CUE Cue Energy

RNS No 2896u
CU ENVIRONMENTAL TRUST PLC
27 April 1999


               CU ENVIRONMENTAL TRUST PLC
                        RE-NAMED
          "THE QUARTERLY HIGH INCOME TRUST PLC"


The Board is delighted to announce that the Company has
secured over #118 million for its new investment policy
in accordance with the Proposals approved by Shareholders
at yesterday's Extraordinary General Meeting.

32,545,000 new Ordinary Shares (together with 16,322,758
existing Ordinary Shares placed pursuant to the Share
Sale Facility described below) have been placed by
Warburg Dillon Read at an FAV of 129.7811p per Ordinary
Share, calculated as at close of business on 23 April
1999.  This brings the total number of Ordinary Shares in
issue to 50,050,000.

In addition, the Company has raised #29,525,200 through
the issue of Zero Dividend Preference Shares at 100p each
and approximately #24 million of secured medium term bank
debt.

Elections were received to sell 16,322,758 Ordinary
Shares through the Share Sale Facility, representing 93.3
per cent of the existing Ordinary Shares.  These Ordinary
Shares have been placed at the FAV of 129.7811p per
Ordinary Share which at the Calculation Date represented
99.4 per cent of NAV per Ordinary Share.  Shareholders
who elected to sell their holding will receive 99.5 per
cent of FAV, equivalent to 129.1322p per Ordinary Share.

Acceptances of the Warrant Offer at 27.5p per Warrant
were received in respect of 3,206,541 Warrants
representing 91.8 per cent of the Warrants in issue.
These Warrants will be sold to the Company for
cancellation.  The balance of 288,459 Warrants will
remain in issue.

It is expected that dealings in the new Ordinary Shares
and Zero Dividend Preference Shares will commence on 30
April 1999. Payments will be made through CREST and
cheques will be dispatched on 30 April 1999 in respect of
Ordinary Share and Warrant sales.

UBS AG, acting through its division Warburg Dillon Read,
and Dresdner Kleinwort Benson, which are regulated in the
United Kingdom by The Securities and Futures Authority
Limited, are acting for the Company and no other person
in connection with the matters described in this
announcement and will not be responsible to anyone other
than the Company for providing the protections afforded
to customers of Warburg Dillon Read or Dresdner Kleinwort
Benson, as the case may be, nor for giving advice in
relation to such matters.

Enquiries:


David Keen
Commercial Union Investment Management  0171 632 5000

Alex Bance
Warburg Dillon Read                     0171 568 2506

Andrew Zychowski
Dresdner Kleinwort Benson               0171 475 6681

END

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