Five ArrowsChile Inv - Re Restructure Proposals

RNS Number:7659J
Five Arrows Chile Inv Tst Ld
28 April 2000


     The Five Arrows Chile Investment Trust Limited
                     ("the Company")
                            
          Lapsing of Scheme of Reconstruction;
               Liquidation of the Company
                            
It was announced on 6 April 2000 that shareholders in the
Company  had  voted in favour of proposals to reconstruct
the Company.  It was also announced, however, that it was
unlikely,  given  the  number  of  elections  and  deemed
elections  to roll over investments into a new investment
vehicle,  that  the  condition that  the  new  investment
vehicle  have an initial net asset value of US$35 million
would be met at the Calculation Date (20 April 2000).  As
at  the  Calculation Date the initial net asset value  of
the  new investment vehicle would have been approximately
US$16 million.

The  Board  of the Company met on 25 April 2000.  It  was
confirmed at that meeting that the minimum size condition
for  the  new  investment vehicle had not  been  met  and
accordingly the scheme of reconstruction has lapsed.  The
Directors  nevertheless  approved  the  filing   of   the
liquidation resolution passed by shareholders at the  EGM
on 6 April appointing Jeremy  Spratt and Stephen Treharne
of  KPMG as joint liquidators.  This resolution was filed
in  Guernsey yesterday and the liquidation of the Company
has  now  commenced.  The Company's investments  will  be
realised in an orderly fashion by the Investment Manager,
Rothschild  Asset  Management in  conjunction  with  BICE
Chileconsult  afice.   Whilst  securities  will  be  sold
expeditiously, there is no fixed time by which all assets
must   be  realised.  It  is  anticipated  that  a  first
distribution  to  shareholders  will  be  made   by   the
liquidators in June 2000.

Holders  of  Convertible  Unsecured  Loan  Stock   ("CULS
holders")  will be sent a notice of their entitlement  to
convert  their  CULS into shares in order to  be  treated
equally with Shareholders in the liquidation, which  they
should  complete and return by 8 June 2000.  Following  8
June  2000,  the  Trustee  is entitled  to  convert  CULS
holders  into Shares on their behalf if, as is  expected,
the Trustee considers this to be in their interests.

Enquiries:

Paul Freeman Rothschild Asset Management
             020 7634 2968
             
Peter        Merrill Lynch International
Moorhouse    020 7772 1263
             
Mark Tierney Fishburn Hedges
             020 7544 3014

END
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