RNS No 3751j
ABERDEEN PREFERRED INCOME TRUST PLC
ABERDEEN PREFERRED SECURITIES PLC
28 April 1999


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

Issue and Placing
Increased Dividend Forecast

1.Issue

  In  connection with a scheme of reconstruction ('Scheme') of
  OLIM  Convertible Trust Plc ('OCT'), Abpref has agreed  with
  OCT  that  OCT  Shareholders should have the opportunity  to
  roll  over their investment in OCT into Abpref Shares.   OCT
  is  due  to  wind  up  on  28 May 1999,  and  this  rollover
  opportunity  is an alternative to receiving  cash  from  the
  liquidator of OCT.

  Based  on assumptions regarding the cash exit value of OCT's
  shares  and  the levels of elections under the  Scheme,  the
  Scheme  would  result  in the issue  of  approximately  9.14
  million new ordinary shares of Abpref and approximately 3.05
  million new zero dividend preference (ZDP) shares of  Abpref
  Securities.

  The  Scheme  is conditional on, inter alia, the  passing  of
  resolutions at extraordinary general meetings of both Abpref
  and OCT on 21 May 1999.

2.Placing

  Brewin  Dolphin Securities Limited, on behalf of Abpref  and
  Abpref   Securities,  has  agreed  to  use  its   reasonable
  endeavours to place up to 8,119,080 ordinary shares at  165p
  per  share and up to 2,706,360 ZDP shares at 244p per share.
  The  shares  are being placed in the fixed proportion  of  3
  ordinary shares to 1 ZDP share.  The shares have been placed
  firm,  conditionally upon, inter alia,  the  result  of  the
  Abpref EGM.

3.Increased dividend forecast

  The dividend policy of Abpref is to distribute substantially
  all  of  its  net revenue by way of four interim  dividends.
  The dividends paid in respect of the financial year ended 28
  February 1999 totalled 15.25p net per share.  In July  1998,
  the  Directors of Abpref forecast dividends of 16p  net  per
  share in the calendar year 1999.

  The  first interim dividend for the current financial  year,
  payable  in  August, is expected to be 4p net per  share  as
  previously  forecast.  If the Scheme and the Placing  become
  unconditional in all respects, in the absence of  unforeseen
  circumstances  it is now the intention of the  Directors  to
  pay  dividends  of  4.4p  net per share  in  November  1999,
  January  2000  and April 2000, representing  17.6p  net  per
  annum on an annualised basis and an increase of 10 per cent.
  over the forecast made last July.

  The expected timetable for the forecast dividend payments is
  as follows:

  Dividend            Month  of  payment           Amount
                                                   (net)

  First interim       August 1999                   4.0p
  Second interim      November 1999                 4.4p
  Third interim       January 2000                  4.4p
  Fourth interim      April 2000                    4.4p

  The  first  dividend for which the new Ordinary Shares  will
  rank  will  be the dividend expected to be paid in  November
  1999.

  These  forecasts relate to dividends only,  are  not  profit
  forecasts and are based on detailed assumptions set  out  in
  an Issue Note of Abpref and Abpref Securities expected to be
  published  today.  The dividends forecast for the  financial
  year ending 28 February 2000 amount (on an actual as opposed
  to an annualised basis) to 17.2p net in aggregate.

4.General

  The  result of the Scheme and the Placing will, on the basis
  of  the  assumptions  referred to, be to  increase  Abpref's
  total  assets  by  approximately #50 million,  including  an
  expected extra #10 million of bank borrowings.

  The new Abpref ordinary shares and the new Abpref Securities
  ZDP  shares  will  rank pari passu with the existing  issued
  shares of the same class except that the new ordinary shares
  will  not rank for the first interim dividend in respect  of
  the  financial year ending 28 February 2000 expected  to  be
  paid in August 1999.

5.Expected timetable (1999)

  Posting  of  shareholder documentation            28  April
  Close  of  elections under the  Scheme     5.00pm 19 May
  Abpref and OCT EGMs                               21 May
  Effective date of Scheme                          28 May
  Dealings commence in shares issued pursuant to:
       the Scheme                                   2 June
       the Placing                                  7 June

Enquiries:

David Thomas, Brewin Dolphin Securities - 0171 246 1115
Chris Fishwick, Aberdeen Asset Managers - 0171 463 6000
Piers Currie, Aberdeen Asset Managers - 0171 463 6000
Louise Hatch, Penrose Financial - 0171 726 8686


END

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