Interim Results

Rights and Issues Inv Trust PLC
20 July 2000


Chairman's Statement

The UK equity market has had an indifferent start this year with the FTSE
All-Share Index falling by 6.5%. The Trust has performed satisfactorily
with a rise in the net asset value of the Capital shares of 2.6% to
1632.4p.

The interim dividend has been increased to 7.0p net per Income share
and the Board expects, barring unforeseen circumstances, to pay a final
dividend of not less than 17.5p net per Income share.


Simon Knott
Chairman



Consolidated statement of total return

                                          Six months ended 30th June 2000

                                    Revenue          Capital            Total
                                       £                £                 £

Gains/(losses) on investments         3,853          890,350          894,203

Income                              804,203                0          804,203

Other expenses                      138,446                0          138,446
Net return before finance
costs and taxation                  669,610          890,350        1,559,960

Interest payable and similar
charges                                   0                0                0
Return on ordinary activities
before tax                          669,610          890,350        1,559,960

Tax on ordinary activities           11,922                0           11,922
Return on ordinary activities
after tax for the financial year    657,688          890,350        1,548,038

Dividends and other
appropriations in respect of non-     5,500                0            5,500
Return attributable to equity
shareholders                        652,188          890,350        1,542,538

Dividends in respect of equity
shares                              418,600                0          418,600

Transfer to reserves after
aggregate dividends paid and
payable of £418,600. (1999:
£380,350)                           233,588          890,350        1,123,938

Return per Income share (p)            16.0              9.0             25.0

Return per capital share (p)           15.8             40.7             56.5



Consolidated statement of total return


                                          Six months ended 30th June 2000

                                    Revenue          Capital            Total
                                       £                £                 £

Gains/(losses) on investments         6,381        5,346,256        5,352,637

Income                              820,092                0          820,092

Other expenses                      128,277                0          128,277
Net return before finance
costs and taxation                  698,196        5,346,256        6,044,452

Interest payable and similar
charges                                   0                0                0
Return on ordinary activities
before tax                          698,196        5,346,256        6,044,452

Tax on ordinary activities           10,706                0           10,706
Return on ordinary activities
after tax for the financial year    687,490        5,346,256        6,033,746

Dividends and other
appropriations in respect of non-     5,500                0            5,500
Return attributable to equity
shareholders                        681,990        5,346,256        6,028,246

Dividends In respect of equity
shares                              380,350                0          380,350

Transfer to reserves after
aggregate dividends paid and
payable of £418,600. (1999:
£380,350)                           301,640        5,346,256        5,647,896

Return per Income share (p)            17.9             54.3             72.2

Return per capital share (p)           14.7            244.5            259.2



Consolidated statement of total return

                                      Twelve months ended 31st December 1999

                                    Revenue          Capital            Total
                                       £                £                 £

Gains/(losses) on investments      -(10,678)        8,542,955        8,532,277

Income                            1,450,901                 0        1,450,901

Other expenses                      264,420                 0          264,420
Net return before finance
costs and taxation                1,175,803         8,542,955        9,718,758

Interest payable and similar
charges                                   0                 0                0
Return on ordinary activities
before tax                        1,175,803         8,542,955        9,718,758

Tax on ordinary activities            9,038                 0            9,038
Return on ordinary activities
after tax for the financial year  1,166,765         8,542,955        9,709,720

Dividends and other
appropriations in respect of non-    11,000                 0           11,000
Return attributable to equity
shareholders                      1,155,765         8,542,955        9,698,720

Dividends In respect of equity
shares                            1,025,149                 0        1,025,149

Transfer to reserves after
aggregate dividends paid and
payable of £418,600. (1999:
£380,350)                           130,616        8,542,955        8,673,571

Return per Income share (p)            27.6             86.8            114.4

Return per capital share (p)           29.0            390.7            419.7



Notes to the consolidated statement of total return.

The  interim dividend of 7.00p net (1999:6.25p net)  per  income
share and amounting to £,172,200 (1999: £153,750) is payable  on
30th  September 2000 to shareholders on the register as at  18th
August  2000. The sum accruing by way of dividend to the Capital
shareholders  will,  in  view  of  the  small  sum  involved  be
included in the final dividend.

The  unaudited interim results have been prepared on  the  basis
of  the accounting policies set out in the statutory accounts of
the  Company for the year ended 31st December 1999.   The  above
statement  of  total return is presented as recommended  by  the
Statement  of  Recommended Practice for Financial Statements  of
Investment Trust Companies.

These  are  not full statutory accounts in terms of Section  240
of  the  Companies Act 1985. The full audited accounts  for  the
year  to  31st December 1999, which were unqualified, have  been
filed with the Registrar of Companies.

The  interim accounts are to be posted to shareholders  and  are
available  at the registered office of the Company,  40  Clifton
Street, London EC2A 4AY.



                                        For the period ended 30th June 2000
Unaudited Balance Sheets                 (Comparative: 31st December 1999)

                                     Company                  Group
                               2000          1999       2000           1999
                                 £             £          £              £

Fixed Assets
Intangible assets                      -            -       97,793      102,451
Investments                   32,310,443   34,651,003   31,878,971   34,219,531

Current assets
Debtors                          449,765      170,232      401,376       87,606
Investments                            -            -       89,209       64,125
Cash at bank and in hand       5,151,181    1,770,406    5,443,651    2,126,390
                               5,600,946    1,940,638    5,934,236    2,278,121

Creditors:amounts falling due 
within one year                  660,618      469,466      748,723      561,764

Net current liabilities/assets 4,940,328    1,471,172    5,185,513    1,716,357

Total assets less current 
liabilities                   37,250,771   36,122,175   37,162,277   36,038,339

Capital and reserves
Called up share capital       1,225,000     1,225,000    1,225,000    1,225,000
Share premium account           225,326       225,326      225,326      225,326
Capital reserve              20,921,088    18,237,191   20,921,088   18,237,191
Other reserves
Revaluation reserve          13,964,609    15,758,156   13,964,609   15,758,156
Dividend equalisation reserve   914,748       676,502      826,254      592,666

Total shareholders funds     37,250,771    36,122,175   37,162,277   36,038,339

Net asset value per share
Income shares                                               414.3p       396.3p
Capital shares                                             1632.4p      1590.9p



Cash flow statement

                                                              Group
                                                   Six months        Six months
                                                   ended 30th        ended 30th 
                                                  June 2000         June 1999
                                                       £                  £
Operating activities

Investment income (net)                             597,936            547,129
Interest received                                    50,929             91,150
Subsidiary Fee income                                89,845             78,877
Underwriting Commission                                   0                  0
Cash Payments                                      (157,129)          (128,663)
Investment dealing                                    3,853              6,381

Net cash inflow/(outflow) 
from operating activities                           585,434            594,874

Servicing of finance                                      

Interest paid                                             0                  0
Dividends paid                                      418,200            360,185
                               

Net cash outflow from servicing of finance          418,200            360,185


Taxation
Tax received                                          5,634              8,599

Investing activities

Purchase of investments                          (2,408,417)        (3,315,724)
Disposals of Investments                          5,583,488          1,524,626
Purchase of current investments                     (25,084)              (104)


Net cash inflow/(outflow) from 
investing activities                              3,149,987         (1,791,202)

Net cash inflow/(outflow) before financing

INCREASE/(DECREASE) IN CASH AND 
CASH EQUIVALENTS                                  3,322,855         (1,547,914)