GMS Gulf Marine Services Plc

    GDT Securities PLC (the "Company")

The Board announced in the Company's circular dated 30 May, 2002 that the
Directors retained the right to make a further redemption of zero dividend
preference shares ("ZDP Shares") in each case when at least �5 million in cash
had been realised from disposals of the Group's remaining income portfolio. The
Board is pleased to announce that realisation of �5 million has been reached
and accordingly a further redemption of ZDP Shares will shortly be made
resulting in a distribution of cash to all ZDP Shareholders on the register of
members as at 5.30pm on 27 November 2002.

This distribution of cash represents a redemption of 20.8 per cent. of each ZDP
Shareholders current holding of ZDP Shares (rounded down to the nearest whole
ZDP Share) with each ZDP Shareholder receiving 115.32p in respect of each ZDP
Share redeemed, being the then accrued capital entitlement of such ZDP Shares
as at 28 November 2002. Redemption proceeds will be remitted to ZDP
Shareholders on or around Tuesday, 3 December 2002.

As at 19 November 2002, the Group's remaining income portfolio (at bid-market
prices) was comprised as follows:

                             % of total assets invested         %*   � million*
                              in other split capital or                        
                                     high income trusts                        
                                                                               
Class AAA investments                                0%      13.94         0.75
                                                                               
Class AA investments                           0% to 5%      33.09         1.78
                                                                               
Class A investments                           5% to 25%      52.42         2.82
                                                                               
Class B investments                          25% to 50%       0.00         0.00
                                                                               
Class C investments                            Over 50%       0.55         0.03
                                                                               
Total                                                       100.00         5.38

* Source: Gartmore Investment Limited

Enquiries:

Roger Wood                              020 7782 2000                          
                                                                               
Chairman                                                                       
                                                                               
Ian Williams                            020 7294 3628                          
                                                                               
Lansons                                                                        



END

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