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Henderson TR Pacific (ATR)

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Tuesday 08 February, 2000

Henderson TR Pacific

Final Results - Replacement

Henderson TR Pacific Inv. Trust PLC
8 February 2000

The issuer has made the following amendment to the Final Results announcement
released today at 7.01 under RNS No 1443F.

In Note 4. Dividend, the ex-dividend date is 13 March 2000 and not 3 March 2000
as previously stated.

All other details remain unchanged.

The full corrected version is shown below.


                                 
                                 
             HENDERSON TR PACIFIC INVESTMENT TRUST PLC
                                 
                   Unaudited Preliminary Results
                for the Year Ended 31 December 1999

    'Investments in new technologies produce excellent results'

Key Points

*    Net  asset value per ordinary share rose 107% from  60.9p  to
     125.8p.  Final  two months of 1999 saw a 49.2%  rise  in  net
     asset value.

*    Share price advanced 128% to 117.0p.

*    Regional economic recovery gathered momentum.

*    Stock market advances focused on new technologies.


Regarding prospects, Mr Iain Dale, the Chairman, says:-

'We  expect the recovery in Far Eastern economies to be sustained,
helped  by  an  expected strengthening in global growth.   Exports
should  remain  strong  and  domestic economies  are  expected  to
recover.   While  some countries' prospects  are  capped  by  high
borrowings   we  expect  a  generally  favourable   stock   market
environment spurred by further high growth in technology sectors.'


For further information contact:-

Michael Watt, Director and Manager
Telephone:  020 7410 4100

Stephen Westwood                        Vicki Staveacre
Head of Investment Trusts               Henderson Press Office
Telephone: 020 7477 5517                Telephone: 020 7410 4028


                                 
             HENDERSON TR PACIFIC INVESTMENT TRUST PLC
                                 
                   Unaudited Preliminary Results
                for the Year Ended 31 December 1999


Extract from Chairman's Statement

1999  saw a strong recovery in Asia's stock markets and economies.
The  company's net assets rose by 107% to 125.8p per share,  which
challenges previous high points.  The share price advanced by 128%
to  117p as its discount to assets narrowed to 7%.  There  was  an
optimistic end to the year, despite ultimately unfounded  concerns
over  the 'millennium bug'. The company's net asset value grew  by
49.2% in the final two months of 1999.

Stock Markets

The  region's  stock markets and currencies advanced  in  sterling
terms  over  1999.  The major rises occurred in the  larger  stock
markets  with Hong Kong, Korea and Singapore achieving strong  re-
ratings.   It  was  more  than  usually  important  to  focus   on
investment themes and sector weightings, particularly as  optimism
for global technology gathered momentum over the second half year.

Performance

The  Manager  had anticipated the stronger stock markets  in  most
countries  and  we  were well positioned in the telecommunications
and technology sectors, which showed notable advances.

The  company  achieved a positive total return in net  assets  per
share of 107% reaching 125.8p at the year end compared to 60.9p at
the end of 1998.  The share price advanced by 128% to 117p from an
end 1998 level of 51.3p.  At the end of 1999 the shares stood at a
discount  of  7% compared to a discount of 15.8% at  the  previous
year  end.  The company's performance is measured against  a  peer
group of investment trust competitors and a benchmark index.   The
107% advance in net assets may be compared with an equivalent peer
group  return of 98%.  The benchmark index, the MSCI AC  Far  East
Free ex Japan Index, advanced by 67%.

Revenue and Earnings

Revenues  fell sharply in 1999 as investment returns  reverted  to
normal  for  a  trust  such as Henderson TR  Pacific  which  seeks
capital  growth.  Bond and cash holdings were replaced by equities
and  borrowings were invested in equity markets with a  consequent
sharp decline in yields.  Gross revenues amounted to £2.9 million,
a  decline of 40% over the previous year.  Earnings per share fell
by 71% to 0.36p.

Dividend

As  foreshadowed at the interim stage, there is no requirement  to
pay  a special dividend for 1999.  Consequently a maintained final
dividend of 0.25p in respect of 1999 but no special dividend  will
be  recommended at the forthcoming Annual General Meeting (AGM) in
line  with the company's underlying policy of seeking to  maximise
capital growth.


                                 
             HENDERSON TR PACIFIC INVESTMENT TRUST PLC
                                 
                   Unaudited Preliminary Results
                for the Year Ended 31 December 1999


Share repurchase policy

At  last year's AGM shareholders approved proposals to buy back up
to  14.9%  of  the  company's shares.  This followed  the  Board's
concern  at the historically high levels of discount at which  the
shares  had  traded,  at  times reaching  more  than  20%.   Share
repurchases make sense if the discount is high in its own right or
relative to the company's peer group.  A policy and procedure  for
share buy backs was implemented but no shares were repurchased  in
1999.   The  Board  will be seeking approval from shareholders  to
renew  this authority for the year ahead.  Purchases will only  be
made  if  the Board believes there will be clear benefits  to  the
company and shareholders.

Promotional activity

The Board welcomed the initiative of the Association of Investment
Trusts  to promote investment trusts to a wider audience, and  has
fully  supported the 'its' campaign at a first year  cost  to  the
company  of  £73,831.   The Board also welcomed  the  decision  by
Henderson  Investors  to  promote the Henderson  brand  name  more
forcefully.   These  important initiatives have  supplemented  the
company's own efforts to promote itself both to financial advisors
and existing shareholders.

Prospects

1999  saw  a  welcome  upturn in most of the  region's  economies.
Currencies strengthened further and the necessary economic reforms
continued to be implemented. We expect the recovery in Far Eastern
economies to be sustained, helped by an expected strengthening  in
global   growth.   Exports  should  remain  strong  and   domestic
economies   are  expected  to  recover.   While  some   countries'
prospects  are  capped by high borrowings we  expect  a  generally
favourable stock market environment spurred by further high growth
in  technology sectors.  This should allow the markets in which we
invest to move firmly higher.


                                      
                  HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                        Unaudited Preliminary Results
                     for the Year Ended 31 December 1999


Statement of Total Return (incorporating the revenue account)
                                      
                           Year ended 31 December   Year ended 31 December
                                    1999                     1998
                          Revenue Capital    Total Revenue  Capital   Total
                    
                            £'000   £'000    £'000   £'000    £'000   £'000
                                                                           
Total capital                   - 134,459  134,459       -  (14,214)(14,214)
gains/(losses) from                                                     
investments
Income from fixed asset     2,249       -    2,249   3,643        -   3,643
investments
Other interest                618       -      618   1,149        -   1,149
receivable and similar
income
                           ------ -------  -------  ------  -------  ------
                             
Gross revenue and           2,867 134,459  137,326   4,792  (14,214) (9,422)
capital gains/(losses)                                                   
                                                                           
Management fee              (705)   (705)  (1,410)   (838)    (838)  (1,676)    
                                                                 
Other administrative        (474)       -    (474)   (425)        -   (425)
expenses
                           ------ -------  -------  ------  -------  ------
                             
Net return/(loss) on                                                       
ordinary activities
 before interest payable    1,688 133,754  135,442   3,529 (15,052) (11,523)
and taxation                                                           
                                                                           
Interest payable            (343) (1,028)  (1,371)   (316)    (949)  (1,265)
                                                                         
                           ------ -------  -------  ------  -------  ------
                             
Net return/(loss) on                                                       
ordinary activities
 before taxation            1,345 132,726  134,071   3,213 (16,001) (12,788)
                                                                     
                                                                           
Taxation on net return      (600)     453    (147)   (666)      554   (112)
on ordinary activities
                           ------ -------  -------  ------  -------  ------
                          
Net return/(loss) on          745 133,179  133,924   2,547 (15,447) (12,900)
ordinary activities                                                     
   after taxation                                                          
                                                                           
Proposed dividend                                                          
Final ordinary: 0.25p       (514)       -    (514)   (514)        -   (514)
per share (1998: 0.25p)
Special: nil per share          -       -        -  (1,542)        - (1,542)
(1998: 0.75p)                                                          
                           ------    ----    ----   ----       ----  -------
                            (514)       -    (514)  (2,056)       -  (2,056)
                                                       
                           ------ -------  -------  ------  -------  ------
                             
Transfer to/(from)            231 133,179  133,410     491 (15,447) (14,956)
reserves                                                                
                           ======  ======   ======  ======   ======  ======
                                                                           
Return/(loss) per          0.362p 64.795p  65.157p  1.239p (7.515p) (6.276p)
ordinary share (note 1)                                                 
                                                                           
                                      
The revenue columns of this statement represent the revenue accounts of the
company.

                                      

                                   
               HENDERSON TR PACIFIC INVESTMENT TRUST PLC
                                   
                     Unaudited Preliminary Results
                  for the Year Ended 31 December 1999
                                   
                                   
Summary of Net Assets            31 December   31 December
                                        1999          1998
                                       £'000         £'000
                                                          
Fixed asset investments              280,263       129,075
                                                          
Net current                           (3,013)       14,191
(liabilities)/assets
                                  ----------    ----------
Total  assets less  current          277,250       143,266
liabilities
                                                          
Creditors: amounts  falling                               
due after more
   than one year                    (18,614)      (18,031)
                                                          
Provisions  for liabilities                -           (9)
and charges
                                  ----------    ----------
                                                          
Total net assets                     258,636       125,226
                                      ======        ======
                                                          
Net asset value per                   125.8p         60.9p
ordinary share
                                                          
                                   
                                   
Notes:

1.  Return/(loss) per ordinary share
    Revenue   returns  per  ordinary  share  are  based  on   earnings
    attributable   to   the  ordinary  shares   of   £745,000   (1998:
    £2,547,000) and on the weighted average number of ordinary  shares
    in  issue  during the year to 31 December 1999, being  205,540,359
    (1998: 205,540,359).

    Capital returns per ordinary share are based on net capital  gains
    attributable to the ordinary shares of £133,179,000 (1998:  losses
    £15,447,000)  and  on  the  weighted average  number  of  ordinary
    shares in issue during the year, as shown above.

2.  1998 Accounts
    The  figures  and  financial information for  the  year  ended  31
    December  1998 are an extract of the latest published accounts  of
    the  company  and  do not constitute 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 Section  237(2)
    or 237(3) of the Companies Act 1985.

3.  1999 Accounts
    The  preliminary figures for the year ended 31 December 1999  have
    been  extracted from the latest company accounts.  These  accounts
    have  not  yet  been delivered to the Registrar of Companies,  nor
    have the auditors yet reported on them.

                                   
                                   
               HENDERSON TR PACIFIC INVESTMENT TRUST PLC
                                   
                     Unaudited Preliminary Results
                  for the Year Ended 31 December 1999


4.  Dividend
    A  final dividend of 0.25p per ordinary share will, if approved by
    shareholders,  be  paid on 14 April 2000 to shareholders  recorded
    on  the  register on 17 March 2000. The company's  shares  go  ex-
    dividend on 13 March 2000.

5.  Year 2000
    The  directors of Henderson TR Pacific Investment Trust  plc  have
    been  advised by Henderson plc, and its subsidiaries ('Henderson')
    which  provide  investment management, UK  custodial,  accounting,
    administrative  and company secretarial services  to  the  company
    that  the  corporate action programme initiated by  Henderson  has
    been  satisfactorily  completed and  that  at  the  date  of  this
    document  no  material  or  significant  problems  affecting   the
    company  have  arisen  from  the Year  2000  date  change.   Costs
    relating to this project were borne by Henderson.

6.  Annual General Meeting
    The  annual  report will be posted to shareholders in  March  2000
    and  thereafter copies will be available at the registered  office
    at  3  Finsbury  Avenue,  London EC2M  2PA.   The  Annual  General
    Meeting of the company will be held at 3 Finsbury Avenue,   London
    EC2M 2PA on Monday 10 April 2000 at 12.30 pm.




                                   
               HENDERSON TR PACIFIC INVESTMENT TRUST PLC
                                   
                     Unaudited Preliminary Results
                  for the Year Ended 31 December 1999

Stock Market Performance Comparison for the year to 31 December 1999

                       Local Currency         Sterling
                                    %         Adjusted
                                                     %
                                                      
South Korea                      82.8            100.3
Taiwan                           31.6             39.6
China*                           41.8             46.4
Hong Kong                        68.8             73.7
Thailand                         35.4             35.2
The                               8.8              8.5
Philippines
Malaysia                         38.6             42.8
Singapore                        74.8             78.8
Indonesia                        70.1             98.0
                                                      
*   The local movements on the China B Index have been calculated with
reference to a US$ denominated price index.

Henderson TR Pacific also has an investment in The Vietnam Fund, which
is listed in Dublin. Vietnam has no stock market at the present time.
                                   
                                   
Distribution of the Investment Portfolio

                 As at 31 December 1999      As at 31 December
                                      %                   1998
                                                             %
                                                              
South Korea                        27.7                    7.7
Taiwan                             19.6                   18.6
China                               2.8                    6.0
Hong Kong                          23.1                   26.3
Thailand                            6.9                    5.8
The                                 1.6                    3.8
Philippines
Malaysia                            3.0                      -
Singapore                          15.2                   15.2
Indonesia                             -                      -
Vietnam                             0.1                    0.3
Bonds                                 -                   16.3
                               --------               --------
                                  100.0                  100.0
                               --------               --------



                                   
               HENDERSON TR PACIFIC INVESTMENT TRUST PLC
                                   
                     Unaudited Preliminary Results
                  for the Year Ended 31 December 1999

Sector Analysis of Investments

                         As at 31 December   As at 31 December
                                      1999                1998
                                         %                   %
Bonds                                    -                16.3
Collective Investment                  1.4                 5.8
Vehicles
Computers & Peripherals                6.9                 7.3
Consumption                           12.5                15.8
Electrical Equipment                   2.8                 3.6
Finance & Real Estate                 12.6                10.1
Resources & Heavy                      7.8                 9.6
Industrial
Semiconductors &                      27.5                12.9
Electronics
Software Services                      2.7                   -
Telecommunications                    18.4                 7.9
Transport &                            4.6                 4.6
Distribution
Utilities                              2.8                 6.1
                                   -------             -------
                                     100.0               100.0
                                   -------              ------

Top 20 Investments as at 31 December 1999

Company               Country   Sector                    Value of
                                                         Investment
                                                             £'000
SK Telecom            South     Telecommunications          12,532
                      Korea
Dacom                 South     Telecommunications          11,263
                      Korea
Korea Telecom         South     Telecommunications          11,006
                      Korea
China Telecom         Hong Kong Telecommunications           9,688
Samsung Electronics   South     Semiconductors &             9,333
                      Korea     Electronics
Johnson Electric      Hong Kong Electrical Equipment         7,950
Holdings
Li & Fung             Hong Kong Transport &                  7,752
                                Distribution
Pacific Century       Hong Kong Software Services            7,194
Cyberworks
Taiwan Semiconductor  Taiwan    Semiconductors &             6,610
                                Electronics
JIT Holdings          Singapore Semiconductors &             6,567
                                Electronics
Television            Hong Kong Consumption                  6,390
Broadcasts
Singapore Press       Singapore Consumption                  6,050
Far East Textile      Taiwan    Consumption                  5,899
Cheung Kong           Hong Kong Finance & Real Estate        5,889
SK Corporation        South     Resources & Heavy            5,510
                      Korea     Industrial
Datacraft Asia        Singapore Semiconductors &             5,134
                                Electronics
Housing & Commercial  South     Finance & Real Estate        4,916
Bank                  Korea
Natsteel Electronic   Singapore Computers &                  4,902
                                Peripherals
Dialer and Business   Taiwan    Semiconductors &             4,676
                                Electronics
Shin Corporations     Thailand  Software Services            4,610
                                                           143,871
                                   
These twenty investments represented 51.3% of total investments
compared with 53.1% at the previous year end.


                                                                                                                                                                        

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