APR Apr Energy

RNS No 0879h
SCOTTISH NATIONAL TRUST PLC
25th August 1998


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

OFFERS FOR SHARES IN THE SCOTTISH NATIONAL TRUST PLC ('SNT')
AND PLACING


1.   FORMULA ASSET VALUE ('FAV')
     The  FAV for the purpose of the Capital Share Offer has
     been calculated at 177.39p per SNT Capital Share.   The
     resultant terms of the Capital Share Offer are:

     For every 100 SNT Capital Shares    EITHER  186.2595 units
                                                 of 1p nominal
                                                 of 8.25 per cent.
                                                 Subordinated Unsecured
                                                 Loan Stock 2023 of Abpref
                                                 ('Loan Stock')

                                         OR      approximately    
                                                 79.19 zero dividend
                                                 preference shares of 5p
                                                 each of Abpref Securities
                                                 ('ZDP Shares')

                                         OR      any combination (at the
                                                 acceptor's choice)of
                                                 Loan Stock and ZDP
                                                 Shares

2.   PURCHASE OF SNT SHARES
     Since  the  close of the Offers, the Abpref  Group  has
     purchased  2,000,000 SNT Income Shares and 950,000  SNT
     Stepped  Preference Shares in exchange for  a  placing,
     out  of  the Available Securities, of new Abpref  Group
     Securities on the same basis as the consideration under
     the Offers (the 'Purchase')

3.   PLACING
     The following amounts of new Abpref Group Securities
     will be allotted pursuant to the Placing (excluding the
     new Abpref Group Securities to be allotted pursuant to
     the Purchase):

     31,842,250 Ordinary Shares at 160p per share
     15,300,000 units of Loan Stock at 100p per unit
     9,284,816 ZDP Shares at 224p per share

     The Placing of new Abpref Group Securities for cash has
     accordingly raised just over #87million before
     expenses.

4.   CAPITAL, LISTING AND DEALINGS

     As a result of the Offers, the Purchase and the
     Placing, the issued capital (other than unlisted
     capital and Abpref's listed RPI-linked debenture stock)
     of Abpref and Abpref Securities will be as follows:

                              Abpref     Abpref  Abpref Securities
                     Ordinary Shares   Loan Stock  ZDP Shares

     Placing and Purchase 33,182,250  15,300,000   10,025,816
     Offers               24,209,957   3,990,460   14,629,059
                         -----------  ----------   ----------
                          57,392,207  19,290,460   24,654,875
     Existing issued      60,375,105           -   12,000,000
                         -----------  ----------  -----------
                         117,767,312  19,290,460   36,654,875
                         ===========  ==========  ===========


     Listing  for the new Abpref Group Securities  has  been
     granted  by the London Stock Exchange.  It is  expected
     that   listing  will  become  effective  and   dealings
     commence  on  27th  August  1998  and  that  definitive
     certificates  will  be despatched  and  CREST  accounts
     credited on 3rd September 1998.

5.   INCREASE IN TOTAL ASSETS TO #350 MILLION

     Total  assets of the Abpref Group will have risen  from
     approximately #140 million to approximately #350million
     after  expenses as a result of the Offers, the Placing,
     the  Purchase  and new bank borrowings of approximately
     #50million.

6.   Terms  used  in  this  announcement,  unless  otherwise
     defined,  bear  the  same  meanings  as  in  the  Offer
     Document.


Enquiries:

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

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


END

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