PGR Phoenix Global Resources Plc

    PAVILION GEARED RECOVERY TRUST PLC

The Company has been advised that Mr T Trefgarne, a Director of the Company,
acquired on 11 October 2002, 1,345,000 Ordinary Income shares of 100p
(representing 4.48% of the issued class of capital) at a price of 3p each.

Mr T Trefgarne is now deemed to have a disclosable interest in 1,750,000
Ordinary Income shares, representing 5.83% of the issued share capital.

14 October 2002



END

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