QHI Quartrly.Hit

RNS Number:4971U
Quarterly High Income Trust PLC
12 April 2002


12 April 2002



                      The Quarterly High Income Trust PLC

 (Incorporated and registered in England and Wales under the Companies Act 1985
                          with registered no 2691478)

                                   St Helen's

                                  1 Undershaft

                                London EC3P 3DQ





Notice of Extraordinary General Meeting

A circular to holders of Ordinary Shares and, for information only, to holders
of Zero Dividend Preference Shares and holders of Warrants was published today.

The Company is convening an Extraordinary General Meeting to be held at St
Helen's, 1 Undershaft, London EC3P 3DQ on 10 May 2002 at 4.00 p.m. as, under
section 142 of the Companies Act 1985, where the net assets of a public company
are half or less of its called-up share capital, an extraordinary general
meeting should be called "for the purpose of considering whether any, and if so
what, steps should be taken to deal with the situation"

There has been a dramatic decline in the net asset value of the Company as a
result of the performance of the highly geared investment companies comprised in
the Company's split capital investment trust portfolio in recent months, and the
downward impact on the Company's assets resulting from the current high level of
bank borrowings under a term loan facility relative to the proportion of the
portfolio represented by equity. The value of several of the highly geared split
capital investee companies has also declined dramatically in recent weeks due to
a significant tightening in their market liquidity, dividend costs and the
downward pressure on their share prices due to weak equity markets and investor
selling pressure.

As at 10 April 2002 (the latest practicable date before the publication of this
document), the Company had total gross assets of £92.7 million which are
represented as follows:

Bank borrowings in euros                                          £12.2 million*
Bank borrowings in sterling                                       £71.8 million
Zero Dividend Preference Shares (net assets available)             £8.7 million
Ordinary Shares                                                      £0 million

* Based on a euro:sterling exchange rate of e1.6337 : £1 as at 10 April 2002.


As at 10 April 2002, the accrued capital entitlement of a Zero Dividend
Preference Share was 124.596p. As a result of falling asset values of
investments in the Company's portfolio there are insufficient net assets to
fulfil this accrued entitlement, and the actual net asset value of a Zero
Dividend Preference Share was 29.63p and that of an Ordinary Share was nil
pence. The market prices of these Shares, being the middle market price at the
close of business on that date, were 3p and 0.5p, respectively.

As at 10 April 2002, the Company had total borrowings amounting to £71.8 million
and 20 million euros. As at the same date, total borrowings were covered 1.10
times by the Company's gross assets and total debt amounted to 9.61 times the
Company's adjusted net asset value.

The Company's split capital investment trust portfolio currently comprises £45.7
million of investments in 68 different companies. A list of the holdings, as at
10 April 2002, is set out in Appendix I.

In the light of the financial position described above, the Directors and the
Company's Investment Manager are considering the alternatives available to the
Company at this time and are taking advice from UBS Warburg Ltd. The Directors
are also in discussions with the lending banks to the Company as regards the
future of the Company.



Enquiries



Morley Fund Management Ltd.

Neil Smith        020 7809 6151

UBS Warburg Ltd.

Will Rogers       020 7568 2939

John Szymanowski  020 7568 4219

Nicholas Rucker   020 7568 8574





APPENDIX I

Holdings as at 10 April 2002
Stock Name                                                         Market Value    % Gross Assets
Global Opportunities Trust Units                                            2,948            3.18%
BFS Managed Properties Ordinary Shares                                      2,106            2.27%
Morley Absolute Growth Units                                                2,000            2.16%
European Assets Trust                                                       1,973            2.13%
Acorn Income Fund Ordinary Shares                                           1,950            2.10%
Royal London UK Equity + Income Trust Ordinary Shares                       1,788            1.93%
Jupiter Dividend + Growth Ordinary Income Shares                            1,582            1.71%
Premier Recovery Trust Ordinary Shares                                      1,537            1.66%
Close FTSE 100 Index Income Shares                                          1,356            1.46%
BFS Asian Assets Trust Japanese Index Shares                                1,350            1.46%
European Monthly Income Trust Ordinary Shares                               1,296            1.40%
Ivory + Sime Optimum Income Shares                                          1,262            1.36%
BFS Asian Assets Geared Ordinary Shares                                     1,258            1.36%
Aberdeen High Income Trust Preference Shares                                1,088            1.17%
JZ Equity Partners Ordinary Shares                                          1,053            1.14%
Premier Pacific Income Fund Ordinary Shares                                 1,005            1.08%
Real Estate Opportunities Ordinary Shares                                     973            1.05%
Property Income + Growth Ordinary Shares                                      961            1.04%
Murray Emerging Growth + Income Ordinary Shares                               956            1.03%
LeggMason Investors Strategic Assets Trust                                    930            1.00%
American Monthly Income Trust Ordinary Shares                                 870            0.94%
Second Scottish National Trust Ordinary Income Shares                         852            0.92%
Govett European Enhanced Investment Trust Ordinary Shares                     846            0.91%
Investment Trust of Investment Trusts Preference Income Shares                825            0.89%
Edinburgh Pacific + Income Trust Ordinary Shares                              765            0.82%
Martin Currie Enhanced Ordinary Shares                                        756            0.82%
Britannic UK Income Ordinary Shares                                           750            0.81%
Investec High Income Trust Ordinary Shares                                    685            0.74%
Gartmore Absolute Growth + Income Preferred Income Share                      638            0.69%
Edinburgh Income + Value Ordinary Shares                                      635            0.68%
Gartmore Absolute Growth + Income Trust Ordinary Shares                       630            0.68%
BFS US Special Opportunities Units                                            625            0.67%
Investec Extra Income Ordinary Shares                                         618            0.67%
LeggMason Investors Income + Growth Redeemable Preference Shares              600            0.65%
Monthly High Income Trust Ordinary Shares                                     588            0.63%
Premier Recovery Trust ZDP Shares                                             510            0.55%
New Star enhanced Income Trust Ordinary Shares                                508            0.55%
Exeter Smaller Companies Income Fund Ordinary Shares                          435            0.47%
New Fulcrum Investment Trust Ordinary                                         419            0.45%
Gartmore High Income                                                          403            0.43%
Progressive Geared Income Trust Ordinary Shares                               374            0.40%
Framlington Second Dual Trust Ordinary Income Shares                          369            0.40%
BFS UK Dual Return Geared Units                                               312            0.34%
City of Oxford Geared Ordinary Shares                                         301            0.32%
Fleming Income + Growth Capital Shares                                        251            0.27%
US Growth + Income Fund Ordinary Shares                                       212            0.23%
Geared Opportunities Income Trust Ordinary Share                              187            0.20%
European Growth and Income Trust Units                                        174            0.19%
LeggMason Investors American Assets                                           143            0.15%
Quilter Global Enhanced CULS                                                  135            0.15%
Close FTSE 100 Index Capital Shares                                           120            0.13%
BFS Income + Growth Trust Income Shares                                       118            0.13%
Investec European Growth + Income Trust Ordinary Shares                       113            0.12%
Martin Currie High Ordinary Shares                                             98            0.11%
Global High Yield Bond Trust Convertible Preference Shares                     83            0.09%
Investment Trust of Investment Trusts Ordinary Shares                          78            0.08%
BFS Income + Growth Trust Ordinary Shares                                      56            0.06%
Media + Income Trust Ordinary Shares                                           53            0.06%
Framlington Health + Income Fund Ordinary Shares                               44            0.05%
Murray Japanese Growth + Income Ordinary Shares                                43            0.05%
Premium Income Trust Income Shares                                             42            0.05%
City of Oxford Geared Income Shares                                            25            0.03%
Quilter Global Enhanced Geared Ordinary Shares                                 25            0.03%
Income + Growth Trust Ordinary Shares                                          14            0.01%
Murray Japanese Growth + Income Warrants                                       14            0.01%
Govett High Income Investment Trust Ordinary Shares                             5            0.00%
Technology + Income Trust                                                       1            0.00%
Technology + Income Trust Convertible Shares                                    1            0.00%
TOTAL INVESTMENT TRUST HOLDINGS                                            45,714           49.29%
GROSS ASSETS                                                               92,741          100.00%







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