Interim Results - 6 Months to 31 October 1999

Personal Assets Trust PLC
26 November 1999


Preliminary Results (unaudited) for the six months to 31 October 1999

The Directors of Personal Assets Trust (PAT) are pleased to announce the
Group's preliminary results (unaudited) for the six months to 31 October 1999.


The key points are as follows:

* PAT is an independently managed investment trust run for individuals who may
wish to commit to it a significant proportion of their capital.

* The Board measures PAT's performance over rolling three-year periods.  Over
the three years to 31 October 1999 the net asset value increased by 64.6 per
cent compared to the FTSE All-Share Index's 48.4 per cent, an outperformance
of 3.5 per cent per annum. 

* Over the six months to 31 October 1999 the net asset value fell by 2.2 per
cent to £196.91.  This compares favourably to the fall of 4.1 per cent in
PAT's benchmark, the FTSE All-Share Index.  PAT's share price fell by 0.7 per
cent to £200.50 over the period.

* The net asset value outperformance was assisted by the high levels of
liquidity throughout the period (31 October 1999: 48 per cent, 30 April 1999:
38 per cent).  It is the Board's view that markets continue to be overvalued
and the level of liquidity reflects the Board's aim to protect the value of
shareholders' funds.

* The share price continued to trade at a premium to net asset value during
the period, with the share price standing at a premium of 1.8% to the net
asset value at 31 October 1999.  Demand for shares from the ISA and the
Investment Plans was met by the issue of 22,981 new ordinary shares, raising
some £4.7 million.

* Earnings for the period fell to £0.75 per share (1998: £0.91).  Earnings for
the first six months should not be taken as a guide for the full year.

* The first interim dividend of £1.30 per ordinary share, announced on 28
October 1999, is 4.0% higher than the previous year (1998: £1.25) and was paid
to shareholders on 26 November 1999.


The Group's unaudited statement of total return and balance sheet follow.

For further information contact:

Ian Rushbrook
Investment Director
Tel:  [phone]


GROUP STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS TO 31 OCTOBER 1999 (unaudited)


                                               Six months to 31 October 1999
                                              Revenue     Capital       Total
                                        Notes   £'000       £'000       £'000
                            
Gains/(losses) on investments                       -     (1,666)     (1,666)
Exchange differences                                -        442          442
                            
Income                                            512          -          512
Investment management fee                         (90)      (167)       (257)
Other expenses                                   (115)         -        (115)
                            
Net return on ordinary activities
before tax                                        307     (1,391)     (1,084)
                            
Tax on ordinary activities                       (51)          5         (46)
                            
Return attributable to equity
shareholders                                      256     (1,386)     (1,130)
                            
Dividends in respect of equity shares       2    (453)         -        (453)
                            
Transfer (from)/to Reserves                      (197)    (1,386)     (1,583)
                            
Return per ordinary £12.50 share (£)        3    0.75      (4.06)      (3.31)


1. The revenue column of this statement is the revenue account of the Group.

2. A first interim dividend of £1.30 per ordinary share was paid on 26
November 1999.

3. The return per ordinary share is based on 341,673 shares, being the
weighted average number of shares in issue (1998: 286,914).

4. Earnings for the six months should not be taken as a guide for the full
year.



 
GROUP STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS TO 31 OCTOBER 1999 (unaudited)


                                               Six months to 31 October 1998
                                              Revenue     Capital       Total
                                        Notes   £'000       £'000       £'000
                            
Gains/(losses) on investments                       -      (2,279)    (2,279)
Exchange differences                                -         (26)       (26)
                            
Income                                            495           -         495
Investment management fee                         (76)       (141)      (217)
Other expenses                                    (93)          -        (93)
                            
Net return on ordinary activities
before tax                                        326      (2,446)    (2,120)
                            
Tax on ordinary activities                       (63)          11        (52)
                            
Return attributable to equity
shareholders                                      263      (2,435)    (2,172)
                            
Dividends in respect of equity shares      2    (364)           -       (364)
                            
Transfer (from)/to Reserves                     (101)      (2,435)    (2,536)
                            
Return per ordinary £12.50 share (£)       3     0.91       (8.49)     (7.58)

 
GROUP STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS TO 31 OCTOBER 1999 (unaudited)

                                                   Year to 30 April 1999
                                              Revenue     Capital       Total
                                        Notes   £'000       £'000       £'000
                            
Gains/(losses) on investments                       -       6,650       6,650
Exchange differences                                -       (491)       (491)
                            
Income                                          1,815          -        1,815
Investment management fee                       (157)       (291)       (448)
Other expenses                                  (297)          -        (297)
                            
Net return on ordinary activities
before tax                                      1,361      5,868        7,229
                            
Tax on ordinary activities                      (279)        135        (144)
                            
Return attributable to equity
shareholders                                    1,082      6,003        7,085
                            
Dividends in respect of equity shares       2   (788)          -        (788)
                            
Transfer (from)/to Reserves                       294      6,003        6,297
                            
Return per ordinary £12.50 share (£)        3    3.67      20.34        24.01



 
Group Balance Sheet as at
(unaudited)
                                             31 October 1999    30 April 1999
                                                      £' 000            £'000
Investments
              
Equities                                              35,181           40,173
Fixed Interest                                        31,692           21,336
                                                      66,873           61,509
              
Net Current Assets                                     1,446            3,691
              
Total Assets                                          68,319           65,200
              
Ordinary Shareholders' Funds                          68,319           65,200
              
Net Asset Value per Ordinary £12.50 Share            £196.91          £201.26
              

Shares in Issue at 31 October 1999 were 346,947 (30 April 1999 - 323,966)

1. These are not statutory accounts in terms of Section 240 of the Companies
Act 1985 and are unaudited.  Full audited accounts for the year to 30 April
1999, which were unqualified, have been lodged with the Registrar of
Companies.  No full accounts in respect of any period after 30 April 1999 have
been reported on by the Company's auditors or delivered to the Registrar of
Companies.

2.  During the period the Directors allotted 22,981 ordinary shares.

3.  The Interim Report will be posted to Shareholders early in December
1999.  Copies will be available from the Company's registered office at One
Charlotte Square, Edinburgh, EH2 4DZ.