RNS Number:0722T
Red Apple Investments, LLC
09 December 2003

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA OR JAPAN.

10 December 2003


                             FOR IMMEDIATE RELEASE

                     UNCONTESTED MANDATORY CASH ONLY OFFER

                                       by

                           RED APPLE INVESTMENTS, LLC

                                      for

                               Ordinary Shares in

                           INVESTEC EUROPEAN GROWTH &
                   INCOME TRUST LIMITED ("Investec European")


                                  OFFER CLOSED

Red Apple announced on 24 November 2003 that the Offer would close at 3.00 p.m.
on 9 December 2003 (the "Closing Date").

Further to the announcement made on 24 November 2003, Red Apple confirms that
the Offer closed at 3.00 p.m. on the Closing Date.

On 21 November 2003 Red Apple declared the Offer wholly unconditional on the
basis that, as at 3.00 p.m. on 20 November 2003, Red Apple and parties acting or
deemed to be acting in concert with it owned or had received valid acceptances
under the Offer in respect of Ordinary Shares representing approximately 78.88
per cent. of the voting rights in Investec European for the purposes of the
acceptance condition prescribed by Rule 9.3 of the Code.

Red Apple announces that, as at 3.00 p.m. on the Closing Date, Red Apple and
parties acting or deemed to be acting in concert with it owned or had received
valid acceptances in respect of 53,499,362 Ordinary Shares representing
approximately 80.75 per cent. of the voting rights in Investec European.


DETAILS OF HOLDINGS AND ACCEPTANCES

On 8 October 2003, Red Apple announced the terms of a mandatory cash offer under
Rule 9 of the Code to acquire the entire issued Ordinary Share capital of
Investec European not already owned by Red Apple and/or the parties acting or
deemed to be acting in concert with it at the offer price of 3.25 pence in cash
for each Ordinary Share.

At the close of business on 7 October 2003, being the day immediately preceding
the commencement of the Offer Period, Red Apple and parties acting or deemed to
be acting in concert with it held in aggregate 19,873,000 Ordinary Shares
representing approximately 29.99 per cent. of the share capital subject to the
Offer and no rights over Ordinary Shares.

None of the Shares was held by Red Apple itself but they were held by the
parties acting or deemed to be acting in concert with Red Apple as follows:


Name                                                  Ordinary Shares
BGO                                                   5,898,000
BIP                                                   13,975,000
Weiss Asset Management, LLC                           0
Weiss Capital, LLC                                    0
Andrew Weiss                                          0
Red Apple                                             0
                                                     ___________
                                                      19,873,000


Immediately prior to announcing the Offer, BGO and BIP purchased 1,650,000 and
3,850,000 Ordinary Shares respectively. As a result Red Apple and parties acting
or deemed to be acting in concert with it held an aggregate of 25,373,000
Ordinary Shares representing approximately 38.3 per cent. of the share capital
the subject of the Offer.

None of the Shares was held by Red Apple itself but they were held by the
parties acting or deemed to be acting in concert with Red Apple as follows:


Name                                                  Ordinary Shares
BGO                                                   7,548,000
BIP                                                   17,825,000
Weiss Asset Management, LLC                           0
Weiss Capital, LLC                                    0
Andrew Weiss                                          0
Red Apple                                             0
                                                      ___________
                                                      25,373,000



For the avoidance of doubt, Red Apple has not received any acceptances of the
Offer from the parties acting or deemed to be acting in concert with Red Apple,
nor have such parties acquired or agreed to acquire any Shares during the Offer
Period.

Red Apple announces that, as at 3.00 p.m. on the Closing Date, it had received
valid acceptances of the Offer in respect of a total of 28,126,362 Ordinary
Shares representing approximately 42.45 per cent. of the share capital which is
the subject of the Offer and approximately 42.45 per cent. of the voting rights
in Investec European for the purposes of the acceptance condition prescribed by
Rule 9.3 of the Code.


SETTLEMENT OF CONSIDERATION

Settlement of the consideration to which Shareholders are entitled under the
Offer will be effected within 14 days of the date of receipt, not later than
3.00 p.m. on the Closing Date, of an acceptance complete in all respects.

The Manager of Red Apple accepts responsibility for the information contained in
this announcement.  To the best of the knowledge and belief of the Manager of
Red Apple (who has taken all reasonable care to ensure that such is the case),
the information contained in this announcement is in accordance with the facts
and does not omit anything likely to affect the import of such information.

This announcement does not constitute an offer to sell or invitation to purchase
or subscribe for any securities pursuant to the Offer or otherwise.  The full
terms and conditions of the Offer (including details of how the Offer may be
accepted) are set out in the Offer Document and (in the case of Shareholders who
hold Shares in certificated form) the Form of Acceptance.

The availability of the Offer to Shareholders who are not resident in the United
Kingdom may be affected by the laws of their relevant jurisdictions.  Relevant
Shareholders who are not so resident should inform themselves about any legal or
regulatory requirements applicable to those jurisdictions and observe such
applicable requirements.  Further information for Overseas Shareholders is
contained in the Offer Document.

Terms defined in the Offer Document dated 30 October 2003 relating to the Offer
bear the same meanings when used in this announcement.

ENQUIRIES:

Red Apple Investments, LLC
Eitan Milgram/Andrew Weiss - + 1 (617) 778 - 7780


(END)


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