RNS No 4102x
VOYAGEUR EUROPEAN SMALLER COMPANIES INVESTMENT TRUST


                                       Date of Disclosure...13/11/97............

               DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3
                 OF THE CITY CODE ON TAKE-OVERS AND MERGERS

Date of dealing..13/11/97...........

Dealing in.VOYAGEUR EUROPEAN SMALLER COMPANIES INV TRUST..(name of company)

(1)  Class of securities (eg ordinary shares).WARRANTS TO SUBSCRIBE FOR
                                              ORDINARY SHARS OF 50P

(2)  Amount bought                  Amount sold             Price per unit

                                        60,000                  32P

(3)  Resultant total of the same class owned or controlled
(and percentage of class)..................NIL..................... (NIL  %)

(4)  Party making disclosure...PROLIFIC ASSET MANAGEMENT LTD.................

(5)  EITHER (a) Name of purchaser/vendor (Note 1).............................
     OR     (b) if dealing for discretionary client(s), name of fund management
                organisation
............PROLIFIC ASSET MANAGEMENT LTD....................................

(6)  Reason for disclosure (Note 2)  
     (a) associate of (i)  offeror (Note 3)                             NO
                      (ii) offeree company                              NO

Specify which category or categories of associate (1-8 overleaf)....N/A........

If category (8), explain.........N/A............................................

................................................................................
     (b) Rule 8.3 (ie disclosure because of ownership or control of 1% or more
         of the class of relevant securities dealt in)                  YES

Signed, for and on behalf of the party named in (4) above.....................

(Also print name of signatory).................................................

Telephone and extension number.......0171-716 3826..............................

Note 1.  Specify owner, not nominee or vehicle company.  If relevant, also
identify controller of owner, eg where an owner normally acts on instructions of
a controller.

Note 2.  Disclosure might be made for more than one reason; if so, state all
reasons.

Note 3.  Specify which offeror if there is more than one.

Note 4.  When an arrangement exists with any offeror, with the offeree company
or with an associate of any offeror or of the offeree company in relation to
relevant securities, details of such arrangement must be disclosed, as required
by Note 6 on Rule 8............................................................
...............................................................................
...............................................................................

For full details of disclosure requirements, see Rule 8 of the Code.  If in
doubt, contact the Panel on Take-overs and Mergers, Tel. No: 0171-382 9026.

END

DCCALLIRLILVLAD


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