RNS No 2757p
CLEMENTE KOREA EMERGING GROWTH FUND
23rd September 1997


The Board of Clemente announces that it has today circulated to Shareholders
proposals for the open-ending of the Company ("the Proposals")

The Proposals involve conversion of the Company to an open-ended SICAV (an
investment company with variable capital incorporated in Luxembourg).  The
conversion will enable investors to subscribe and redeem shares on a weekly
basis and the Company will in due course apply to the SIB for approval as a
recognised scheme, so as to permit marketing of the Company's Shares to the
public in the UK.  The investment policy of the Company will remain
substantially the same following the conversion.

If the Proposals are approved, the Company will seek a termination of the
listing of its Shares on the London Stock Exchange.  It is also proposed that
two additional directors, Chang Kon Koh and David Curl, be appointed to the
Board at the Extraordinary General Meeting which has been convened to consider
the Proposals on 15 October 1997.  Peter Chesterfield has already resigned from
the Board and Jayne Sutcliffe has agreed to resign upon the Proposals becoming
effective.

Contact Details:

Mark Searle (Chairman)     - Tel: (0171) 316 0007
Jayne Sutcliffe (Director) - Tel: (0171) 316 0007
END

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