QHI Quartrly.Hit

RNS Number:8068T
Quarterly High Income Trust PLC
28 March 2002



                        THE QUARTERLY HIGH INCOME TRUST PLC

"The Company currently has total gross assets of £93.1 million which are
represented as follows:

Bank borrowings in euros £12.3 m

Bank borrowings in sterling £71.8 m

ZDPs (at current entitlement) £9.0 m

Ordinary Shares £0 m

As at 26 March 2002 (the latest practicable date before this announcement) the
net asset value of a ZDP Share was 30.62p and of an Ordinary Share was nil p.
The middle market prices were 4.5p and 1p respectively as at the same date.

The Company has £71.8 m of bank debt and as at 26 March 2002, total borrowings
amounted to 472% of the Company's adjusted net asset value.

In the light of the financial position described above, the Company's net assets
have fallen to less than half of its called-up share capital, a circumstance
which requires the Board under Section 142 of the Companies Act 1985 to convene
an extraordinary general meeting for the purpose of considering whether any, and
if so what, steps should be taken to deal with the situation.

Notice of an extraordinary general meeting will be despatched in due course."



Contact: Neil Smith (020) 7809 6151


                Morley Fund Management Limited












                      This information is provided by RNS
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