Re: Resources IT Plc

30 May 2006 12:36

City of London Investment Group PLC30 May 2006 For immediate release: 30 May 2006 CITY OF LONDON INVESTMENT MANAGEMENT COMPANY LIMITED ("City of London") Resources Investment Trust Plc City of London Investment Management Limited ("City of London") notes theannouncement made by Resources Investment Trust Plc ("REI") of the requisitionof an extraordinary general meeting; to be held on 20 June 2006, that requiresthe directors of REI to put forward proposals to shareholders whereby thediscount at which REI's shares trade in the market may be substantially reducedor eliminated. The requisition was lodged on behalf of funds managed by City of London. Thesefunds hold in aggregate 29.88 per cent of REI's issued shares. City of Londonhas been in discussions with REI for some time regarding the discount to netasset value at which its shares have traded and has been frustrated at the lackof action on the part of the Board of REI to address this issue. This has beenat a time when there has been significant demand for exposure to the resourcessector and when comparable companies to REI are trading at significantlynarrower discounts. City of London has indicated to REI that it would be willing to assist, throughany reasonable means, in the formulation of proposals that can facilitate theaddition of value for shareholders. These proposals might include, but shouldnot be restricted to, the transfer of the management contract to another partyor the in specie distribution of the company's assets. For further information regarding City of London, please visit www.citlon.com orcontact: Clayton Gillece Clemmie Carr / Simon HudsonCity of London Investment Management Company Limited Tavistock CommunicationsTel: 020 7711 0771 Tel: 020 7920 3150 City of London Investment Management Company Limited is regulated by the FSA inthe United Kingdom and registered as an Investment Adviser with the UnitedStates SEC. This information is provided by RNS The company news service from the London Stock Exchange