Result of Equity Issue

British Assets Trust PLC
27 July 2001


The Company announces that on 23 July 2001 77,080 ordinary shares of 25p each
were allotted in connection with the exercise of warrants to subscribe for
ordinary shares.

Following the allotment, the Company has 303,531,543 ordinary shares and
3,351,519 warrants in issue.


Gordon J Humphries
Company Secretary, British Assets Trust PLC


Enquiries:        Gordon Humphries,                 Tel: [phone]