Final Results - Year Ended 31 October 1999

Henderson Strata Investments PLC
26 November 1999

                     HENDERSON STRATA INVESTMENTS PLC
                                     
     Unaudited Preliminary Results for the year ended 31 October 1999


Highlights

-    Significantly outperformed the FTSE SmallCap Index
     - Net asset value per share up 45.2%
     - FTSE SmallCap Index (ex investment companies) up 31.5%
-    Substantial exposure to technology companies
-    Top performing smaller companies investment trust over ten years*
-    The   potential  returns  from  selected  smaller  companies   remain
     outstanding


* Source: AITC Services Limited


Objective
The  Company  seeks  to achieve above average capital  growth  through  an
international portfolio of smaller companies.

The Chairman's Statement:

Net Asset Value
I  am pleased to report that the net asset value per share at the year end
was 715.31p.  This represents a rise of 45.2% over the year which compares
with  an  increase  in  the  FTSE  SmallCap  Index  (excluding  investment
companies) of 31.5%. These figures do not include income.

Performance  has  been  particularly strong in  recent  weeks,  especially
within  the UK investments, as investors have become less concerned  about
the  possibility of major computer problems at the beginning of  the  year
2000.  This has been reflected in a sharp recovery in the share prices  of
the information technology companies.  There may be some isolated problems
with  year 2000 but most companies' preparations for the change have  been
thorough  and  investors are now looking into next year and  beyond.   The
prospects for computer systems development and implementation in the  next
few  years are immense as companies change the way they operate to compete
in increasingly global, electronic markets.

Our  weighting  in the North American markets has reduced over  the  year,
reflecting in part the relative weakness of the US smaller company sector.
The  Japanese  markets  have  witnessed a very  strong  recovery  and  our
portfolio has benefited from this.  In Continental Europe, as in  the  UK,
stock  selection  has produced very strong returns.  The economic  outlook
for  countries in the Pacific has become clearer and we have made  several
investments in the area since the year end.

Focus
The investment approach that has served us so well is continually reviewed
to  ensure  exposure to the companies which are leading  the  way  through
innovation  and at the same time are placing great emphasis on  customers'
needs.   This has resulted in an even stronger focus on exceptional growth
companies throughout the portfolio.

Gearing
Throughout  most of the year we have had no borrowings while  we  searched
patiently  for opportunities.  The purchase of several new investments  in
the  last  few  months  has led to a return to  a  geared  position.   The
borrowings  will rise further as exposure to the Pacific is increased  and
as any new issues are added in other markets.

Dividend
Investment  income  is low due to the growth emphasis.   This  means  your
directors are not recommending the payment of a dividend for the year just
ended.

Share Buy-Back Powers
Your Board is again seeking enabling powers to allow the Company to buy in
its  own  shares.  Last year, the Company was prevented from  using  these
powers due to restrictions imposed on the Company by the rules of The City
Code  on  Takeovers  and Mergers.  In October this year,  Rule  37,  which
imposed  this  restriction, was amended and now provides the Company  with
greater  flexibility  to  buy back its own shares.   In  the  short  term,
because  of the constraints of the Code, any such purchases are likely  to
be modest in number.

Outlook
The  world is changing fast and those companies which are prepared to make
fundamental  changes  in the way they do business  will  be  the  winners.
Often  such  companies  are quite small and do not  have  the  problem  of
outdated  systems or facilities.  Your company is well placed to find  and
invest in such opportunities.



Frans ten Bos
Chairman
25 November 1999

                                     
     Unaudited Preliminary Results for the year ended 31 October 1999
                                     
                                   
Statement of Total Return (incorporating the revenue account)
for the year ended 31 October 1999

                             Year ended 31             Year ended 31
                              October 1999             October 1998
                              (unaudited)                (audited)
                            Revenue Capital  Total  Revenue Capital   Total
                              £'000  £'000   £'000   £'000   £'000   £'000
                                                                          
Total capital                     - 39,460  39,460       -   (397)   (397)
gains/(losses) on
investments
Income from fixed asset         976      -     976   1,363       -   1,363
investments
Other interest receivable       124      -     124     103       -     103
and similar income
                            ------- ------- ------- ------- ------- -------
                               
Gross revenue and capital     1,100 39,460  40,560   1,466   (397)   1,069
gains/(losses)
                                                                          
Management fee              (1,125)      - (1,125) (1,035)       - (1,035)
Other administrative          (188)      -   (188)   (149)       -   (149)
expenses
                            ------- ------- ------- ------- ------- -------
                              
Net (loss)/return on                                                      
ordinary activities
 before interest payable      (213) 39,460  39,247     282   (397)   (115)
and taxation
                                                                          
Interest payable               (28)      -    (28)   (337)       -   (337)
                            ------- ------- ------- ------- ------- -------
                                
Net (loss)/return on                                                      
ordinary activities
 before taxation              (241) 39,460 (39,219)   (55)   (397)   (452)
                                                 
                                                                          
Taxation on net               (119)      -   (119)   (241)       -   (241)
(loss)/return on ordinary
activities
                            ------- ------- ------- ------- ------- -------
                                
Net (loss)/return on                                                      
ordinary activities
   after taxation             (360) 39,460  39,100   (296)   (397)   (693)
                                                                          
Dividends - nil                   -      -       -       -       -       -
                            ------- ------- ------- ------- ------- -------
                                
Transfer (from)/to reserves   (360) 39,460  39,100   (296)   (397)   (693)
                              ===== ======  ======   =====  ======  ======
                                                                          
(Loss)/return per ordinary  (2.05p) 224.56p 222.51p (1.69p) (2.27p) (3.96p)
share (note 1)
                              ===== ======  ======   =====  ======  ======

The  revenue  columns of this statement represent the revenue accounts  of
the Company.

                                     
     Unaudited Preliminary Results for the year ended 31 October 1999
                                     
Summary of Net Assets
at 31 October 1999
                                      31 October   31 October
                                            1999         1998
                                     (unaudited)    (audited)
                                           £'000        £'000
                                                             
Fixed asset investments at               128,635       83,949
valuation
Net current (liabilities)/assets         (2,939)        2,647
                                     -----------  -----------
                                              
Total net assets                         125,696       86,596
                                        ========     ========
                                                             
Net asset value per ordinary share       715.31p      492.80p
(note 2)
                                        ========     ========

Notes :

1. (Loss)/return per ordinary share
   The  revenue  loss  per ordinary share is based  on  the  net  loss  on
   ordinary activities after taxation of £360,000 (1998: £296,000) and  on
   the  weighted  average number of ordinary shares of 25p each  in  issue
   during the year of 17,572,350 (1998: 17,493,236).

   The  capital  return per ordinary share is based on net  capital  gains
   for  the year of £39,460,000 (1998: net capital losses of £397,000) and
   on  the weighted average number of ordinary shares of 25p each in issue
   during the year, as stated above.

2. Share Capital
   The  number of ordinary shares of 25p each in issue at 31 October  1999
   and 31 October 1998  was 17,572,350.

3. Dividend
   No dividend has been declared in respect of the year.

4. 1999 Accounts
   The  preliminary figures for the year ended 31 October 1999  have  been
   extracted  from  the  latest accounts and do not  constitute  statutory
   accounts  as  defined by section 240 of the Companies Act 1985.   These
   accounts  have  not yet been delivered to the Registrar  of  Companies,
   nor have the auditors yet reported on them.

5. 1998 Accounts
   The  figures  and financial information for the year ended  31  October
   1998  are an extract from the latest published accounts of the  Company
   and  do  not  constitute the statutory accounts for that  year.   Those
   accounts  have  been  delivered  to  the  Registrar  of  Companies  and
   included the report of the auditors which was unqualified and  did  not
   contain  a  statement under either section 237(2) or section 237(3)  of
   the Companies Act 1985.

6. Annual Report and Annual General Meeting
   The  full annual report and accounts will be posted to shareholders  in
   late  December 1999 and copies will be available from the Secretary  at
   the  Company's Registered Office, 3 Finsbury Avenue, London  EC2M  2PA.
   The  Annual  General Meeting will be held on Thursday 10 February  2000
   at 2.30 pm.
                                     



For further information please contact:

Richard Smith/Norman Brown
Henderson Strata Investments plc
Telephone : [phone]

or

Vicki Staveacre/Martin Wade
Henderson Press Office
Telephone: [phone]



g:its-secs/strata/yr-resul