Final Results - Year Ended 31 December 1999

Rights and Issues Inv Trust PLC
18 February 2000


1999 Chairman's Statement

The contrast between this latest year and the preceding one is startling.  As I
reported a year ago, 1998 was another difficult year for UK smaller companies. 
However, 1999 has proved to be an annus mirabilis for the UK Smaller Company
Sector.  The statistics speak for themselves.  The FTSE Small Cap Index rose by
49.6% while the FTSE Fledgling Index climbed by a staggering 88.3%.  By
comparison, the FTSE All-Share Index increase of 21.2% seems very modest.

For most of the year it seemed that the UK Smaller Company sector was set for a
very good year and indeed, as late as the end of October, this would have been
the story of 1999.  The last two months have witnessed spectacular performances
from any company with any connection to the Internet and this share price
euphoria rolled over to other high tech sectors.  Numerous stocks have doubled
or more in weeks and despite, this affecting only a minority of the UK Smaller
Company sector, the smaller company indices have been dragged up.  The FTSE
Fledgling Index rose by 33% in the last two months.

The Trust has historically focussed itself on the UK Smaller Company sector but
has tended to avoid the higher tech and blue skies sectors because of their
inherently higher risks.  The Trust therefore enjoyed the general strength of
the sector last year but did not specifically benefit from the Internet
phenomenon of the last two months.  The net asset value of the capital shares
rose from 1199.9p to 1590.9p and that of the income shares from 304.3p to
396.3p.  These increases represent rises of 32.6% and 30.2% respectively
compared to the rise of 21.2% for the FTSE All-Share Index.

Your Directors have decided to raise the dividend to 22.5p per income share and
1.125p per capital share for 1999.  This is a 17% rise and again exceeds the
prevailing rate of inflation.  In addition, the supplementary capital dividend
of 27.6341p net per capital share was paid on 2nd January 2000 and, barring
unforeseen circumstances, the supplementary capital dividend for the current
year will be 30.0488 net per capital share, payable on 2nd January 2001.  This
represents an increase of 9%.

There is currently a two-tier split in the UK Smaller Company sector.  There are
the traditional investments, which continue to offer good value and seem to be
increasingly shunned by the investment community.  Then there are the Internet
related stocks where, in many cases, valuations appear to have departed from
reality some time ago.  Your Trust will continue to explore the former category
for new opportunities.

                                                                S.H.J.A.Knott
                                                                     Chairman



                    Rights and Issues Investment Trust PLC
                         Cons Statement of Total Return
                                  (Unaudited)

                      Twelve months ended             Twelve months ended
                          31st Dec 1999                31st December 1998
    
                Revenue     Capital      Total    Revenue    Capital   Total
                      £           £          £          £          £       £

Gains/(losses)
on investments  (10,678)  8,542,955  8,532,277     (4,920) 2,737,925 2,733,005

Income        1,450,901           0  1,450,901  1,155,461          0 1,155,461

Other expenses  264,420           0    264,420    236,460          0   236,460

Net return
before
finance costs
and taxation  1,175,803   8,542,955  9,718,758    914,081  2,737,925 3,652,006

Interest
payable and
similar
charges               0           0          0      1,273          0     1,273

Return on
ordinary
activites
before tax    1,175,803   8,542,955  9,718,758    912,808  2,737,925 3,650,733

Tax on
ordinary
activites         9,038           0      9,038      2,724          0     2,724

Return on
ordinary
activities
after tax
for the
financial
year          1,166,765    8,542,955  9,709,720   910,084  2,737,925 3,648,009

Dividends and
other
appropriations
in respect of
non-equity 
shares           11,000            0     11,000     11,000        0    11,000

Return
attributable
to equity
shareholders 1,155,765    8,542,955  9,698,720    899,084  2,737,925 3,637,009

Dividends in
respect of
equity
shares       1,025,149            0  1,025,149    858,934          0   858,934

Transfer to
reserves
after
aggregate
dividends
paid and
payable of
£1,036,149.
(1998:
  £869,934)   130,616    8,542,955   8,673,571    40,150   2,737,925 2,778,075

Return
per income
share (p)        27.6         86.8       114.4      20.8        27.8      48.6

Return per
capital
share (p)        29.0        390.7       419.7      23.6       125.2     148.8

Net asset
value per
share
 Income shares                          396.3p                          304.3p
 Capital shares                        1590.9p                         1199.9p



       The final dividends of 16.25p net per income share (1998:14.0p) and
       1.1250p net per capital share (1998:0.9625p) are payable on 31 March
       2000 to shareholders on the register as at 10th March 2000.

       The above release and full audited accounts will be available at the
       Registered office.