BSI Bioscience Inv

RNS Number:4886L
Bioscience Inv Trust PLC
25 April 2005


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,
CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND OR JAPAN.


The Bioscience Investment Trust plc

Result of the First Extraordinary General Meeting of the Company relating to the
scheme of reconstruction


The Board of The Bioscience Investment Trust plc (the "Company") is pleased to
announce that at the Extraordinary General Meeting of the Company held today, 25
April 2005, the resolution approving the scheme of reconstruction of the Company
(the "Scheme") put to the meeting was duly passed.

The last date for receiving Forms of Elections was 22 April 2005. The results of
the Elections are shown in the table below:

Option                                                        No. of shares

Schroder Medical Discovery Fund                                 3,620,796
Cash                                                           41,095,048
Total                                                          44,715,844


A further Extraordinary General Meeting will be held on 13 May 2005 at 11.00am
at which resolutions will be proposed for the winding up of the Company, the
appointment of liquidators, and the grant of appropriate powers to the
liquidators. The Scheme will not become effective until these resolutions are
passed. Shareholder entitlements pursuant to the Scheme will be announced by the
Company in due course following the second extraordinary general meeting
assuming that the Scheme becomes effective.

Expected timetable

Date 2005            Time             Event

28 April             7.30am           Dealings in Reclassified Shares commence and register of holders
                                      of Reclassified Shares opened

11 May               11.00am          Latest time for receipt of forms of proxy for the Second
                                      Extraordinary General Meeting

12 May               6.00pm           Register of holders of Reclassified Shares closed
                     11.59pm          Calculation Date to value the assets of the Company and
                                      determine entitlements under the Scheme

13 May               7.30am           Suspension of listing of Reclassified Shares
                     11.00am          Second Extraordinary General Meeting
                     12.00 noon       Calculation of Fund Issue Price
                                      Effective Date of the Scheme
                                      Units issued

Week commencing 16                    Confirmation letters dispatched in respect of Units
May
                                      Distribution of cash entitlements to Shareholders who elect for
                                      the Cash Option under the Scheme



Enquiries:

Robin Stoakley                                      0207 658 3567
Schroder Investment Management Limited

John Spedding                                       0207 658 3206
Schroder Investment Management Limited

Angus Gordon Lennox                                 020 7588 2828
JPMorgan Cazenove Limited


END


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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