RNS Number:3458T
Utilico Investment Trust PLC
16 December 2003

Utilico Investment Trust plc

16 December 2003

Investment in East Surrey Holdings plc



East Surrey Holdings yesterday announced the results of an open offer undertaken
in order to acquire the 75.5 per cent of Phoenix Natural Gas it did not already
own, and also that the transaction has been approved by the shareholders of East
Surrey. Existing East Surrey shareholders were given an entitlement to subscribe
for 7 new shares for every 10 already held at a price of 300p per share. Utilico
subscribed for its full entitlement of ordinary shares under the offer.

As a result Utilico now has an investment in 7,629,282 ordinary shares of East
Surrey. At the current market price of 296.5p this represents an investment of
some #22.6 million.




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