Fthr re Board Announcement

RNS Number:5157T
Beta Global Emerging Mkts Inv Tst
3 November 2000


RE : BETA GLOBAL EMERGING MARKETS INVESTMENT TRUST PLC (BETA GEM)

FURTHER TO ITS ANNOUNCEMENT OF 1 NOVEMBER, 2000, THE BOARD OF BETA
GEM UNDERSTANDS THAT A NUMBER OF FACTORS HAS REDUCED INVESTOR
APPETITE FOR FUNDS OF THIS KIND, REFLECTED IN THE WIDE DISCOUNTS TO
NET ASSET VALUE AT WHICH THEIR SHARES HAVE TYPICALLY TRADED IN RECENT
YEARS, AND ANNOUNCES THAT :

1.  THROUGH ITS ADVISERS, S G COUNTRY FUNDS, IT HAS CONSULTED WITH
SHAREHOLDERS BELIEVED TO REPRESENT OVER 80 PERCENT OF THE ISSUED
SHARES OF BETA GEM.

2.  THE BOARD HAS RESOLVED, SUBJECT TO SHAREHOLDERS APPROVAL, TO
EFFECT AN ORDERLY REALISATION OF THE COMPANY'S ASSETS WITH A VIEW TO
THE COMPANY BEING LIQUIDATED.  WHILST CERTAIN STRUCTURAL DETAILS
REMAIN TO BE FINALISED (IN PARTICULAR, WITH REGARD TO OPTIMISING TAX
TREATMENT FOR THE COMPANY AND ITS SHAREHOLDERS), ASSUMING ITS
PROPOSALS ARE APPROVED BY SHAREHOLDERS, THE BOARD :

-   EXPECTS TO BE IN A POSITION TO REALISE AND DISTRIBUTE IN CASH,
WITHIN THREE MONTHS OF SHAREHOLDERS' APPROVAL BEING GIVEN,
APPROXIMATELY 75 PERCENT OF THE COMPANY'S NET ASSETS, 

-    ANTICIPATES, ON THE BASIS OF INFORMATION PROVIDED BY THE
MANAGER, THAT REALISATION OF THE REMAINING ASSETS WILL BE COMPLETED
WITHIN TWELVE MONTHS OF SHAREHOLDERS' APPROVAL BEING GIVEN, AND

-   ESTIMATES THAT THE COSTS OF REALISING AND DISTRIBUTING ITS ASSETS
AND LIQUIDATING THE COMPANY WILL NOT EXCEED 2.25 PERCENT OF THE
COMPANY'S NET ASSETS BASED ON THE MOST RECENTLY PUBLISHED NET ASSET
VALUE PER SHARE.  THIS AMOUNT INCLUDES INVESTMENT MANAGEMENT,
ADVISORY AND OTHER PROFESSIONAL FEES BUT EXCLUDES (I) DISPOSAL COSTS
AND THE 'SPREAD' ON UNDERLYING INVESTMENTS, (II) ADMINISTRATION AND
CUSTODY COSTS AND OTHER DAY TO DAY EXPENSES ARISING IN THE ORDINARY
COURSE OF BUSINESS AND (III) ANY LIABILITY TO TAXATION.  FURTHER, IF
THE BOARD'S PROPOSALS ARE APPROVED, THE MANAGER HAS AGREED TO WAIVE
ANY ENTITLEMENT TO COMPENSATION FOR TERMINATION OF THE INVESTMENT
MANAGEMENT AGREEMENT. 

3.  IN ANY EVENT, THE BOARD GAVE PROTECTIVE NOTICE TO TERMINATE THE
INVESTMENT MANAGEMENT AGREEMENT ON 18TH OCTOBER, 2000.

AFTER DUE CONSIDERATION, THE BOARD BELIEVES THAT THIS PROPOSAL WILL
BE WELCOMED BY THE MAJORITY OF BETA GEM'S SHAREHOLDERS AND WILL
DELIVER MORE VALUE THAN AN UNSOLICITED PROPOSAL RECENTLY RECEIVED
FROM THE FLEMING EMERGING MARKETS INVESTMENT TRUST PLC (FEMIT).  THE
BOARD HAS RECEIVED FROM FEMIT'S ADVISERS COPIES OF THE LETTERS OF
SUPPORT REFERRED TO IN FEMIT'S ANNOUNCEMENT OF 31 OCTOBER : FROM
THESE IT IS CLEAR THAT NO SHAREHOLDER HAS ENTERED INTO A LEGALLY
BINDING COMMITMENT TO VOTE IN FAVOUR OF ANY SCHEME WHICH MAY BE PUT
FORWARD BY FEMIT.

THE BOARD WILL PUBLISH A CIRCULAR WITH FULL DETAILS OF ITS PROPOSALS
AS SOON AS PRACTICABLE.  A FURTHER ANNOUNCEMENT WILL BE MADE IN DUE
COURSE.

ENQUIRIES :

JOHN MARSHALL (CHAIRMAN)
BETA GLOBAL EMERGING MARKETS INVESTMENT TRUST PLC
TEL : +44 20 7378 4402 (OFFICE)
      +44 20 8445 2597 (HOME)

PAUL FINCHAM (HEAD OF CORPORATE FINANCE)
S G COUNTRY FUNDS (A DIVISION OF SG SECURITIES (LONDON) LIMITED,
REGULATED BY THE SECURITIES AND FUTURES AUTHORITY)
TEL : +44 20 7762 5987

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