RNS Number:5579U
3i European Technology Trust PLC
23 January 2004

23 January 2004


                                  Announcement


                        3i European Technology Trust plc


Alteration of investment policy, consolidation of ordinary shares and renewal of
authority to make market purchases

The Board of 3i European Technology Trust plc (the "Company") today announces 
that it has posted a circular to shareholders giving notice of an Extraordinary 
General Meeting to be held at the offices of 3i plc, 91 Waterloo Road, London 
SE1 8XP on 9 February 2004 at 11.00 a.m.

The Extraordinary General Meeting will consider and, if thought fit, pass
ordinary resolutions for:

(i)    the alteration of the investment policy of the Company; and

(ii)   the consolidation of the existing ordinary shares of 1p each in the share 
       capital of the Company into new ordinary shares of 10p each, the 
       treatment of any resultant fractions and the renewal of the Company's 
       share buyback authority to enable it to make market purchases of the new 
       ordinary shares.

Alteration of the investment policy of the Company

In researching the European market for technology products and services, 3i
Investments plc (the "Manager") has identified and assessed a number of
technology companies which it believes to be leaders in their field but which
are not principally based in Europe.  To enable the Company to benefit from
investment in the best technology companies operating in the European market,
the Board considers it appropriate to alter the Company's investment policy so
as to allow the Manager also to invest in technology companies which though not
principally based in Europe, and therefore outside the Company's current
investment mandate, have operations in Europe. The total investment in such
companies would be subject to a limit of 20% of the portfolio value at the time
such investments are made. Companies which are larger than the smallest member
of the FTSE Eurotop 300 Index will not be added to the portfolio.

Consolidation of ordinary shares

The Board is aware that the ordinary shares have traded from time to time at a
relatively wide bid-offer spread compared to other investment trusts operating
within the UK technology sub-sector.  The Board has considered how best to
narrow the spread in order to reduce trading costs for shareholders and believes
that consolidating the existing ordinary shares is likely to achieve this.

Consequently, shareholders will be asked at the Extraordinary General Meeting to
vote on an ordinary resolution to approve a consolidation of the ordinary shares
of 1p each into new ordinary shares of 10p each.  The effect of the
consolidation of the ordinary shares is that all shareholders will hold one new
ordinary share for every 10 ordinary shares held as at the record date (at 5.00
p.m. on 9 Februrary 2004).  The proportion of each shareholder's interest in the
Company will remain the same, except in relation to fractional entitlements.
The new ordinary shares will be identical in all respects to the ordinary
shares, save in respect of their nominal value which will increase from 1p to
10p.  The new ordinary shares will rank pari passu in respect of dividends.

The general authority of the Company to make market purchases of its own shares
which was given at the Annual General Meeting held on 10 September 2003  relates
to the Company's existing ordinary shares of 1p each.  If the consolidation of
the ordinary shares described above becomes effective, this authority will no
longer be valid.  Accordingly, the Board is seeking to renew this authority with
reference to the new ordinary shares to ensure that the Company can continue to
make market purchases of its ordinary share capital.


The full text of the circular will be available for inspection at the UKLA
Document Viewing Facility, 25 The North Colonnade, Canary Wharf, London E14 5HS.


Enquiries:

Company:                     Patrick Gifford             (Chairman)                        020 7625 3090

Investment Manager:          Simon Howard                (3i Investments plc)              020 7928 3131

Adviser to the Company:      Andrew Zychowski            (Dresdner Kleinwort Wasserstein)  020 7475 6681





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