PGR Phoenix Global Resources Plc

    Pavilion Geared Recovery Trust PLC

The Company was informed today by Aberdeen Asset Managers Limited that they
sold 1,500,000 Ordinary Income 1p shares on 8 November 2002, on behalf of
Aberdeen High Income Trust PLC.

Aberdeen High Income Trust PLC now holds 500,000 Ordinary Income 1p shares
representing 1.67% of the issued class of capital.

The total number of shares managed by Aberdeen Asset Managers Limited and its
associated companies is now 2,400,000 Ordinary Income 1p shares, representing
8.00% of the issued class of capital (previously 13.00%).

The breakdown of the total holding is as follows:

                                            No of shares           %
                                                                    
Aberdeen High Income Trust Plc                   500,000        1.67
                                                                    
Leveraged Income Fund Limited                  1,900,000        6.33



END

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