisition or disposal of instruments with similar economic effect to
qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):

3. Full name of person(s) subject to the
notification obligation: iii                                               Henderson Global Investors Limited
4. Full name of shareholder(s)
(if different from 3.):iv
5. Date of the transaction and date on
which the threshold is crossed or
reached: v                                                                   31 March 2010
6. Date on which issuer notified:                                01 April 2010
7. Threshold(s) that is/are crossed or
reached: vi, vii                                                             15% 14%

8. Notified details:
A: Voting rights attached to shares viii, ix

Class/type of shares if possible using the ISIN CODE	Situation previous to the triggering transaction		Resulting situation after the triggering transaction
	Number of Shares	Number of Voting Rights	Number of shares	Number of voting rights		% of voting rights x
			Direct	Direct	Indirect xii	Direct	Indirect
ORD GBP0.10 GB0030668940	4,475,001	4,475,001	4,286,448		4,286,448		14.47

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction

Type of financial instrument	Expiration date xiii	Exercise/ Conversion Period xiv	Number of voting rights that may be acquired if the instrument is exercised/ converted.	% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction

Type of financial instrument	Exercise price	Expiration date xvii	Number of voting rights instrument refers to	% of voting rights xix, xx
				Nominal	Delta

Total (A+B+C)

Number of voting rights	Percentage of voting rights
4,286,448	14.47

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi

Proxy Voting:

10. Name of the proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:
13. Additional information:
14. Contact name:	Vina Patel
15. Contact telephone number:	020 7818 6439

Class/type of shares if possible using the ISIN CODE	Situation previous to the triggering transaction		Resulting situation after the triggering transaction
	Number of Shares	Number of voting rights	Number of Shares	Number of voting rights		% of voting rights
			Direct	Direct	Indirect	Direct	Indirect
Ordinary Shares GB0030668940	6,165,290	6,165,290			6,260,136

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction

Type of financial instrument	Expiration date	Exercise/Concersion Period	Number of voting rights that may be acquired if the instrument is exercised/converted	% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction

Type of financial instrument	Exercise price	Expiration date	Exercise/Conversion period	Number of voting rights instrument refers to	% of voting rights
					Nominal	Delta

Total (A+B+C)

Number of voting rights	Percentage of voting rights
6,260,136	21.08%

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi

Client holdings registered in the name of Nominee companies 100% owned by Rensburg Sheppards
Investment Management Limited.

Proxy Voting:

10. Name of the proxy holder:	N/A
11. Number of voting rights proxy holder will cease to hold:	N/A
12. Date on which proxy holder will cease to hold voting rights:	N/A
13. Additional information:	N/A
14. Contact name:	N/A
15. Contact telephone number:	N/A

Class/type of shares if possible using the ISIN CODE	Situation previous to the Triggering transaction (vi)		Resulting situation after the triggering transaction (vii)
	Number of Shares	Number of Voting Rights (viii)	Number of shares	Number of voting rights (ix)		% of voting rights
			Direct	Direct (x)	Indirect (xi)	Direct	Indirect
Ordinary Shares	4,425,000	4,425,000	4,475,000	4,475,000		15.07%

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

Type of financial instrument	Expiration date (xiii)	Exercise/Conversion Period/Date (xiv)	Number of voting rights that may be acquired if the instrument is exercised/converted	% of voting rights

Total (A+B)
Number of voting rights	% of voting rights
4,475,000	15.07%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are
effectively held, if applicable (xv):

Proxy Voting

10. Name of the proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:
13. Additional information:
14. Contact name:	Gavin Dolding
15. Contact telephone number:	020 7818 5217

2. Reason for the notification	State Yes/No
An acquisition or disposal of voting rights	Yes
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the notification obligation (iii):	Midas Capital Plc
4. Full name of shareholder(s) (if different from 3.) (iv):	See section 9 below
5. Date of the transaction (and date on which the threshold is crossed or reached if different) (v):	3 June 2009
6. Date on which issuer notified:	9 June 2009
7. Threshold(s) that is/are crossed or reached:	Was 5.12%, Now 4.98%
8. Notified details

A: Voting rights attached to shares

Class/type of shares if possible using the ISIN CODE	Situation previous to the Triggering transaction (vi)		Resulting situation after the triggering transaction (vii)
	Number of Shares	Number of Voting Rights (viii)	Number of shares	Number of voting rights (ix)		% of voting rights
			Direct	Direct	Indirect	Direct	Indirect
Ordinary Shares GB0030668940	1,520,000	1,520,000	1,480,000	N/A	1,480,000	N/A	4.98%

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

Type of financial instrumen	Expiration date (xiii)	Exercise/Conversion Period/ Date (xiv)	Number of voting rights that may be acquired if the instrument is exercised/converted	% of voting rights

Total (A+B)
Number of voting rights	% of voting rights
1,480,000	4.98%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are
effectively held, if applicable (xv):

CF iimia Accelerated Fund – 310,000
(Registered: Bank of New York Nominees Ltd A/C 391998)
CF iimia Growth Fund – 430,000
(Registered: HSBC Global Custody Nominee (UK) Ltd A/C 949182)
iimia Investment Trust – 740,000
(Registered: Bank of New York Nominees Ltd A/C 178055)

Proxy Voting:

10. Name of the proxy holder:	N/A
11. Number of voting rights proxy holder will cease to hold:	N/A
12. Date on which proxy holder will cease to hold voting rights:	N/A
13. Additional information:	Midas Capital Partners Ltd, Miton Asset Management Ltd and iimia Plc are all subsidiaries of Midas Capital Plc
14. Contact name:	John Bradley
15. Contact telephone number:	0151 906 2462

Company	% of net assets	Country	Sector

United Kingdom 0% T Bill 11/05/09	20.6	United Kingdom	Gilts
German 0% T Bill 22/04/09	13.6	Germany	Gilts
Petroleum Geo 2.7%	5.2	Norway	Energy
Seadrill 3.625%	4.5	Norway	Bond
Wirecard	4.1	Germany	Information Technology
Man Group 11%	3.2	United Kingdom	Bond
Vodafone	2.9	United Kingdom	Telecommunication Services
Acergy 2.25%	2.5	Luxembourg	Bond
3i Group 3.625%	2.2	United ingdom	Bond
Sonata	2.2	Spain	Bond

Asset Allocation
as at 31 March 2009

	As at 31 March 2009	As at 31 December 2008

Country	% of net assets	% of net assets

Belgium	0.2	0.4
Finland	-	1.0
France	2.1	5.0
Germany	21.2	20.7
Ireland	0.9	0.8
Luxembourg	2.5	1.0
Netherlands	4.8	6.4
Norway	15.2	11.6
Russia	-	1.1
Spain	2.2	-
Sweden	0.5	-
Switzerland	-	0.7
United Kingdom	37.8	16.8

	As at 31 March 2009		As at 31 Dec 2008
	Value (GBP)	Percentage (%)	Value (GBP)	Percentage (%)

Equities	15,218,000	30.1	20,304,195	38.5
Fixed Income	28,982,571	57.3	14,219,423	27.0
Cash	6,148,779	12.2	17,694,336	33.5
Hedging	188,579	0.4	509,063	1.0

Net assets	50,537,929	100.0	52,727,017	100.0

Note: The Directors are not aware of any significant events or transactions which have occurred between the date of the financial information and the date of publication, which would have a material impact on the financial position of the Company. For latest performance and portfolio information, please refer to the Company’s website: www.sreit.co.uk.

Contact Details:
Capita Sinclair Henderson Ltd
+ 44 1392 412 122
www.sreit.co.uk

Holding in Company

TR-1 (i) NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached (ii):

SR Europe Investment Trust Plc

2. Reason for the notification	State Yes/No
An acquisition or disposal of voting rights
An aquisition or disposal of financial instruments which may results in the acquisition of shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify): Henderson acquired New Star. Disclosure of voting rights taken on by Henderson from New Star.	Yes

3. Full name of person(s) subject to the notification obligation (iii):	Henderson Global Investors Ltd
4. Full name of shareholder(s) (if different from 3.) (iv):	N/A
5. Date of the transaction (and date on which the threshold is crossed or reached if different) (v):	N/A
6. Date on which issuer notified:	12 May 2009
7. Threshold(s) that is/are crossed or reached	14%
8. otified details:

A: Voting rights attached to shares

Class/type of shares if possible using the ISIN CODE	Situation previous to the triggering transaction (vi)		Resulting situation after the triggering transaction (vii)
	Number of Shares	Number of Voting Rights (viii)	Number of Shares	Number of Voting Rights (ix)		% of Voting Rights
			Direct	Direct(x)	Indirect(xi)	Direct	Indirect
Ordinary Shares			4,375,000	4,375,000		14.733%

B: Financial Instruments

Resulting situation after the triggering transaction (xiii)

Type of financial instrument	Expiration date (xiii)	Exercise/Conversion Period/Date (xiv)	Number of voting rights that may be aquired if the instrument is exercised/converted	% of voting rights

Total (A+B)
Number of voting rights	% of voting rights
4,375,000	14.733%

9. Chain of controlled undertaking through which the voting rights and/or the financial instruments are effectively held, if applicable (xv):

Proxy Voting:

10. Name of the proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:
13. Additional information:
14. Contact name:	Gavin Dolding
15. Contact telephone number:	020 7818 5217

Class/type of shares if possible using the ISIN CODE	Situation previuous to the Triggering transaction (vi)		Resulting situation after the triggering transaction (vii)
	Number of shares	Number of voting rights	Number of shares	Number of voting rights (ix)		% of voting rights
			Direct	Direct (x)	Indirect (xii)	Direct	Indirect
Ordinary Shares GB0030668940	1,455,000	1,455,000	1,555,000	N/A	1,555,000	N/A	5.24%

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument	Expiration date	Exercise/Conversion Period/ Date	Number of voting rights that may be acquired if the instrument is exercised/converted	% of voting rights

Total (A+B)
Number of voting rights	% of voting rights
1,555,000	5.24%

9. Chain of controlled undertakings through which the voting rights
and/or the financial instruments are effectively held, if applicable:

CF iimia Accelerated Fund – 325,000
(Registered: Bank of New York Nominees Ltd A/C 391998)
CF iimia Growth Fund – 500,000
(Registered: HSBC Global Custody Nominee (UK) Ltd A/C 949182)
iimia Investment Trust – 730,000
(Registered: Bank of New York Nominees Ltd A/C 178055)

Proxy Voting:

10. Name of the proxy holder: N/A
11. Number of voting rights proxy holder will cease to hold: N/A
12. Date on which proxy holder will cease to hold voting rights: N/A

13. Additional information: Midas Capital Partners Ltd, Miton Asset Management Ltd
and iimia Plc are all subsidiaries of Midas Capital Plc
14. Contact name: John Bradley
15. Contact telephone number: 0151 906 2462

Annual Report and Accounts

SREIT Accounts 2008.pdf

Holdings in Company

TR-1 (i) NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached (ii):

SR Europe Investment Trust Plc

2. Reason for the notification	State Yes/No
An acquistion or disposal of voting rights	Yes
An aquisition or disposal of financial instruments which may result in the acquistion of shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the notification obligation (iii):	Rupert Dyson
4. Full name of shareholder(s) (if differentfrom 3.) (iv):
5. Date of the transaction (and date on which the threshold is crossed or reached if different) (v):	10 March 2009
6. Date on which issuer notified	19 March 2009
7. Threshold(s) that is/are crossed or reached:	3%
8. Notified details:

A: Voting rights attached to shares

Class/type of
shares
if possible using
the ISIN CODE

Situation previous to
the Triggering
transaction (vi)

Resulting situation after the triggering
transaction (vii)

Number of
Shares

Number
of Voting
Rights
(viii)

Number
of
shares

Number of voting
rights (ix)

% of voting
rights

			Direct	Direct (x)	Indirect (xi)	Direct	Indirect
Ordinary Shares GB0030668940	883,680	883,680	988,680	988,680		3.3%

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

Type of financial instrument	Expiration date (xiii)	Exercise/Conversion Period/Date (xiv)	Number of voting rights that may be acquired if the instrument is exercised/converted	% of voting rights

Total (A+B)
Number of voting rights	% of voting rights
988,680	3.3%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectly held, if applicable (xV):

Proxy voting:

10. Name of the proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:	The disclosure is late beacsuse it was thought that the broker had made the necessary dsiclosures.
14. Contact name:	Rupert Dyson
15. Contact telephone number	+44 20 7929 2771

2. Reason for the notification	State Yes/No
An acquisition or disposal of voting rights	Yes
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the notification obligation (iii):	Midas Capital plc
4. Full name of shareholder(s) (if different from 3.) (iv):	(see section 9 below)
5. Date of transaction (and date on which the threshold is crossed or reached if different) (v):	26 November 2008
6. Date on which issuer notified:	02 December 2008
7. Threshold(s) that is/are crossed or reached:	5%
8. Notified details	N/A

A: Voting rights attached to shares

Class/type of shares if possible using the ISIN CODE	Situation previous to the Triggering transaction (vi)		Resulting situation after the triggering transaction (vii)
	Number of Shares	Number of Voting Rights (viii)	Number of Shares	Number of voting rights (ix)		% of voting rights
			Direct	Direct (x)	Indirect (xi)	Direct	Indirect
Ordinary Shares GB0030668940	1,560.000	1,560,000	1,480,000	N/A	1,480,000	N/A	4.98%

B. Financial Instruments

Resulting situation after the triggering transaction (xii)

Type of financial instruments	Expiration date (xiii)	Exercise/Conversion Period/Date (xiv)	Number of voting rights that may be acquired if the instrument is exercised/converted	% of voting rights

Total (A+B)	% of voting rights
Number of voting rights
1,480,000	4.98%

9. Chain of controlled undertaking through which the voting rights and/ or the financial instruments
are effectly held, if applicable (xv):

iimia Accelerated Fund - 350,000
(Registered: Bank of New York Nominees Ltd A/C 391998)
iimia Growth Fund - 500,000
(Registered: HSBC Global Custody Nominee (UK) Ltd A/C 949182)
iimia Investment Trust - 630,000
(Registered: Bank of New York Nominees Ltd A/C 178055)

Proxy Voting:

10. Name of the proxy holder:	N/A
11. Number of voting rights proxy holder will cease to hold:	N/A
12. Date on which proxy holder will cease to hold voting rights:	N/A
13. Addtional information:	Midas Capital Partners Ltd, Miton Asset Management Ltd and iimia plc are all subsidiaries of Midas Capital plc
14. Contact name:	John Bradley
15. Contact telephone number:	0151 906 2462

Net Asset Value

The Company announces that the unaudited Net Asset Values at 25 November 2008 were:
Per Ordinary share – basic, including estimated current period revenue reserves: 157.62 pence.
Per Ordinary share – basic, excluding estimated current period revenue reserves: 154.47 pence.

Net Asset Value

The Company announces that the unaudited Net Asset Values at 18 November 2008 were:

Per Ordinary share – basic, including estimated current period revenue reserves: 159.74 pence.

Per Ordinary share – basic, excluding estimated current period revenue reserves: 156.37 pence.

Net Asset Value

The Company announces that the unaudited Net Asset Values at 11 November 2008 were:
Per Ordinary share – basic, including estimated current period revenue reserves: 166.10 pence.
Per Ordinary share – basic, excluding estimated current period revenue reserves: 162.78 pence.

Interim Management Statement - November 2008

SR Europe Investment Trust plc
Interim Management Statement

Summary

	30 September 2008	30 June 2008
Net assets (including current period revenue	£55.0 million	£69.1 million
Net Asset Value per share	185.2p	232.8 p
Percentage of funds invested	95.5%	91.5%

Investment Manager’s Review

The Company’s NAV per share fell by 20% during the three month period ended 30 September 2008. For comparative purposes only, the MSCI AC Europe index fell 11.4%% in Sterling terms over the same period. The following factors contributed to this poor relative performance:

Firstly, the Company’s high, and continued, exposure to oil and oil related sectors throughout the period. Although the oil price rallied in the early part of the period the stocks held generally remained in a downward trend. This was little helped by the fact that the majority of our exposure is more in the mid cap space which under performed the larger cap indices.

Secondly, the energy sector declines were compounded by Russian political risk re-emerging after Mr Putin’s comments on steelmaker Michel and the invasion of South Ossetia. This dragged the whole Russian market down and our position in Gasport was significantly hit.

Thirdly, United Internet, which trades on a current PE of 7.5x 2009 for a business with high double digit organic trend sales growth and improving margins, excellent cash flow characteristics and a capital light business model with excellent strategic positioning. Unfortunately, management’s inability to complete a strategic deal so far this year and first half results coming in line with expectations (when traditionally they have always positively surprised) have undermined the stock significantly.

Fourthly, Wire card was caught in an accounting scandal which we believe had limited merit. In reaction to this the company authorised an outside big four accountancy firm to give an independent view on their accounting practices to try to reassure investors, while the key protagonist against the company has resigned from the privately organised shareholder association SDK (Schutzvereinigung der Kapitalanleger).

Fifthly, Carphone Warehouse (CPW) which undertook a sale of 50% of its retail business to Best Buy. This provided what appeared to be a good exit price and further opportunity for growth in the medium term; we believe it to be a good deal although the share price reaction would suggest not. The remaining business will be debt free and far more focused on its UK broadband offering which we consider an excellent outcome.

Finally, AMG, which earlier in the period had positive news from gaining Q-cells as its largest new client suffered from a short term ramp up issue in its novel polysilicon production process. There were some contamination issues discovered which reduced throughput of their recently bought online furnaces. Management have however made it clear that they have a solution and they reiterated all 2009 targets, although this will most likely only become apparent towards the end of 2008.

The two speed European equity market continues, banks and other financials remain severely under pressure for a myriad of reasons, the more recent being issues around solvency. One thing we have underestimated so far this year is the market’s willingness to somewhat ignore previous trough multiples for many company valuations. We are endeavouring to avoid these areas for the Company.

The stock invested position has been reduced during the period and the most likely direction is for less, perhaps closer to 40% gross long. In addition, we will adopt a more diversified top ten going forward. That the average PE of the Company is now hovering below eight times 2008 and close to six times on 2009 estimates looks excellent medium term value, however it is providing little comfort in such volatile markets. We do believe in much of the projected earnings growth over the next twelve months in the Company’s holdings. However, this contrasts significantly with our view (and probably most other investors’) that broad market earnings projections must come down hugely over the next six months.

Top 10 Holdings

As at 30 September 2008

Company	% of Net Assets	Country	Sector
UK 0% T-Bill	33.3	United Kingdom	Gilts
German 0% T-Bill	10.4	Germany	Gilts
Carphone Warehouse	5.2	United Kingdom	Consumer Discretionary
Wirecard	3.2	Germany	Industrials
Petroleum Geo Services	3.2	Norway	Energy
United Internet	3.2	Germany	Information Technology
Imperial Energy	3.2	United Kingdom	Energy
AMG Advanced Metal	2.9	Netherlands	Materials
Rocksource	2.5	Norway	Energy
E.ON	1.8	Germany	Energy

Asset Allocation

As at 30 September 2008		As at 30 June 2008
Country	% of Net Assets	Country	% of Net Assets
Belgium	0.7	Belgium	1.0
Denmark	-	Denmark	2.1
Finland	1.7	Finland	1.8
France	1.6	France	2.4
Germany	18.9	Germany	16.3
Italy	-	Italy	0.2
Netherlands	6.1	Netherlands	8.7
Norway	8.9	Norway	12.8
Russia	2.3	Russia	8.0
Sweden	-	Sweden	1.9
Switzerland	1.7	Switzerland	6.4
UK	53.6	UK	29.9

As at 30 September 2008			As at 30 June 2008
	Value (GBP)	Percentage (%)	Value (GBP)	Percentage (%)
Equities	28,520,733	51.8	63,238,888	91.5
Fixed Income	24,021,096	43.7	-	-
Cash	2,425,397	4.4	5,899,599	8.5
Hedging	43,070	0.1	-	-
Net Assets	55,010,295	100.0	69,138,487	100.0

3. Full name of person(s) subject to the notification obligation (iii):	Midas Capital plc
4. Full name of shareholder(s) (if different from 3.) (iv):	(see section 9 below)
5. Date of transaction (and date on which the threshold is crossed or reached if different) (v):	28 August 2008
6. Date on which issuer notified:	02 September 2008
7. Threshold(s) that is/are crossed or reached:	5%
8. Notified details	N/A

A: Voting rights attached to shares

Class/type of shares if possible using the ISIN CODE	Situation previous to the Triggering transaction (vi)		Resulting situation after the triggering transaction (vii)
	Number of Shares	Number of Voting Rights (viii)	Number of Shares	Number of voting rights (ix)		% of voting rights
			Direct	Direct (x)	Indirect (xi)	Direct	Indirect
Ordinary Shares GB0030668940	1,480.000	1,480,000	1,495,000	1,495,000	N/A	5.03%	N/A

B. Financial Instruments

Resulting situation after the triggering transaction (xii)

Type of financial
instruments

Expiration date (xiii)

Exercise/Conversion
Period/Date (xiv)

Number of voting rights that may be acquired
if the instrument is exercised/converted

% of voting
rights

Total (A+B)
Number of voting rights	% of voting rights
1,495,000	5.03%

9. Chain of controlled undertaking through which the voting rights and/ or the financial instruments are effectly held, if applicable (xv):

CF iimia Accelerated Fund - 326,500
(Registered: Bank of New York Nominees Ltd A/C 391998)
CF iimia Growth Fund - 468,500
(Registered: HSBC Global Custody Nominee (UK) Ltd A/C 949182)
iimia Investment Trust - 700,000
(Registered: Bank of New York Nominees Ltd A/C 178055)

Proxy Voting:

10. Name of the proxy holder:	N/A
11. Number of voting rights proxy holder will cease to hold:	N/A
12. Date on which proxy holder will cease to hold voting rights:	N/A
13. Addtional information:	iimia plc, Miton Asset Management Ltd and Midas Capital Partners Ltd are all subsidiaries of Midas Capital plc
14. Contact name:	Helen Craig
15. Contact telephone number:	01392 475972

Company	Weight	Country	Sector
United Internet	5.9%	Germany	TMT
Carphone Warehouse	4.9%	United Kingdom	TMT
Gazprom	4.7%	Russia	Gas
AMG	4.2%	Netherlands	Materials
Petroleum Geo Services	3.9%	Norway	Oil Services
Swatch Group	3.5%	Switzerland	Consumer Disretionary
Wirecard AG	2.7%	Germany	Software & IT Services
A rcelormittal	2.3%	France	Unknown
CSR	2.0%	United Kingdom	Unknown
Holcim	2.0%	Switzerland	Unknown
Concentration	36.1%

Asset Allocation

	As at 30 April 2008		As at 31 December 2007
Country	Percentage %	Country	Percentage %
Belgium	1.2	Belgium	1.4
Denmark	1.6	Denmark	-
Finland	1.2	Finland	3.1
France	6.5	France	7.9
Germany	12.7	Germany	20.7
Hungary	-	Ireland	0.5
Italy	0.2	Italy	3.4
Netherlands	7.6	Netherlands	10.1
Norway	12.1	Norway	14.2
Russia	6.3	Russia	6.3
Spain	-	Spain	2.1
Sweden	1.0	Sweden	0.5
Switzerland	7.0	Switzerland	8.9
United Kingdon	23.8	United Kingdon	24.5

	As at 30 April 2008		As at 31 Dec 2007
	Absolute Value (GBP)	Percentage (%)	Absolutev Value (GBP)	Percentage (%)
Equities	56,345,841	81.2	78,977,271	105.4
Fixed Income	-
Cash	13,080,564	18.8	(4,057,180)	(5.4)
Hedging	-
Net Balance Sheet	69,426,405	100.0	74,920,091	100.0

Download Interim Report 2007 as a pdf - 92kb

Director/PDMR Shareholding

On 24 August 2007 The Bulldog Trust, a charitable foundation of which Mr Riley is a trustee, on instructions from Richard Hoare, sold 10,000 ordinary shares at an average price of 229.5p. The Bulldog Trust retains a holding of 40,000 ordinary shares.

Following these transactions, Martin Riley’s interests in the securities of the Company are as follows:

                                     Beneficial          % of class          As Trustee         % of class
                                     and Family          of capital                                        of capital

Ordinary Shares         1,086,171                 3.66                289,064               0.97

Subscription Shares   217,233                    3.66                49,812                0.84

Enquiries:

Capita Sinclair Henderson Ltd, Company Secretary, 01392 477513

28 August 2007

Director/PDMR Shareholding

On 7 August 2007 The Bulldog Trust, a charitable foundation of which Mr Riley is a trustee, on instructions from Richard Hoare, sold 50,000 ordinary shares at an average price of 231.4p. The Bulldog Trust retains a holding of 50,000 ordinary shares.

Following these transactions, Martin Riley’s interests in the securities of the Company are as follows:

	Beneficial and Family	% of class capital	As Trustee	% of class capital
Ordinary Shares	1,086,171	3.66	299,064	1.01

Subscription Shares	217,233	3.66	49,812	0.84

Enquiries:

Capita Sinclair Henderson Ltd, Company Secretary, 01392 477513

8 August 2007

Director Declaration

In accordance with LR 9.6.14 R the Company announces that Mr T Guinness, a Director of the Company, has been appointed a non-executive director of Quayle Munro Holdings Plc with effect from close of business today.

9 July 2007

Portfolio Update

In accordance with UKLA Listing Rule 15.4.11(2), the following list represents the Company’s 10 largest investments as at 30 June 2007 and where appropriate, any investment with a value greater than 5% of the Company’s gross assets:

Name of company	Class of share
TomTom NV	Ordinary
United Internet NPV	Ordinary
Carphone Warehouse	Ordinary
CIE Geophysique	Ordinary
Nestle Oil	Ordinary
Allianz	Ordinary
Nokia	Ordinary
First Quantum	Ordinary
CSR	Ordinary
E.ON	Ordinary

All of the above investments have a market value of less then 5% of gross assets as at 30 June, with the exception of TomTom

Preliminary announcement of results

Download preliminary announcement as a PDF- 68Kb

Annual Information Update

Annual Information Update

In accordance with Prospectus Rule 5.2 the Company reports upon information that it has published or made available to the public over the 12 month period ended 30 April 2007.

In accordance with PR 5.2.7 some of the announcements during the period may relate to matters which have subsequently changed since the original announcement.

Company Announcements

The Company has made the following announcements through PR Newswire, its appointed RIS.

Date
Time
Heading

27 April 2007
3.34pm
Director/PDMR Shareholding

24 April 2007
3.30pm
EGM Statement

24 April 2007
3.23pm
AGM Statement

24 April 2007
9.52am
Proposed Issue of Subscription Shares

24 April 2007
9.23am
Doc re Supplementary Prospects

23 April 2007
4.23pm
Director/PDMR Shareholding

03 April 2007
1.19pm
Portfolio Update

20 March 2007
1.31pm
Holdings in Company

20 March 2007
10.17am
Annual Report and Accounts

19 March 2007
4.21pm
Director/PDMR Shareholding

19 March 2007
3.23pm
Correction: Proposed Issue of Subscription Shares

19 March 2007
12.55pm
Final Results

16 March 2007
2.39pm
Holdings in Company

13 March 2007
11.03
Holdings in Company

19 Jan 2007
3.40pm
Holdings in Company

03 Jan 2007
9.12am
Portfolio Update

15 Dec 2006
3.02pm
Total Voting Rights

09 Nov 2006
4.30pm
Statement re Continuation arrangements

03 Oct 2006
2.17pm
Portfolio Update

25 Sept 2006
10.37am
Holdings in Company

14 Sept 2006
3.01pm
Holdings in Company

12 Sept 2006
5.51pm
Holdings in Company

12 Sept 2006
5.38pm
Holdings in Company

12 Sept 2006
5.21pm
Director/PDMR Shareholding

06 Sept 2006
4.11pm
Exercise of remaining warrants

01 Sept 2006
1.32pm
Exercise of Warrants

16 Aug 2006
12.09pm
Dividend Payment Date

14 Aug 2006
12.15pm
Interim Results

01 Aug 2006
5.09pm
Holdings in Company

25 July 2006
5.18pm
Doc re Notice of Warrant holder exercise

04 July 2006
3.30pm
Portfolio Update

23 June 2006
11.10am
Directorate Change

The Company makes the following announcements on a regular basis through PR Newswire, its appointed RIS:

Net Asset Values are released weekly.

In accordance with LR 15.4.11 (1), within two business days of the end of each calendar month, the Company discloses its investments in other UK listed investment companies and investment trusts which themselves do not have stated investment policies to invest no more than 15% of their total assets in other listed investment companies or listed investment trusts.

In accordance with LR 15.4.11 (2), within two business days of the end of each quarter, a list of all investments with a value greater than 5% of the company's total assets and at least the 10 largest investments as at the last business day of that quarter.

Filing at Companies House

During the period the following documents were filed at Companies House:

Date
Document number
Description

26/04/07
AA
Group of Companies' Accounts Made up to 31/12/06

14/11/2006
287
Registered Office Changed

13/11/06
88(2)R
Allotment of Shares

11/09/06
288c
Secretary's Particulars Changed

07/08/06
288a
Director Appointed

11/07/06
363s
Return Made Up to 29/05/06

09/05/06
RES09
Special Resolutions

05/05/06
AA
Group of Companies' Accounts Made Up to 31/12/05

04/05/06
AA
Interim Accounts Made Up to 31/03/06

Inspection of Documents

The Company publishes the following documents on its website www.sreit.com

Annual Report

Interim Report

Copies of certain documents that are required to be lodged at the FSA in accordance with the Listing Rules, Prospectus Rules and Disclosure Rules are available for inspection at the following address:

Financial Services Authority

25 The North Colonnade

Canary Wharf

London E14 5HS

Tel 0207 676 1000

Copies of announcements other than NAV announcements may be viewed at the following link:

http://www.investigate.co.uk/index.aspx?searchtype=3+words=SR.+Go=search

Please note that this site is not the responsibility of the Company.

Copies of documents filed at Companies House are available at Registrar of Companies, Companies House, Crown Way, CARDIFF, CF14 3UZ tel 0870 33 33 636. They may also be downloaded from its website at www.direct.companieshouse.gov.uk.

Copies of any of the above items may be obtained free of charge from the office of the Company Secretary at the registered office address:

Capita Sinclair Henderson Limited
51 New North Road
Exeter
EX4 4EP

Director/PDMR Shareholding

Following the allotment of new Subscription Shares on 24 April 2007, Martin Riley, a Director of the Company, was allotted 217,233 Subscription Shares beneficially and 69,812 Subscription Shares as a trustee.

On 28 April 2007 The Bulldog Trust, a charitable foundation of which Mr Riley is a trustee, on instructions from Richard Hoare, sold its entire 20,000 Subscription Shares at a price of 71p. The Bulldog Trust retains a holding of 100,000 ordinary shares. Mr Riley’s total holding in Subscription Shares is therefore reduced to 267,045.

Following these transactions, Martin Riley’s interests in the securities of the Company are as follows:

	Beneficial and Family	% of class of capital	As Trustee	% of class of capital
Ordinary Shares	1,086,171	3.66	329,064	1.11
Subscription Shares	217,233	3.66	49,812	0.84

Enquiries:
Capita Sinclair Henderson Ltd, Company Secretary, 01392 477513
2 May 2007

Director/ PDMR Shareholding

The Company has been informed that Mr H Sloane, a Director of the Company, has made the following transactions in the Company’s securities:

On 27 April 2007, Mr H Sloane purchased 130,000 Ordinary Shares, at a price of 238p per share.

Following this transaction, Mr Sloane’s interests in the securities of the Company are as follows:

	Beneficial and family	% of class of capital
Ordinary Shares	1,250,000	4.21

27 April 2007

Subscription Share Issue - 24 April 2007

In connection with the bonus issue of Subscription Shares detailed in the Prospectus sent to shareholders dated 19 March 2007 (the 'Prospectus'), the Board confirms that the Subscription Share Conversion Price has now been determined and is 244p.

This price is equal to the NAV per ordinary share of 238.58p as at close of business on 20 April 2007 plus 2 per cent. of such amount, rounded up to the nearest whole penny.

Enquiries

Capita Sinclair Henderson Limited - Company Secretary
01392 477512
Angus Gordon Lennox - JPMorgan Cazenove
020 7588 2828

Result of AGM - 24 April 2007

At the Annual General Meeting held today, the following Ordinary Resolutions were passed :

1. To receive the audited accounts for the period ended 31 December 2006, together with the Report of the Directors and Auditors thereon.

2. To receive and approve the Directors' remuneration report.

3. To declare a final dividend of 1.15p per Ordinary share.

4. To re-elect Mr D S Boyle as a Director of the Company.

5. To re-elect Mr H P Sloane as a Director of the Company.

6. To elect Mr I C S Barby as a Director of the Company.

7. To re-appoint Saffery Champness as Auditors to the Company and to authorise the Directors to determine their remuneration.

8. That the Company continue as an investment trust.

9. To authorise the Directors pursuant to Section 80 of the Companies Act 1985 to allot relevant securities up to 10% of the issued Ordinary share capital.

In addition the following Special Resolutions were passed:

10. To authorise the Directors pursuant to Section 95(1) of the Companies Act 1985 to allot equity securities up to 10% of the current issued share capital.

11. To authorise the Directors pursuant to Section 166 of the Companies Act 1985 to make market purchases of the Company's own Ordinary shares.

In accordance with the Listing Rules, a copy of the full text of Resolutions 8 to 11, each having been proposed as special business, has been submitted to the UK Listing Authority and will be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS

Tel no: 020 7676 1000

Result of EGM - 24 April 2007

At an Extraordinary General Meeting ('EGM') held earlier today, the resolution which was set out in the Prospectus dated 19 March 2007 was duly passed without amendment.

In accordance with paragraph 9.6.2 of the Listing Rules, two copies of the resolution approved at the EGM have been submitted to the UK Listing Authority and will shortly be made available for inspection via the UK Listing Authority's Document Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS

It is expected that 5,938,789 Subscription Shares in the Company will be allotted and issued. Application has been made for the Subscription Shares in the Company to be admitted to the Official List and to trading on the London Stock Exchange. The Subscription Shares will trade under the code ''SRS'' from 25 April 2007.

Enquiries

Capita Sinclair Henderson Limited - Company Secretary
01392 477512
Angus Gordon Lennox - JPMorgan Cazenove
020 7588 2828

Supplementary Prospectus - document available for inspection - 24 April 2007

Copies of the above document have been submitted to the UK Listing Authority, and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

Tel. No. (0)20 7 066 1000

Director of the Company purchases 100,000 Ordinary Shares - 23 April 2007

The Company has been informed that Mr H Sloane, a Director of the Company, has made the following transactions in the Company's securities:

On 20 April 2007, Mr H Sloane purchased 100,000 Ordinary Shares, at a price of 238p per share.

Following this transaction, Mr Sloane's interests in the securities of the Company are as follows:

	Beneficial and Family	% of class of capital
Ordinary Shares	1,120,000	3.77

Bonus Issue of Subscription Shares and Extraordinary General Meeting - 19 March 2007

INTRODUCTION

The Company has today published a prospectus (the 'Prospectus') which details certain Proposals, which consist of the adoption of new Articles of Association ('New Articles') to create a new share class of Subscription Shares, to amend the dates of subsequent continuation votes and to update the Articles of Association generally to reflect legal developments; and a bonus issue of Subscription Shares. In addition, changes to the investment management fee and performance fee payable to Sloane Robinson as Investment Manager of the Company's portfolio are noted in the Prospectus.

The purpose of the Prospectus is to explain the reasons for the Proposals and explain why the Directors recommend that Shareholders vote in favour of the Resolution to be proposed at the Extraordinary General Meeting ('EGM'), which will be held on 24 April 2007.

As at 14 March 2007, (being the latest practicable date prior to printing of the Prospectus), the Company's market capitalisation was GBP62.4 million and it had unaudited gross assets of GBP73.2 million and unaudited net assets of GBP62.4 million. The Company's borrowings currently comprise GBP8.7 million of short term revolving credit facilities. The fully diluted Net Asset Value ('NAV') per Ordinary Share assuming all dividends reinvested has increased by 127.9 per cent. over the period from 15 August 2001, the date of inception of the Company, to 31 December 2006. The total return of the MSCI Europe (incl. UK) Total Return Index over this period was 44.2 per cent. As at 14 March 2007, (being the latest practicable date prior to printing of the prospectus), the unaudited NAV per Ordinary Share was 210 pence.

BACKGROUND TO AND REASONS FOR THE PROPOSALS

The Company was launched in 2001 as the successor company to SR Pan European Investment Trust plc. Ordinary Shares issued pursuant to a placing and offer for subscription of up to 50 million Ordinary Shares and Ordinary Shares issued in connection with the recommended scheme of reconstruction of SR Pan European Investment Trust plc had warrants attached on issue on the basis of one warrant for every five Ordinary Shares issued. The final date to exercise subscription rights under the warrants was 31 August 2006. The Company's capital structure therefore currently comprises only Ordinary Shares.

Both this Company and its predecessor, SR Pan European Investment Trust plc, have had successful warrant issues. The subscription monies coming into the Company at the end of the warrants' life has helped the portfolio grow towards an economic size. Having the warrants to trade has enabled the market makers to maintain a more liquid market in the relatively small number of shares in issue. The Board wish these advantages to continue and, as such, the Board consider it desirable that Shareholders on the register at close of business on 23 April 2007 be allotted securities, on a one for five basis, having rights similar to those of the warrants that expired on 31 August 2006.

CHANGE OF INVESTMENT MANAGEMENT AND PERFORMANCE FEES

The Investment Management Agreement and fee structure was negotiated with the Investment Manager, Sloane Robinson, when the Company was launched in 2001 and included a performance fee which crystallised seven business days before today's date, being the date on which the accounts for the year ended 31 December 2006 were posted to Shareholders. Your Directors have had extensive discussions with the Investment Manager to determine the level of both the annual and the performance fee for the future. In view of the excellent medium and longer term performance of the assets, the Board wishes to retain Sloane Robinson as Investment Manager and provide them with an acceptable incentive for the future in the interests of Shareholders.

In order to achieve these aims, if the continuation vote to be proposed at the Annual General Meeting ('AGM') is approved, the investment management fee will be changed so that the annual management fee is increased from 0.6 per cent. to 0.8 per cent. of the total assets of the portfolio less current liabilities and current period revenue, payable quarterly in arrears. In addition, the Investment Manager will be entitled to a performance fee equal to 15 per cent. of the amount by which the NAV per Ordinary Share as at 29 June 2012 exceeds a figure equal to the NAV per Ordinary Share as at 8 March 2007 increased by 5 per cent. per annum compound multiplied by the lower of (i) the number of Ordinary Shares in issue as of 8 March 2007 and (ii) the mean average number of Ordinary Shares in issue as at 8 March 2007, each anniversary of 8 March 2007 and 29 June 2012. In any event, the performance fee shall be less than 4.8 per cent. of the NAV per Ordinary Share multiplied by the number of Ordinary Shares in issue as at 29 June 2012.

THE SUBSCRIPTION SHARE ISSUE

The Directors propose to implement a bonus issue of Subscription Shares. Shareholders on the register at close of business on 23 April 2007 will receive 1 Subscription Share for every 5 Ordinary Shares held and each Subscription Share will confer the right, exercisable by notice to the Company in the thirty days preceding the annual general meeting in any of the years 2008 to 2012 (inclusive), to convert, on the date of the relevant annual general meeting, into 1 Ordinary Share of the Company on payment of the Conversion Price.

The Directors believe that the Subscription Share issue will have the following advantages for Shareholders:

- Holders of Subscription Shares who retain their Subscription Shares and their Ordinary Shares will maintain the same overall economic interest in the Company and, if bullish about the Company's prospects, will be able to increase their holding of Subscription Shares by acquiring further such shares in the market, thereby providing greater potential for capital appreciation albeit with a higher risk.

- Alternatively, holders of Subscription Shares may wish to degear by selling Subscription Shares to raise cash but in such event will benefit less from future growth in the NAV per Ordinary Share.

- The issue of the Subscription Shares should have a positive effect on the liquidity of the underlying Ordinary Shares.

- The exercise of the conversion rights attached to the Subscription Shares will increase the size of the Company and the funds available for investment and will spread the Company's operating costs across a larger number of Ordinary Shares.

- The Subscription Shares have the same characteristics as warrants but with the additional benefit of being qualifying investments for the purposes of an existing PEP and for the stocks and shares component of an ISA (which warrants are not).

The trading value of the Subscription Shares will be determined by market forces, including the global macroeconomic background, the supply and demand for the Subscription Shares and investor sentiment towards the Company. The Subscription Shares will have time or 'option' value - a value for the time the underlying Ordinary Share price has the potential to rise above the Conversion Price.

ADOPTION OF NEW ARTICLES OF ASSOCIATION

If the Proposals are approved, new Articles of Association will be adopted to replace the existing Articles of Association. The New Articles, as well as providing for a new share class of Subscription Share, will provide for an amendment to the duration provisions relating to the life of the Company to ensure that the next continuation vote will not be held whilst the Subscription Shares are in issue. The Board have considered it desirable to amend the Articles of Association to provide that, following the AGM to be held on 24 April 2007, the Board be required to procure an ordinary resolution to be proposed for the continuation of the Company in its current form at the annual general meeting of the Company to be held to approve the Company's accounts in respect of the financial year ending 31 December 2011 and at every third annual general meeting thereafter. The New Articles will also incorporate a number of changes to reflect recent legal developments.

ENTITLEMENT OF SHAREHOLDERS TO SUBSCRIPTION SHARES

Subject to the proposed bonus issue of Subscription Shares being approved at the EGM, Shareholders will each receive 1 Subscription Share for every 5 Ordinary Shares owned by them as at the close of business on 23 April 2007. Fractions of Subscription Shares arising from the calculation of each Ordinary Shareholder's entitlement will not be allotted or issued and the number of Subscription Shares allotted to each Ordinary Shareholder will be rounded down to the nearest whole Subscription Share. The proposed issue of Subscription Shares will not be underwritten.

TERMS OF THE SUBSCRIPTION SHARES

In summary, the Subscription Shares being issued will entitle a holder to elect to convert, by notifying the Company in the thirty days preceding the annual general meeting in any of the years 2008 to 2012 (inclusive), each Subscription Share into one Ordinary Share on the date of the relevant annual general meeting at the Conversion Price. The ''Conversion Price'' will be the NAV per Ordinary Share as at the close of business on 20 April 2007, plus a 2 per cent. premium of such amount.

The published unaudited NAV per Ordinary Share as at 14 March 2007 (being the latest practicable date prior to printing of this document) was 210 pence, and for illustrative purposes only, had this NAV per Ordinary Share been used, the Conversion Price would have been 214.2 pence.

The Conversion Price will be notified to Shareholders by way of a supplementary prospectus expected to be published on 23 April 2007.

To exercise their conversion rights, Subscription Shareholders must notify the Company during the thirty days preceding the annual general meeting in any of the years 2008 to 2012 (inclusive). The conversion date will be the date of the relevant annual general meeting.

The issue of the Subscription Shares is subject to the passing of the Resolution at the EGM authorising the Directors to allot the Subscription Shares, the UK Listing Authority agreeing to admit the Subscription Shares to the Official List and the London Stock Exchange agreeing to admit the Subscription Shares to trading. If the conditions are satisfied, the Directors intend to exercise the authority conferred by the Resolution to allot the Subscription Shares. If any of these conditions are not fulfilled, then the Subscription Shares will not be issued.

It is expected that the Subscription Shares will be admitted to the Official List on 25 April 2007 and that the first day of dealings in the Subscription Shares will be on the same date. The Subscription Shares will be issued in either certificated or uncertificated form. The ISIN number for the Subscription Shares will be GB00B1TF5P23.

CONSEQUENCES OF THE CONVERSION OF SUBSCRIPTION SHARES ON THE COMPANY

In general, it is anticipated that the majority of Subscription Shareholders will exercise their conversion rights in the final year of the life of the Subscription Shares if the market price of Ordinary Shares exceeds the Conversion Price at that time. If the NAV per Ordinary Share at that time exceeds the Conversion Price, the Company will issue Ordinary Shares (pursuant to the conversion of the Subscription Shares) on receipt of a sum equal to the Conversion Price that is below the NAV per Ordinary Share at that date. If the Conversion Price is materially below the NAV per Ordinary Share then the issue of Ordinary Shares pursuant to the conversion of the Subscription Shares would have a material dilutive effect on the NAV per Ordinary Share.

COSTS OF THE PROPOSALS

The Company's expenses in connection with the Proposals, including the proposed issue of Subscription Shares, are estimated to amount to GBP240,000 (including VAT).

OVERSEAS SHAREHOLDERS

The issue of the Subscription Shares to persons who have a registered or mailing address in countries other than the United Kingdom may be affected by the law or regulatory requirements of the relevant jurisdiction. Any Shareholder who is in any doubt as to their position should consult an appropriate professional adviser without delay.

EXTRAORDINARY GENERAL MEETING

The implementation of the Proposals, to include the issue of the Subscription Shares, requires the approval of Shareholders. Accordingly, an EGM has been convened for 24 April 2007 at which a composite Resolution will be proposed as a Special Resolution. The Resolution will approve the adoption of New Articles and will sanction the proposed issue of Subscription Shares. In the event that the resolution that the Company continue in its current form is not approved at the Annual General Meeting, the EGM will be adjourned sine die and the Resolution will not be considered.

TIMETABLE

Event	2007
Conversion price of Subscription Shares calculated as at	close of business on 20 April
Latest time and date for receipt of Forms of Proxy from Shareholders	12.30 p.m. on 22 April
Record date for issue of bonus Subscription Shares	Close of business on 23 April
Supplementary prospectus stating Subscription Share conversion price	published 23 April
Annual General Meeting	12 noon on 24 April
Extraordinary General Meeting	12.30 p.m. on 24 April
Date on which Subscription Shares issued and admitted to the Official List	8.00 a.m. on 25 April
Dealings in Subscription Shares commence on London Stock Exchange	8.00 a.m. on 25 April
Subscription Shares issued in uncertificated form credited to stock accounts in CREST of Shareholders entitled thereto	8.00 a.m. on 25 April
Subscription Share certificates and supplementary prospectus stating Subscription Share conversion price posted to non-CREST Shareholders	by 2 May

Enquiries

Tracey Brady - Company Secretary
01392 477513

Angus Gordon Lennox - JPMorgan Cazenove
020 7588 2828