RNS Number:6438I
New Fulcrum Inv Tst PLC
16 August 2001

                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     NEW FULCRUM INVESTMENT TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     PAVILION GEARED RECOVERY TRUST PLC

3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

      IN RESPECT OF 2 ABOVE

4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

      HSBC GLOBAL CUSTODY NOMINEE (UK) LTD

5)   Number of shares/amount of stock acquired.

      1,600,000

6)   (6.9%) of issued Class

7)   Number of shares/amount of stock disposed

         -

8)   ( N/A %) of issued Class

9)   Class of security

      ORDINARY

10)  Date of transaction

      15.8.01

11)  Date company informed

      16.8.01

12)  Total holding following this notification

      1,600,000
               
              
13)  Total percentage holding of issued class following this notification

      6.9

14)  Any additional information



15)  Name of contact and telephone number for queries

     J.J. PUTLEY
     01423 523553

16)  Name and signature of authorised company official responsible for 
     making this notification    MAUNBY INVESTMENT MANAGEMENT LTD

     Date of Notification ...16-8-2001......
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