Final Results

Monteagle S.A.
23 December 1999



                            Monteagle Societe Anonyme
             (Incorporated in Luxembourg - RC Luxembourg No. B 19600)
            

                                         Registered office
                                         4th Floor
                                         68-70 boulevard de la Petrusse,
                                         L-2320, Luxembourg



       Results for the year ended 30 September 1999 - subject to audit

Monteagle is a financial holding company, incorporated in Luxembourg.  The
objectives are to hold a broad range of investments, predominantly blue chip
equities listed in New York, and investment properties in California, to balance
its more volatile controlling interests in South Africa and  Zimbabwe.  These
interests include commercial agriculture & horticulture, gold mining, importing,
exporting, property and listed investments.

This strategy has been successful and it is a pleasure to report on another year
of solid progress for the Group.  Most of our turnover is in soft currency areas
so  the small decline as compared to last year is not significant.  However the
improvement in trading margins is most satisfactory, due partly to the decisive
action taken to close loss making activities in the previous year.

The commercial agriculture and horticulture interests held through Conafex and
our associated company, Ariston, had an excellent year, increasing their profit
before tax by 102%.  Most of their production is exported to europe and earns
the group hard currency.  The contribution from our gold mining interests
increased by US$2 million, mainly due to a return to profit at our other
associated company, Falcon, following significant restructuring last year.  As
mentioned in the interim report, the importing and exporting businesses,
operating in the difficult economic environment in South Africa, show some
improvement but continue to underperform.  Our investment properties have also
shown steady progress and in the current bullish market conditions our share
portfolio generated a return of 31.6% in the year.

The comparative figures have been restated to bring them into line with current
accounting practice for both depreciation of mining assets and deferred tax;
although we doubt if such treatment is entirely appropriate in economies
experiencing inflation in excess of 60% as is currently the case in Zimbabwe. 
The effect, when comparing one year with another is in our case, probably
somewhat flattering.  Perhaps it is timely to remind shareholders that, as a
Luxembourg  investment company, what really matters is the hard currency cash
flow from our investments to Luxembourg.

After exceptional items which include capital profits realised from our
investment portfolios, our Group profit before tax is US$4,422,000 compared to a
restated US$1,400,000 in 1998.  Our profit attributable to shareholders  was
US$2,739,000, the equivalent of earnings per share of 42.6 US cents.

These results compare favourably with the recent past, but are not as good as we
achieved in 1994, when we paid a dividend of 6 US cents per share.   Over  the
last 5 years we have seen substantial devaluations and  cost inflation in
Southern  Africa.  In the same period there has been a significant fall in the
price of gold; in September 1994 gold was trading at about US$390 per ounce
compared with an average of US$277 in our year to 30 September 1999.  As
mentioned we regard cash flow as a significant issue, particularly when
considering the level of  dividend  to recommend  to  shareholders.   We are
proposing an increased dividend of 8.5 US cents per share for 1999.

As an investment company , we aim to achieve capital growth in terms of net
assets per share.  At 30 September 1999, taking our investments at market value,
our net assets were US$32,020,000 equivalent to US$5.02 per share compared to
US$3.68 per share, after adjustment for depreciation and deferred tax, a year
earlier.

We intend to continue our programme for the year ahead as set out in the first
paragraph above. It is a successful strategy that has stood the test of time for
investors in the Third World.  Undoubtedly there are problems and pitfalls
ahead,  but we are confident that our combination of a strong balance sheet,
marketable hard currency assets and closely monitored operating businesses  will
continue to deliver shareholder value well into the next millenium.


                                                              J. M. Robotham
                                                              Chairman
                                                                                
                                                              D. C. Marshall
                                                              Chief Executive

Notice of Meeting and Declaration of Dividend

The eighteenth Annual General Meeting of the Company will be held at 4th floor,
68-70 boulevard de la Petrusse, Luxembourg on Friday 31 March 2000 at 3.00p.m.
(local time).  A dividend of 8.5 US cents per share is proposed to be paid on  5
May 2000 to those shareholders registered at the close of business on 31  March
2000.

Copies of the annual report and accounts will be posted to shareholders in
February 2000.



                            Monteagle Societe Anonyme

                      CONSOLIDATED PROFIT AND LOSS ACCOUNT
                                   (Unaudited)

for the year ended 30 September                    1999      1998
                                                 US$000    US$000
                                                          Restated
                                                               
Group Turnover including Associates              45,219    44,158
Turnover of Associates                          (22,158)  (19,590)
Group turnover                                   23,061    24,568
Operating costs                                 (21,693)  (23,402)              
        
Operating profit                                  1,368     1,166
Share of associated companies results             1,234      (70)
Income from investments - dividends                 418       448
                         - interest                 173       135
Interest paid and similar charges                (1,390)   (1,906)
                                                                 
Profit/(Loss) on ordinary activities before  
 exceptional items and tax                        1,803     (227)
Exceptional items (see note)                      2,619     1,627
                                                                 
Profit before tax                                 4,422     1,400
Tax                                               (962)     (962)
                                                                 
Profit after tax                                  3,460       438
Minority interests                                 (721)     (415)
                                                                 
Profit attributable to shareholders               2,739        23
Appropriation to legal reserve                      (34)        -
Recommended dividend                               (536)     (523)
                                                                 
Profit/(Loss) for the year                        2,169      (500)
                                                                 
Earnings per share US cents                        42.6c     0.35c
                                                                 
Dividend per share US cents                        8.50c     8.00c
                                                                 
Notes:                                           US$000     US$000
                                                               
1) Exceptional Items                                              
Surplus on disposal of investments               2,563        521
Surplus on partial disposal of subsidiary         (102)     1,493
Surplus on disposal of tangible fixed assets       158        108
Recovery of provision against property value         -        877
Provision against investment in associate            -     (2,350)
Share of associate                                   -        978

                                                 2,619      1,627

2). Earnings  per  share  are  based  on  the  results  attributable  to
    shareholders and a weighted average number of shares in issue during the    
   year - 6,428,127 (1998 - 6,536,543).

                            Monteagle Societe Anonyme

                 SUMMARISED PROFORMA CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
as at 30 September                                        1999      1998
                                                        US$000    US$000
                                                                Restated

Fixed assets                                                      
Tangible assets                                         19,911    20,418
Investments in associated companies (market value                       
 US$10,090,000 (1998 - US$3,977,000))                    9,589     7,609
Listed general portfolio (market value US$15,764,000                    
(1998 - US$14,238,000))                                  9,565     7,590
Unlisted investments                                        78        61

                                                        39,143    35,678
                                                               
Current assets                                                          
Inventories                                              5,039     4,814
Debtors                                                  5,135     5,452
Cash and bank balances                                   1,996     1,527

                                                        12,170    11,793
                                                               
Current liabilities                                                     
Creditors (falling due within one year)                (13,345)  (12,378)       
                                                                
Net current (liabilities)/assets                        (1,175)     (585)
                                                                        
Total assets less current liabilities                   37,968    35,093        
                                                      
Creditors (falling due after more than one year)        (3,859)   (4,225)
Provisions for liabilities and charges  Deferred       
taxation                                                (2,340)   (2,322)

                                                        31,769    28,546
                                                               
Capital and reserves                                                    
Called up share capital                                  9,805     9,805
Share premium account                                    2,535     2,535
Other reserves                                           8,228     6,954
Retained earnings                                        4,602     2,536
Shareholders' funds                                     25,170    21,830
                                                               
Minority interests                                       6,599     6,716

                                                        31,769    28,546
                                                               
                                                                        
Net assets per share, including investments at market 
 value                                                 US$5.02   US$3.68


Notes:
1. These preliminary results for the year ended 30 September 1999 and the
balance sheet at that date, which are unaudited, have been prepared on the basis
of accounting policies adopted for the period ended 30 September 1998, with the
exception of the changes set out in Note 2 below.  They comply with
International Accounting Standards and Luxembourg law in all material respects.
The results, which have been reviewed by the Company's auditors, Pim Goldby
S.C., are unaudited.

2. Change in the basis of accounting
Deferred taxation is now provided on the full liability method, in
accordance with International Accounting Standards.  The effect is to reduce
current years profit by US$233,000.  Prior period comparatives have been
restated.

3. Dividends receivable from associated companies for the year were US$273,000
(1998 - US$144,000).

4. Group capital expenditure in the year was US$499,000 (1998 - US$700,000);
there were capital expenditure commitments at 30 September 1999 of
US$111,000 (1998 - nil).

5. Bank loans and overdrafts of US$5,483,000 are included in current
liabilities. Group long term finance is secured on various local properties and
bears interest at local commercial rates.