GSC Gs Chain Plc

RNS No 0684k
GERMAN SMALLER COMPANIES INVESTMENT TRUST PLC
7 July 1999



At the Annual General Meeting of German Smaller Companies Investment Trust plc
held today, Peter Minchin, Chairman, made the following comments in relation
to the restructuring proposals, as referred to in earlier announcements made
on 25 May, 1999 and 1 June, 1999.

"The Board has agreed that the most appropriate vehicle for a successor fund
would be an Open Ended Investment Company (OEIC).  It is intended that it will
be a multi-currency fund which will be priced on a daily basis, with charges
on a comparable basis for existing shareholders.

The Board believe that, with the advent of the Euro at the beginning of this
year, the rationale for the Company's investment objective being restricted to
a single country is no longer appropriate.  Accordingly, as part of the
reconstruction proposals, it is intended to widen the existing investment
policy to a Pan-European basis.  In all other respects the rollover vehicle's
investment objective will remain the same being, principally, the achievement
of capital appreciation through the medium of a diversified portfolio of
shares in small and medium sized companies listed, or operating primarily, in
Europe and which are perceived to have particular expertise in their markets
and above average growth potential.

It is intended that Hill Samuel Asset Management will be the investment
manager of the rollover vehicle and they have indicated their intention to
extend the dedicated investment management team so as to provide appropriate
expertise for the management of the new vehicle's assets on the basis of the
proposed change in investment the policy.


END


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