PGR Phoenix Global Resources Plc

    PAVILION GEARED RECOVERY TRUST PLC

The Company have been advised that Mr T Trefgarne, a Director of the Company,
acquired on 26 September 2002, 400,000 ordinary income shares of 100p
(representing 1.33% of the issued class of capital) at a price of 3p each. The
shares were acquired for investment in his SIPP.

Mr T Trefgarne is now deemed to have a disclosable interest in 405,000 shares,
representing 1.35% of the issued share capital.

27 September 2002



END

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