AFHI Aber.GD.C&I

RNS Number:6293A
Aberforth Geared Cap & Inc Tst PLC
02 September 2002

ABERFORTH GEARED CAPITAL & INCOME TRUST plc ("AGCiT")





The Net Asset Values ("NAVs") at the close of business on 31 August 2002 for the
above company were:-

Income Shares                                       53.79p

(Excluding Current Year Revenue)

Capital Shares                                     185.12p

"Notional Package"                                  93.19p

(Excluding Current Year Revenue)



The "Notional Package" comprises 0.7 of an Income Share and 0.3 of a Capital
Share.



As at 31 August 2002, AGCiT held 81 investments, the largest of which
represented 2.2% of investable assets.  The market value of investments was
#65.8m less bank debt and net current assets/liabilities of #32.4m to leave
Shareholders' Funds of #33.4m.  Details of the top 50 holdings, the portfolio's
sectoral composition and other general information can be found within Aberforth
Partners' website at http://www.aberforth.co.uk.



AGCiT invests only in small UK quoted companies and does not invest in any
unquoted securities, AiM listed securities or securities issued by investment
trusts or investment companies.  AGCiT employs a significant amount of bank debt
to provide gearing in its capital structure.



The number of Income Shares of 1p currently in issue is 24,500,000.  The number
of Capital Shares of 1p currently in issue is 10,500,000.  All net income will
be attributed to Income Shares which have a capital entitlement of 53.79p each
rising to 100p by the Planned Winding Up Date of 31 December 2011, which date
will subsist unless an earlier reconstruction is approved.  Capital Shares
receive no dividends but all capital after repayment of bank debt and capital
entitlement of Income Shares.  Bank facility is #34.3m (#30.0m of which is at a
fixed interest rate of 6.57%).  The fair value of the Company's interest rate
swap agreement, based on the bid price as at 31 August 2002, was a negative
#1,100,000 and the book value was #Nil.



Dividends will be paid as interims, semi-annually, to Income Shareholders with
the first announced each July and paid in August and the second announced each
January and paid in February.



At launch, on 18 December 2001, the Company had available to it #34.3m of net
proceeds from Shareholders plus #34.3m of bank debt facilities, and the initial
NAVs were: Income Share - 50.00p, Capital Share - 210.32p, and the "Notional
Package" - 98.10p.



Contact - Angus McCallum (Tel: 0131 220 0733)

Aberforth Partners, Secretaries - 2 September 2002





ANNOUNCEMENT ENDS



                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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