APR Apr Energy

RNS No 3731x
SCOTTISH NATIONAL TRUST PLC
7th August 1998



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

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



1.   ACCEPTANCES

(a)  By  3.00 p.m. on 6 August 1998 acceptances valid  in  all
     respects  had been received in respect of SNT  shares  as
     follows:

SNT class                            Acceptances    % of
                                                    class
                                                      
Stepped preference                   2,528,784      7.92%
Zero dividend preference             2,909,166      4.56%
Income                               22,187,129     13.90%
Capital                                 209,054     0.33%
                                     

(b)  The  above  acceptances include acceptances from  persons
     presumed  to be acting in concert with Abpref and  Abpref
     Securities in respect of 2,231,417 SNT stepped preference
     shares and 450,000 SNT income shares.

(c)  Prior to the offer period Abpref and persons presumed  to
     be  acting  in concert with Abpref and Abpref  Securities
     held 1,450,000 SNT income shares (0.91% of the class) and
     2,231,417  SNT  stepped preference shares (6.99%  of  the
     class).

2.   UNCONDITIONALITY, EXTENSION AND CLOSING OF THE OFFERS

     The  Offers  have  been  declared  unconditional  as   to
     acceptances and extended to 3.00  p.m. on 20 August  1998
     when  they will close*. The Formula Asset Value  for  the
     purposes  of  the Capital Share Offer will  therefore  be
     calculated as at that date. Abpref Securities has  waived
     the   conditions  in  paragraph   (viii)  of   Part    A,
     paragraph   (iv) of Part  C and paragraph  (iv)  of  Part
     D,  of  Appendix  II to the Offer Document dated 16  July
     1998.

     Elections  under  the  Gartmore  SNT  Proposals  must  be
     received  by  3.00   p.m. on 3  September  1998  and  are
     irrevocable.  Under the terms of the  Offers  Abpref  and
     Abpref  Securities  may  treat  Forms  of  Acceptance  as
     invalid if, inter alia, the relevant SNT Shareholder  has
     made  an election to receive shares in Gartmore SNT under
     the Gartmore SNT Proposals.

     Accordingly SNT Shareholders wishing to accept the Abpref
     Offers  should not make an election to receive shares  in
     Gartmore  SNT under the Gartmore SNT Proposals  (but  may
     elect to receive units in the CashTrust).

     If  the  Offers  do  not  for any  reason  become  wholly
     unconditional  on  or before 20  August  1998  they  will
     lapse*  and documents of title will be returned  (in  the
     manner  described in the Offer Document) at the  earliest
     opportunity  so that SNT Shareholders may  then  make  an
     election under the Gartmore SNT Proposals.

*    Abpref  and Abpref Securities reserve the right to extend
     the  Offers  beyond 20 August 1998 should  a  competitive
     situation  involving a new offeror arise  or  should  the
     Takeover Panel so agree


3.   RESPONSE  TO  THE GARTMORE SNT PROPOSALS  -  SETTING  THE
     RECORD STRAIGHT

     The   Chairman   of  Abpref  will  be  writing   to   SNT
     Shareholders later today in response to the Gartmore  SNT
     Proposals.  He will highlight the following points:-

***  The  placing  of  up to #90 million of new  Abpref  Group
     Securities demonstrates that Aberdeen Preferred Income is
     a  well structured trust and offers attractive investment
     returns to different classes of investor

***  The financial effects of acceptance of Aberdeen Preferred
     Income's Offers are more attractive than those of  making
     an  election  to  receive Gartmore SNT Shares  under  the
     Gartmore SNT Proposal

***  Abpref  Securities' ZDP Shares offer a greater redemption
     yield  than Gartmore SNT Zero Dividend Shares  with  over
     twice the cover

***  Aberdeen  Preferred Income's shares are less geared  than
     Gartmore SNT Income or Capital Shares

***  Gartmore  SNT's income and capital shares will  therefore
     be  more  volatile  and  risky  than  Aberdeen  Preferred
     Income's  shares. A fall of as little as 1.93  per  cent.
     per annum in Gartmore SNT's Total Assets would result  in
     not  only  the Gartmore SNT Capital Shares but  also  the
     Gartmore SNT Income Shares having no capital value

***  The   Aberdeen  Preferred  Income  group  has  been  very
     successful  since  the  launch of  the  original  Abtrust
     Preferred  Income in 1991, during which time  its  equity
     share  price  has  usually stood at  a  premium  to  NAV.
     Aberdeen  Preferred Income's shares  have  been  the  top
     performing share in the AITC High Income sector over  one
     year, with a share price total return of 98 per cent

***  Aberdeen Preferred Income's gearing, considered "complex"
     by  SNT,  provides  diversification and  flexibility.  It
     actually   safeguards  shareholders  in  adverse   market
     conditions  because the different types of borrowing  can
     be managed

***  There  is no guarantee that SNT shareholders will receive
     what  they  elect  for under the Gartmore  SNT  Proposals
     because  of the inflexible capital structure of  Gartmore
     SNT

***  SNT  Shareholders whose elections under the Gartmore  SNT
     Proposals  are scaled  back will, unless they  positively
     elect  otherwise,  receive  a curious  package  of  equal
     numbers  of  Gartmore  SNT Zero Dividend  Shares,  Income
     Shares and Capital Shares

Copies  of the Abpref circular will be available to the public
from   approximately  11.30  a.m.  today  at  Aberdeen   Asset
Managers, One Bow Churchyard, Cheapside, London EC4M 9HH.

4.   POSSIBLE SALE OF SNT SHARES BY ABPREF

     Abpref  and  persons acting or presumed to be  acting  in
     concert  with  it may sell SNT Income Shares  and/or  SNT
     Stepped   Preference  Shares  in  amounts  up  to   their
     respective  current  holdings  of  1,450,000  SNT  Income
     Shares and 2,231,417 SNT Stepped Preference Shares at any
     time  after 9.00  a.m. on 10 August 1998. The purpose  of
     any  sales of SNT Shares would be to give purchasers  the
     opportunity  to accept the Offers and BDBL  is  extending
     the Offers to any SNT Shares so sold.
     
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

END

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