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Fleming Overseas Inv (JMO)

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Wednesday 06 September, 2000

Fleming Overseas Inv

Final Results

Fleming Overseas Inv Trust PLC
6 September 2000

              
                           
       THE FLEMING OVERSEAS INVESTMENT TRUST PLC


The   Fleming  Overseas  Investment  Trust  plc   today
announced its results for the year ended 30 June 2000.

The net asset value per ordinary share rose by 27% over
the year compared with the 17.3% recorded by the FT/S&P
Actuaries  World  (ex  UK)  Index  (capital  only)   in
sterling terms, the Company's performance benchmark.

Change in Accounting Policy and Dividend.

The   Board   has  decided  to  change  the   Company's
accounting   policy  by  charging  50%  of   management
expenses  and interest to capital instead  of  revenue.
On this new basis, earnings per share were 4.5p against
a  restated  4.8p  for  the  previous  year  but  2.13p
actually declared.

The  Directors  have proposed, subject  to  shareholder
approval  at  the  Annual  General  Meeting,  a   final
dividend  of  3.60p per ordinary  share,  (last  year
2.45p) such dividend to be paid on 27 November 2000  to
shareholders  on the register of members  at  close  of
business on 27 October 2000.

The  Annual Report and Accounts for the year to 30 June
2000  will be sent to shareholders on 25 September 2000
at  the  latest  and copies will be  available  to  the
public  at  the  registered  office,  10  Aldermanbury,
London, EC2R 7RF after that date.

The Annual General Meeting will be held on Wednesday 25
October  2000 at 12.00 noon at 10 Aldermanbury, London,
EC2R 7RF.

For further information, please contact:

Linda Field
Peter Harrison
Fleming Overseas Investment Trust plc   020 7638 5858
                           
                           
      THE FLEMING OVERSEAS INVESTMENT TRUST PLC
  UNAUDITED FIGURES FOR THE  YEAR ENDED 30 JUNE 2000
                           
                           
                                        2000       1999
                                              (Restated)
                                       £'000      £'000

REVENUE

Income

     Franked dividends                    795      591
     UK Unfranked dividends             1,259    2,707
     Overseas dividends                 8,099    8,616
     Overseas interest                      -       62
     Scrip dividends                        -       38
     Deposit interest                     719    1,765
     Stock lending fees (net)              72       65
     Other income                       1,899        -
                                        _____    _____
Gross Revenue                          12,843   13,844

Less Management fee
     (50% charged to capital)           1,615    1,513
     Other administrative expenses        887      436
     Interest payable
     (50% charged to capital)           3,216    3,222
                                       ______    _____
Return before taxation                  7,125    8,673

Less Taxation                           2,342    2,405
                                        _____    _____

Return after taxation                   4,783    6,268
Less Dividends on preferred shares          -       13
                                        _____    _____
Return available to
ordinary shareholders                   4,783    6,255
                                         ====     ====

Dividend per ordinary share             3.60p    2.45p



                                         2000     1999

                                        £'000    £'000

CAPITAL

     Movements on investments         150,257  115,414
     Less: Expenses charged to Capital  7,591    4,733
                                        _____    _____
Return before taxation                142,666  110,681

     Taxation                           1,503    1,251
                                        _____    _____
Return attributable to
ordinary shareholders                 144,169  111,932
                                      =======   ======

Revenue return per
ordinary share (Restated)              4.50 p   4.81 p
Capital return per ordinary share    135.73 p  86.02 p
Total return per ordinary share      140.23 p  90.83 p


At 30 June 2000

Total net assets (£'000)              690,268  645,371
Net Asset Value per Ordinary Share     725.8p   571.4p


       THE FLEMING OVERSEAS INVESTMENT TRUST PLC
   UNAUDITED FIGURES FOR THE YEAR ENDED 30 JUNE 2000
                           
                           
CASH FLOW STATEMENT
                                        2000      1999

                                       £'000     £'000

Net cash inflow from operating activities
                                        7,318    8,419

Net cash outflow from returns on
investments and servicing of finance   (6,384)  (6,408)

Total tax recovered                     1,587      580

Net cash inflow from capital expenditure
and financial investment               75,094   107,975

Total equity dividends paid on
ordinary shares                        (2,742)  (3,985)

Net cash outflow from financing      (100,719) (93,741)
                                        _____    _____
(Decrease)/Increase in cash for the year
                                      (25,846)  12,840
                                       ======   ======



The  above  financial information does  not  constitute
statutory  accounts as defined in Section  240  of  the
Companies   Act   1985.    The  comparative   financial
information is based on the statutory accounts for  the
year  ended 30th June 1999. These accounts, upon  which
the  auditors issued an unqualified opinion, have  been
delivered to the Registrar of Companies.


FLEMING INVESTMENT TRUST MANAGEMENT LIMITED