Reconstruction Proposals

RNS Number:0450Q
Discovery Trust PLC
12 August 2005

12 AUGUST 2005

DISCOVERY TRUST PLC

RESULT OF ELECTIONS AND ENTITLEMENTS
UNDER RECONSTRUCTION PROPOSALS

In connection with the recommended proposals for the reconstruction of Discovery
Trust PLC, the Board is pleased to announce the following:

TAV per Share

The TAV per Share, calculated as at close of business on 9 August 2005, is
217.70p.

Cash Entitlements

The value of each Share in respect of which cash is payable under the Proposals,
being 94.5 per cent. of the TAV per Share, is 205.73p. Accordingly, cash will
be payable in respect of 9.72 million Shares, representing 41.7 per cent. of the
issued share capital of the Company and having an aggregate value at 94.5 per
cent. of their TAV, of #20.0 million.

Standard Entitlement

'C' shares in F&C Private Equity plc (formerly Martin Currie Capital Return
Trust plc) will be issued in respect of 13.60 million Shares, representing the
remaining 58.3 per cent. of the issued share capital of the Company.
Accordingly, under the Standard Entitlement, Shareholders are entitled to
receive cash in respect of 41.7 per cent. of their Shares (rounded down to the
nearest whole Share) and to receive 'C' Shares in respect of the balance of
their holding.

Results of Elections

The result of Shareholders' elections under the Proposals is as follows:
elections for 'C' Shares in respect of 4.5 million Discovery Shares and
elections for cash in respect of 18.8 million Discovery Shares.

Scaling Back

Cash elections in excess of the Standard Entitlement will be scaled back pro
rata in proportion to the amount of such excess cash elections with the result
that 14.5 per cent. of such excess cash elections will be satisfied (rounded
down, in each case, to the nearest whole Share).

Reclassification of Shares

As a result of the elections (after scaling back) referred to above, 13.61
million Shares will be reclassified as Shares with "Share" rights and 9.72
million Shares will be reclassified as Shares with "Cash" rights. Dealings in
the Shares with "Share" rights and the Shares with "Cash" rights are expected to
commence at 8.00 a.m. on 15 August 2005 and are expected to be suspended at 7.30
a.m. on 16 August 2005.

Closing of Registers

The register of Shareholders was closed at 5.00 p.m. on 8 August 2005. The
registers of holders of the Reclassified Shares are expected to open at 8.00
a.m. on 15 August 2005 and to close at 7.30 a.m. on 16 August 2005.

Conditions

An extraordinary general meeting of the Company will be held on 16 August 2005
at which a special resolution will be proposed for the winding-up of the Company
and the appointment of liquidators. The Proposals will not become effective
unless that resolution is passed.

The Proposals are also conditional on the UK Listing Authority agreeing to admit
the 'C' Shares to the Official List and the London Stock Exchange agreeing to
admit the 'C' Shares to trading on its Main Market, subject only to allotment.

Entitlements to New CRT Shares

Subject to the conditions referred to above being satisfied, Shareholders'
entitlements to 'C Shares pursuant to the Scheme will be announced by the
Company following the extraordinary general meeting of the Company on 16 August
2005.

Enquiries

Darren Willis/Sue Inglis Intelli Corporate Finance Limited T: 020 7653 6300
Martin Cassels F&C Asset Management Plc T: 0131 465 1000

Note: Words and expressions defined in the Circular have the same meanings when
used in this announcement unless the context requires otherwise.

Intelli Corporate Finance Limited, which is authorised and regulated in the
United Kingdom by the Financial Services Authority, is acting for Discovery
Trust PLC and, save as mentioned in the following paragraph, for no-one else,
including any recipient of this document, in connection with the Proposals and,
save as mentioned in the following paragraph, will not be responsible to anyone
other than Discovery Trust PLC for providing the protections afforded to clients
of Intelli Corporate Finance Limited or for providing advice in relation to the
Proposals or the contents of this document and the accompanying documents.

Intelli Corporate Finance Limited, which is authorised and regulated in the
United Kingdom by the Financial Services Authority, is acting, together with
Marshall Securities Limited, as joint sponsor of F&C Private Equity Trust plc
(formerly Martin Currie Capital Return Trust plc) in connection with its
application to the UK Listing Authority for admission of the 'C' Shares to the
Official List and for no one else, including any recipient of this document, in
connection with such application for admission and will not be responsible to
anyone other than F&C Private Equity Trust plc for providing the protections
afforded to clients of Intelli Corporate Finance Limited or for providing advice
in relation to such application for admission. For the avoidance of doubt, F&C
Private Equity Trust plc's financial adviser in relation to the Proposals is
Marshall Securities Limited.

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

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