Preliminary Annual Results

Aberdeen New Dawn Invest Trust PLC
23 June 2000

ABERDEEN NEW DAWN INVESTMENT TRUST PLC
PRELIMINARY ANNOUNCEMENT OF ANNUAL UNAUDITED RESULTS
for the year ended 30 April 2000


Chairman's Statement

In the year ended 30 April 2000, the undiluted net asset value per share rose
by 36.2% to 236.8p compared to a rise of 17.3% in the Company's benchmark, the
MSCI AC Asia Pacific ex Japan. The NAV performance has been enhanced by the
use of gearing of approximately 10% throughout the period.  We have
recommended a maintained dividend of 1.65p per share.  The pay date for the
dividend, if approved by Shareholders at the Annual General Meeting, will be 9
August 2000; provisional xd date 3 July 2000, record date 7 July 2000.

Asian economies continued their strong recovery over the year and this has
been reflected in the results of the companies in which New Dawn invests,
profits for many having come in ahead of our own and market expectations. 

Stock markets have shown this with increases of 53% in Malaysia, 40% in India,
19% in Taiwan and 16.4% in Hong Kong. Whilst these more mature markets did
well, some of Asia's smaller markets, notably Thailand and the Philippines,
falling 15% and 37% respectively, have been out of favour given investor
concerns about politics, cronyism and the slow pace of structural reform. 

We have highlighted before the need for structural reform within Asian
economies in order to improve the quality and sustainability of economic
development and avoid a repetition of the 1998 Asian crisis, and although much
work remains to be done, most countries have continued to make progress. We
have, for example, been particularly impressed with the moves taken by the
Singapore government to deregulate and open up its economy. At the company
level one of the setbacks of investing in the region has been the poor level
of corporate governance and the lack of attention paid to shareholder value.
In this respect your managers play an active role in forcing change by
highlighting to managements the need to improve their treatment of outside
shareholders and, where necessary, by attending AGMs.

Asia also embraced the tech mania that has enveloped markets worldwide with
investors focusing on 'new economy' stocks at the expense of traditional
'bricks and mortar' businesses. Your managers have been cautious on this
trend, feeling that little attention has been paid to the risk and fundamental
valuations of many technology company shares. Where we have invested, we have
done so via companies with strong and well established businesses and good
track records of profitability. At the same time the sell off of traditional
stocks has created some excellent opportunities to invest in some of the
region's best run companies at attractive prices.

Looking ahead, we anticipate GDP growth of at least 5% for the region which
will be reflected in another good year for corporate profitability. Investors
worldwide are currently concerned that US interest rates will continue to rise
leading to a slowdown in the US economy which has acted as an important engine
of world growth in recent years. Should this happen it will clearly have some
impact on Asia where the economic recovery has been greatly assisted by strong
exports to the West. However, we feel that Asian economies are in a different
part of the cycle to the US and that such fears have already been adequately
reflected in stock prices. It is our belief that the long term investment case
for investing in the region remains very much intact and that the Asian crisis
is gradually resulting in changes that will make the region a more rewarding
place for investors in coming years.

Notwithstanding the strong NAV performance this year, as I mentioned in my
opening remarks, the Company's share price has increased by only 12.2%.  The
discount to the asset value on which your Company's shares trade has widened
substantially, undoing the benefit gained from the tender offer effected in
March/April last year. This has been common to the sector and is a function of
supply and demand between investors. During the year under review and also
since our year end, your Board has concentrated on addressing the question of
future dilution by actively buying back for cancellation both the A and B
Warrants. Including the purchases made after our year end we have bought in a
total of 1,240,899 Ordinary shares, which is approximately one third of the
15% authority renewed at the last Annual General Meeting. Those purchases have
been at discounts of around 25% and, as such, have served to enhance the fully
diluted NAV of the remaining Ordinary shares. 

Finally, the Board has resolved with effect from 1 May 2000 to allocate
investment management fees and finance costs 75% to capital reserve and 25% to
revenue account.  The Board considers, having reviewed the expected future
long-term returns in the form of capital gains and income respectively from
the investment portfolio of the Company, that this allocation more accurately
reflects the future long term returns.



Richard Clough
Chairman
23 June 2000
 

The unaudited results were:

Statement of total return (incorporating the revenue account*)
For the year ended 30 April 2000

                                                Year ended
                                              30 April 2000
                                                (Unaudited)
                                       Revenue   Capital     Total
                                         £'000     £'000     £'000

Gains on investments                         -    16,296    16,296
Income                                   1,539         -     1,539
Investment management fee                 (564)        -      (564)
Other expenses                            (319)        -      (319)
Exchange (losses)/gains                     (6)      255       249
                                        ______    ______    ______
Net return before
finance costs and taxation                 650    16,551    17,201
Interest payable and similar charges      (547)        -      (547)
                                        ______    ______    ______
Return on ordinary
activities before tax                      103    16,551    16,654
Tax on ordinary activities                (148)        -      (148)
                                        ______    ______    ______
Return on ordinary
activities after tax                       (45)   16,551    16,506
Repurchase of Warrants                       -      (756)     (756)
                                        ______    ______    ______
Return attributable to
equity shareholders                        (45)   15,795    15,750
Dividends in respect of equity shares     (403)        -      (403)
                                        ______    ______    ______
Transfer (from)/to reserves               (448)   15,795    15,347
                                        ======    ======    ======
Return per Ordinary share (pence):
     Basic                               (0.18)    61.60     61.42
                                        ======    ======    ======
     Fully diluted                       (0.17)    59.82     59.65
                                        ======    ======    ======


The audited results were:

Statement of total return (incorporating the revenue account*)
For the year ended 30 April 1999 

                                                Year ended
                                              30 April 1999
                                                (Restated)
                                                (Unaudited)
                                       Revenue   Capital     Total
                                         £'000     £'000     £'000
       
Gains on investments                         -     2,918     2,918
Income                                   1,793         -     1,793
Investment management fee                 (467)        -      (467)
Other expenses                            (393)        -      (393)
Exchange losses                            (14)      (62)      (76)
                                        ______    ______    ______
Net return before
finance costs and taxation                 919     2,856     3,775
Interest payable and similar charges       (41)        -       (41)
                                        ______    ______    ______
Return on ordinary
activities before tax                      878     2,856     3,734
Tax on ordinary activities                (372)        -      (372)
                                        ______    ______    ______
Return on ordinary
activities after tax                       506     2,856     3,362
Repurchase of Warrants                       -      (795)     (795)
                                        ______    ______    ______
Return attributable
to equity shareholders                     506     2,061     2,567
Dividends in respect of equity shares     (423)        -      (423)
                                        ______    ______    ______
Transfers to reserves                       83     2,061     2,144
                                        ======    ======    ======
Return per Ordinary share (pence):
     Basic                                1.19      4.87      6.06
                                        ======    ======    ======
     Fully diluted                        1.19      4.84      6.03
                                        ======    ======    ======

* The statements of total return presented above are in accordance with the
Statement of Recommended Practice for Financial Statements of Investment Trust
Companies.
 

Balance Sheet of the Company as at 30 April 2000

                                             30 April      30 April
                                               2000          1999
                                           (Unaudited)    (Audited)
                                              £'000         £'000
Fixed assets              
Investments                                  66,200        47,818
Current assets
Debtors                                       2,277         2,841
Cash at bank and in hand                        165         5,046
                                             ______        ______
                                              2,442         7,887
Creditors:
amounts falling due within one year         (10,439)      (11,103)
                                             ______        ______
Net current liabilities                      (7,997)       (3,216)
                                             ______        ______
Total assets less current liabilities        58,203        44,602
Provisions for liabilities and charges            -             -
                                             ______        ______
Total net assets                             58,203        44,602
                                             ======        ======
Capital and reserves
Called-up share capital                       6,145         6,414
Share premium account                         9,179         9,172
Special reserve                              16,712        18,451
Other reserves:              
    Redemption reserve                        9,845         9,573
    Capital reserve - realised                8,786         4,203
    Capital reserve - unrealised              6,282        (4,913)
Revenue reserve                               1,254         1,702
                                             ______        ______
Total equity shareholders' funds             58,203        44,602
                                             ======        ======

Net asset value per Ordinary share (pence)               
    Basic                                    236.78        173.84
                                             ======        ======
    Fully diluted                            225.71        167.91
                                             ======        ======

 
1   The basic revenue return per Ordinary share is based on the net revenue
deficit on ordinary activities after taxation of £45,000 (1999 - net revenue
of £506,000) and on 25,641,449 (1999 - 42,379,957) Ordinary shares, being the
weighted average number of Ordinary shares in issue during the year.

The basic capital return per Ordinary share is based on net capital gains for
the year of £15,795,000 (1999 - £2,061,000) and on 25,641,449 (1999 -
42,379,957) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the year.

The fully-diluted return per Ordinary share has been calculated in accordance
with FRS14 and by reference to a weighted average number of Ordinary shares of
26,404,832 (1999 - 42,559,353).

                     
2                                              2000        1999
                                                         (restated)
        Income                                £'000         £'000
        Income from investments       
        Franked investment income (net)          41            57
        UK interest                               -            67
        Overseas dividends                    1,465         1,381
        Overseas interest                         -            19
                                             ______         _____
                                              1,506         1,524
                                             ______         _____
        Other income 
        Deposit interest                         33           253
        Stock lending fees                        -            16
                                             ______         _____
                                                 33           269
                                             ______         _____
                                              1,539         1,793
                                             ======         =====

With effect from 1 May 1999 franked investment income is presented excluding
attributable tax credits.  Previously, franked investment income was presented
including attributable tax credits which were then also included within the
charge for taxation.  The change, which has no effect on the net income after
taxation for the period, has been made to comply with FRS 16 'Current Tax';
comparative figures have been restated.  The effect of this change in
presentation is to decrease franked investment income and the tax charge by
equal amounts of £5,000 (1999 - £10,000) resulting in no net change in the net
income after taxation for the year for either 2000 or 1999.  

       
3   The basic net asset value per Ordinary share is based on net assets and on
24,581,436 (1999 - 25,657,335) Ordinary shares, being the number of Ordinary
shares in issue at the year end.

The fully diluted net asset value per Ordinary share is 225.71p (1999 -
167.91p).  This has been calculated on the assumption that the A and B
Warrants in issue at the year end, being 528,583 (1999 - 743,081) and
2,241,888 (1999 - 2,996,998) respectively, were converted on the first day of
the financial period at 95.88p and 135p per share respectively, giving a total
of 27,351,907 (1999 - 29,397,414) Ordinary shares.  The fully diluted net
asset value calculation excludes the Series C Warrants on the assumption that
the Series C Warrants would not be exercised as the exercise price exceeded
the basic net asset value. 
       
4   On 20 April 2000 the Company purchased for cancellation a total of 510,899
Ordinary shares of 25p at 159.0p and a further 575,000 Ordinary shares at
160.5p on 26 April 2000.  The total aggregate consideration for both
transactions was £1,739,000.

During the financial year 204,498 Series A Warrants were bought back for
cancellation for £222,847 and 755,110 Series B Warrants bought back for
cancellation for £532,976.

During the year 10,000 Series A Warrants were exercised resulting in 10,000
Ordinary shares being issued for a cash premium of 70.88p
       
5   The financial information set out above does not constitute the Company's
statutory accounts for the years ended 30 April 2000 or 1999. The financial
information for 1999 is derived from the statutory accounts for 1999, which
have been delivered to the Registrar of Companies. The auditors have reported
on the 1999 accounts; their report was unqualified and did not contain a
statement under section 237(2) or (3) of the Companies Act 1985. The statutory
accounts for 2000 will be finalised on the basis of the financial information
presented by the Directors in this preliminary announcement and will be
delivered to the Registrar of Companies following the Companies Annual General
Meeting. 
       
6   The Annual Report will be posted to shareholders in due course and further
copies may be obtained from the registered office, One Bow Churchyard,
Cheapside, London EC4M 9HH.

Aberdeen Asset Management PLC                           - Secretaries
                                                         23 June 2000