RNS Number:8380H
Britannic UK Income Trust PLC
21 February 2003

                         BRITANNIC UK INCOME TRUST PLC





The Board announces that it has today issued a Circular to the Shareholders of
Britannic UK Income Trust plc ("the Company") and Britannic UK Income Securities
plc ("the Subsidiary"), containing recommended proposals ("the Proposals") for:



  * a cancellation of the share premium account of the Company which would
    allow the Company to resume dividend payments on the Guaranteed Income
    Shares;


  * a cancellation of the share premium account of the Subsidiary and
    authority to buy back Zero Dividend Preference Shares for cancellation
    should market conditions improve; and


  * a proposal from the Manager (Britannic Investment Managers Limited) to
    make a capital injection for the benefit of Zero Dividend Preference
    Shareholders at the end of the life of the Subsidiary.



The Proposals will be considered at Extraordinary General Meetings of the
Company and the Subsidiary to be held on 20 March 2003 and at Separate Class
Meetings of the Guaranteed Income Shareholders of the Company and of the Zero
Dividend Preference Shareholders of the Subsidiary also being held on that date.
  The shareholder meetings commence at 10.30am and will take place at Britannic
Court, 50 Bothwell Street, Glasgow, G2 6HR.



A copy of the above document has been submitted to the UKLA, and will shortly be
available for inspection at the UKLA's Document Viewing Facility, which is
situated at:



Financial Services Authority

25 The North Colonnade

Canary Wharf

London  E14 5HS

Tel: 020 7676 1000



Announcement Ends





Enquiries:



Britannic Asset Management Press Office - 0141 222 8225/6



Donna Reid, Investment Trust Manager - 0141 222 8257




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