Preliminary Results-Replacemt

Hansa Trust PLC
14 June 2002


                                HANSA TRUST PLC

                      Preliminary Announcement of Results
                        for the year ended 31 March 2002


The issuer advises that the following replaces the Preliminary Results
announcement released on 14 June 2002 at 08:00hrs under RNS: 2276X.

Under the Revenue and Dividends section of the Chairman's Statement, the correct
information should read:- 'This final dividend will be payable on 9 August 2002
(and not 10 August 2002 as previously reported), subject to shareholders
approval at the AGM on 31 July 2002, to shareholders on the register at 28 June
2002 (and not 15 June 2002 as previously reported)'.

All other details remain unchanged.  The full amended text appears below.


                                HANSA TRUST PLC

                      Preliminary Announcement of Results
                        for the year ended 31 March 2002


*          Final dividend 3.2p per share

*          NAV fell by 10.2% compared with a fall of 5.7% in the FTSE All Share
           Index


Hansa Trust PLC today announces its preliminary results for the year ended 31
March 2002.

Financial Highlights                                                        Year ended         Year ended
                                                                         31 March 2002      31 March 2001
                                                                           (unaudited)          (audited)

Capital deficit per equity share                                               (42.4p)            (30.0p)
Revenue return per equity share                                                   4.9p               3.9p
Net asset value per equity share                                                371.5p             413.9p
Total dividend per equity share for the year                                      5.0p               5.0p

Total income (£000's)                                                            2,584              2,490
Revenue before taxation (£000's)                                                 1,144                950


The following are attached:

*          Chairman's Statement
*          Consolidated Statement of Total Return
*          Balance Sheet for the Group and Company
*          Reconciliation of Operating Results to Net Cash Flow from operating
           Activities
*          Reconciliation of Net Cash Flow Movements in Net Funds/(Debt)
*          Notes

For further information please contact:

Peter Gardner               Hansa Capital Limited               020 7647 5750

David Haggie                Haggie Financial Limited            020 7417 8989


HANSA TRUST PLC

CHAIRMAN'S STATEMENT

PERFORMANCE

During the year under review the Net Asset Value per Ordinary and 'A' Ordinary
shares fell from 413.9p to 371.5p, a drop of 10.2% as against a fall in the
Company's benchmark, the FTSE All Share Index, of 5.7%.

The comparative figures for the medium and long term are as follows: over three
years the Company's Net Asset Value rose by 31.78% compared to a fall of 11.60%
in the FTSE All Share, over five years the Company's Net Asset Value rose by
43.85% compared to a rise of 21.8% in the FTSE All Share, and over ten years the
Company's Net Asset Value rose by 232.89% compared to a rise of 118.26% in the
FTSE All Share.

Whilst the short term performance has been disappointing, and an extensive
explanation of this is set out in the Manager's Report which follows, the long
term return on the Company's assets has been more than satisfactory. As a
consequence of this recent underperformance there has been considerable widening
in the discount at which your shares trade on the Stock Exchange; for the
Ordinary shares the discount has widened from a premium of 18.4% to a discount
of 17.2% and for the 'A' Ordinary shares from a discount of 5.8% to 17.9%.
Perhaps the focus on short-term returns by the financial press had led to the
obscuring of longer-term value generated by the Company and consequently a
reduced level of retail interest.



REVENUE AND DIVIDENDS

Total income in the year rose from £2.490m to £2.584m, and this generated a
revenue return on ordinary activities before taxation of £1.144m as opposed to
£0.950m. Regrettably the Company's trading subsidiary Consolidated Investment
Funds Limited produced a loss of £396,000 (2001: loss £368,000). This has
naturally had an impact on the surplus available for distribution by way of
dividend compared with that of two years ago where there was a profit of
£670,000.

An interim dividend of 1.8p per share (2001: 1.8p) was paid to shareholders in
December 2001. The Directors have decided to maintain the total level of
dividend payable for the year of 5p and are now recommending a final dividend of
3.2p per Ordinary and 'A' Ordinary share. This final dividend will be payable on
9 August 2002, subject to shareholders approval at the AGM on 31 July 2002, to
shareholders on the register at 28 June 2002. As I have previously mentioned,
the level of dividend will of course vary both with the success of the Company's
trading subsidiary Consolidated Investment Funds Limited and with the strategy
being pursued in respect of the Company's main funds. The Company's focus is on
total return and the balance between income and capital and will vary depending
on market conditions. There is therefore no guarantee that the level of dividend
will be maintained from year to year.

TRADING COMPANIES

Of the two strategic investments within our portfolio, Adam & Harvey has
effectively become a cash shell having disposed of its entire African steel
operations in December 2001. The Board of that Company has indicated that it is
considering the strategy for the future of that company and we await further
news during the course of the current year. Ocean Wilson Holdings Limited, the
Bermuda based investment and shipping group in which we have a significant
stake, managed to increase both its turnover and operating profit despite
further erosion in the value of the Brazilian currency, the Real. Nevertheless,
the net profit was impacted by significant exchange losses on the foreign
currency value of the long-term debt. Although the after tax profit fell by some
26%, the company maintained its dividend.


INVESTMENT TRUSTS

Within the Company's portfolio of investments, both Finsbury Growth Trust PLC
and Finsbury Smaller Quoted Companies Trust PLC had a satisfactory year. The Net
Asset Value of the trusts outperformed their respective benchmarks i.e. FTSE
All-Share Index and FTSE Small Cap Index (ex IT). Finsbury Growth Trust lost
2.08% against a loss of 5.67% and Finsbury Smaller Quoted lost 7.38% against a 
loss of 11.63% and the discounts did vary significantly during the year, however 
they did begin and end the year at approximately the same levels.



SHARE REPURCHASES

At the Annual General Meeting in 2001 shareholders authorised the repurchase for
cancellation of up to 14.99% of the 'A' non-voting Ordinary shares, although no
purchases were made during the year. However, the Board intends to keep the
matter under review and a renewal of the authority will be proposed at the
forthcoming Annual General Meeting.

ADMINISTRATION

Since the transfer at the end of last September of the management contract from
Close Finsbury Asset Management Limited to Hansa Capital Limited, a number of
administrative changes have been made. The Company's registered office is now
17a Curzon Street, London, W1J 5HS, where shareholders can write to me. The
Company has retained Cogent Investment Operations Limited as administrators of
the PEP, ISA and Savings Schemes and Close Finsbury Asset Management Limited to
manage these schemes and information on the Company is available on their
website www.closefinsbury.com.

Hansa Capital Limited has retained the services of Artemis Investment Management
Limited. Consequently John Dodd continues to manage the portfolio on a
day-to-day basis. Lastly, the Company has engaged Cogent directly to provide it
with accounting and administrative services.



THE BOARD

This year, both Michael Reeve and Jocelin Harris would have come up for
re-election at the AGM, but they will retire from the board at that time
instead.  Michael, in addition to serving for 12 years with the Company, has
undertaken the onerous task of steering Finsbury Growth Trust PLC through
difficult times into its recent success. Jocelin joined our group 11 years ago,
but has been a friend of the Company for even longer, and his independent wisdom
obtained through long experience of investments in smaller companies has been
invaluable.



ANNUAL GENERAL MEETING

The Annual General Meeting of the Company will be held on 31 July 2002 in the
Curzon Suite, at the Mayfair Intercontinental Hotel, Stratton Street, London,
W1A 2AN. I do hope that as many shareholders as are able will attend. This will
be an opportunity not just to meet with the Board of Directors, but also with
John Dodd, the Investment Adviser, who will make a short presentation and be 
available to answer questions.



Jamie Borwick
Chairman

12 June 2002





HANSA TRUST PLC
CONSOLIDATED STATEMENT OF TOTAL RETURNS
Incorporating the revenue account for the year ended 31 March


                      (unaudited)    (unaudited)     (unaudited)    (audited)    (audited)    (audited)
                         Revenue        Capital          Total        Revenue      Capital        Total
                            2002           2002            2002           2001        2001         2001
                            £000           £000            £000           £000        £000         £000
Losses on
investments                    -        (10,141)        (10,141)            -      (7,224)      (7,224)
Exchange (losses)/
gains on currency
balances                       -            (29)            (29)            -           21           21
Income                     2,584               -           2,584        2,490            -        2,490
Investment
management fees            (641)               -           (641)        (727)            -        (727)
Other expenses             (484)               -           (484)        (412)            -        (412)
Net return/(loss)
before finance
costs and taxation         1,459        (10,170)         (8,711)        1,351      (7,203)      (5,852)
Interest payable
and similar
charges                    (315)               -           (315)        (401)            -        (401)
Return/(loss) on
ordinary
activities before
taxation                   1,144        (10,710)         (9,026)          950      (7,203)      (6,253)
Taxation charge on
ordinary
activities                    23               -              23         (10)            -         (10)
Return/(loss) on
ordinary
activities after
taxation                   1,167        (10,710)         (9,003)          940      (7,203)      (6.263)
Dividend on
Ordinary and 'A'
Ordinary shares
(equity)                 (1,165)               -         (1,165)      (1,200)            -      (1,200)
Transfer to/(from)
reserves                       2        (10,170)        (10,168)        (260)      (7,203)      (7,463)

Return/(deficit)
per Ordinary share          4.9p         (42.4p)         (37.5p)         3.9p      (30.0p)      (26.1p)


The revenue column of this statement is the profit and loss account for the Group.

All revenue and capital items in the above statement derive from continuing operations.


HANSA TRUST PLC

BALANCE SHEET OF THE GROUP AND COMPANY
as at 31 March


                                              (unaudited)     (audited)     (unaudited)       (audited)
                                                   Group          Group         Company         Company
                                                    2002           2001            2002            2001
                                                    £000           £000            £000            £000

Fixed assets - investments
Group undertakings                                     -             -               123           496
Other investments                                 89,345       103,010            89,345       103,010
                                                  89,345       103,010            89,468       103,506
Current assets
Debtors                                              231           861               221         5,264
Investments                                           43           870                 -             -
Cash at bank                                         488         4,031               417             -
                                                     762         5,762               638         5,264

Creditors
Amounts falling due within one year                (950)       (9,447)             (949)       (9,445)

Net current liabilities                            (188)        3,685)             (311)       (4,181)

Net Assets                                        89,157        99,325            89,157        99,325


Capital and reserves
Called up share capital                            1,200         1,200             1,200         1,200
Capital reserve - realised                        81,800        76,605            81,800        76,505
Capital reserve - unrealised                       4,374        19,839             4,494        20,332
Revenue reserve                                    1,783         1,781             1,663         1,288
Total equity shareholders funds                   89,157        99,325            89,157        99,325

Net asset value per Ordinary share                371.5p        413.9p            371.5p        413.9p


HANSA TRUST PLC

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March


                                                                       (Unaudited)              (Audited)
                                                                             2002                    2001
                                                                             £000                    £000

Net cash inflow from operating activities                                   2,055                   5,802

Service of finance
Interest paid                                                               (325)                   (390)
Net cash outflow from service finance                                       (325)                   (390)

Taxation
Taxation recovered/(paid)                                                      71                    (22)

Financial investments
Purchase of investments                                                  (72,459)                (50,652)
Sales of investments                                                       76,625                  47,179
Net cash inflow/(outflow)) from financial investment                        4,166                 (3,473)

Equity dividends paid                                                     (1,200)                 (1,200)
Unclaimed dividends                                                            35                       -
                                                                          (1,165)                 (1,200)

Financing
Repayments of loans                                                       (5,500)                       -
(Decrease)/increase in cash                                                 (698)                     717


HANSA TRUST PLC

RECONCILIATION OF OPERATING RESULTS TO NET CASH FLOW FROM OPERATING ACTIVITIES


                                                                          (unaudited)            (audited)
                                                                                 2002                 2001
                                                                                 £000                 £000

Net revenue return before finance costs and taxation                            1,459                1,351
(Increase)/decrease in prepayments and accrued income                            (60)                  100
Decrease in other debtors                                                           -                2,676
Decrease in current asset investments                                             827                3,783
Decrease in other creditors and accruals                                        (171)              (2,055)
UK Income tax deducted at source                                                    -                 (53)
Net cash inflow from operating activities                                       2,055                5,802



RECONCILIATION OF NET CASH FLOW MOVEMENT TO MOVEMENT IN NET FUNDS/(DEBT)


                                                                          (unaudited)            (audited)
                                                                                 2002                 2001
                                                                                 £000                 £000

Movement in net funds resulting from cashflows                                  4,802                  717
Exchange (losses)/gains                                                          (29)                   21
Movement in net funds in the year                                               4,773                  738
Net debt at the start of year                                                 (4,285)              (5,023)
Net funds/(debt) at end of year                                                   488              (4,285)



Represented by:


                                    (audited)      (unaudited)      (unaudited)        (unaudited)
                                  At 31 March                          Exchange        At 31 March
                                         2001        Cashflows        Movements               2002
                                         £000             £000             £000               £000

Cash at bank                            4,031          (3,514)             (29)                488
Overdraft                             (2,816)            2,816                -                  -
Short-term bank loans                 (5,500)            5,500                -                  -
Net (debt)/funds                      (4,285)            4,802             (29)                488



Notes:

1.      This Preliminary Announcement is not the Company's statutory accounts.
It  has been agreed by the auditors and is an abridged version of the Company's
full draft accounts, which have not yet been signed or filed with the Registrar
of Companies.

2.      Statutory accounts for the 12 months ended 31 March 2001 have been
delivered to the Registrar of Companies and received an audit report which was
unqualified and did not contain statements under Section 237 (2) and (3) of the
Companies Act 1985.



Hansa Capital Limited - Company Secretary

13 June 2002



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