Repayment of Bank Loan

RNS Number:9682Y
Framlington Global Fin & Inc Fd Ld
21 May 2004


               Framlington Global Financial & Income Fund Limited

                                (the "Company")


              Repayment of bank loan and the future of the Company


The covenants of the Company's loan facility require that, inter alia, the
income of the Company (as defined therein) must be at least 150 per cent of the
total interest (as defined therein). Based on current income projections for the
six months to 31 May 2004, the Board expects the Company to be in breach of this
covenant as at 31 May 2004.

In view of the bank covenants, the current size of the Company (net assets as at
14 May 2004 were #2.9 million) and the level of ongoing running expenses, which
significantly exceed income, the Board has today repaid in full the outstanding
bank loan of #2,000,000. This repayment incurred breakage costs of #50,600.

While the Directors intend to keep all strategic options under review, it is the
intention of the Board to try to secure agreement from the major holders of both
classes of shares to enable a proposal for the liquidation of the Company to be
put to all shareholders. In the meantime, the Board may resume the ZDP
repurchase programme as and when appropriate opportunities arise.

A further announcement will be made in due course.

                                     --oo--

Enquiries:


Paul Branigan          Framlington Investment Management          020 7374 4100

Hugh Field             Hoare Govett                               020 7678 8000


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