APR Apr Energy

RNS No 0925m
THE SCOTTISH NATIONAL TRUST PLC
9th July 1998


PART ONE

ABERDEEN PREFERRED INCOME TRUST PLC ("ABPREF")
ABERDEEN PREFERRED SECURITIES PLC ("ABPREF SECURITIES")

1.   OFFERS by BREWIN DOLPHIN BELL LAWRIE LIMITED for all  the
     stepped   preference  shares,  zero  dividend  preference
     shares,  income shares and capital shares of THE SCOTTISH
     NATIONAL TRUST PLC ("SNT") not already owned by Abpref

2.   PLACING  of new ordinary shares, zero dividend preference
     shares and subordinated loan stock


PART 1 - SUMMARY

***  securities exchange offers by Brewin Dolphin Bell  Lawrie
     Limited  on  behalf  of Abpref and its subsidiary  Abpref
     Securities  for  all  the SNT Stepped Preference  Shares,
     Zero Shares, Income Shares and Capital Shares not already
     owned by Abpref.

***  the  consideration offered comprises existing classes  of
     Abpref  ordinary  shares  and  zero  dividend  preference
     ("ZDP") shares, as well as a new subordinated loan stock.

***  the  ZDP  Shares  are  issued by the  subsidiary,  Abpref
     Securities,  with  their repayment  being  undertaken  by
     Abpref (which has an indefinite life).

***  accepting  SNT shareholders can benefit from an immediate
     capital  and/or  income uplift relative to  electing  for
     cash in SNT's liquidation.

***  placing by Abpref and Abpref Securities of:

          31.8 million ordinary shares at 160p per share
          9.3 million ZDP shares at 224p per share
          18 million 1p nominal units of 8.25 per cent.
          subordinated unsecured loan stock 2023 at  100p
          per unit
               
     to raise up to #90 million gross.
     
***  increase in Abpref's bank loans of up to #60 million.
     
***  Abpref  forecasts  quarterly dividends  on  its  ordinary
     shares  totalling 16p net per share in calendar 1999,  an
     annualised  increase of 10.3 per cent. on the outstanding
     forecast  for the current financial year ending  February
     1999.  The new ordinary shares will rank for each of  the
     calendar 1999 dividends.

***  the  Offers  and  the  Placing require  the  approval  of
     Abpref's existing shareholders, who will benefit from  an
     increase in net asset value per share as well as from the
     forecast dividend increase.

Enquiries:

Chris Fishwick, Director,
Aberdeen  Asset Managers  Limited       Tel: 0171 463 6000

Piers Currie, Marketing Director -
Investment Trusts,   
Aberdeen Asset Managers Limited         Tel: 0171 463 6000

David Thomas, Investment Trust Dept.,
Brewin Dolphin Bell Lawrie Limited      Tel: 0171 246 1115


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