Final Results

Rights and Issues Inv Trust PLC
13 February 2006


Chairman's Statement


These 2005 accounts have been prepared under International Accounting Standards
for the first time. Shareholders will therefore find considerable change in
format and content. The single most important difference is that the value of
the portfolio is now calculated on a bid basis rather than the previous
mid-market basis. The effect of this is to reduce shareholders' funds and
thereby net asset values by approximately 1%. The implementation has involved
considerable time and effort without conferring any tangible benefits. Indeed
the reader may now find himself more confused by these accounts.


Market performance in 2005 was good and the FTSE All-Share Index rose by 18.1%.
This was matched by smaller companies with the FTSE Small Cap index increasing
by 19.8% and FTSE Fledgling index by 19.0%. The net asset value of the capital
shares rose from 2542.8p to a new record of 2928.1p and that of the income
shares from 651.5p to 751.8p. These increases of 15.2% and 15.4% were modestly
below the performance of the FTSE All-Share Index.


Your Directors have decided to raise the dividend to 40.5p per income share and
2.025p per capital share for 2005. This 11% rise again exceeds the rate of
inflation. Additionally, the supplementary capital dividend of 56.0732p per
capital share was paid on 2nd January 2006 and, barring unforeseen
circumstances, the supplementary capital dividend for the current year will be
66p per capital share payable on 2nd January 2007. This 18% increase is a direct
consequence of the recent capital performance.


Discretionary Unit Fund Managers produced record results with pre-tax profits in
excess of £400,000 and funds under management at 31st December were £56m. Its
performance now accounts for 20% of Group profits before tax.


Every five years your Directors consider the future of the Trust in order to
satisfy themselves that the Trust is meeting its objectives. Over the last five
years the Trust's shareholders' funds have increased from £42.8m in 2000 to
£66.7m in 2005. This is an increase of 56% and compares favourably with the fall
of 5% by the FTSE All-Share Index over the period. At the same time, the
dividend per income share has risen from 25.5p in 2000 to 40.5p in 2005. This is
an annualised increase of 9.7% and substantially exceeds the 2.4% rate of
inflation over the five years. In the light of these results, your Directors
believe that the objectives have been achieved and propose extending the life of
the Trust to 25th July 2011.


The corporate outlook is currently very mixed. Significant energy price
increases and competitive global market conditions are squeezing margins. The
recent change in pension regulation together with the ever creeping rise in
future pension liabilities means that pension costs are now a heavy burden for
many UK companies. These factors when combined with the current relatively high
valuation of equities suggest an unexciting outlook. Still there are always new
opportunities which the Trust will seek out.


                                                                   S.H.J.A.Knott
                                                                        Chairman


                                                                13 February 2006



Unaudited Balance                     Company                     Group
Sheets
To 31st December                2005          2004          2005          2004
                                       (as restated)               (as restated)

                                   £             £             £             £
Non-current assets
Goodwill                           0             0        65,191        65,191
Investments-Fair value    60,367,907    49,877,937    59,936,435    49,446,465
through profit or loss
                           -----------   -----------    ----------   -----------
                          60,367,907    49,877,937    60,001,626    49,511,656
                           -----------   -----------    ----------   -----------

Current assets
Trading investments                -             -       514,272       212,284
Trade and other              128,377       138,442       572,544       356,282
receivables
Current tax receivable             -        31,765             -             -
Amounts due from group       555,759       143,987             -             -
undertakings
Cash and cash              5,809,768     7,596,905     6,647,686     8,141,900
equivalents                -----------   -----------    ----------   -----------
                           6,493,904     7,911,099     7,734,502     8,710,466
                           -----------   -----------    ----------   -----------
Total assets              66,861,811    57,789,036    67,736,128    58,222,122
                           -----------   -----------    ----------   -----------

Current liabilities
Trade and other               23,987        16,418       878,416       222,261
payables
Current tax payable                -             -       140,984        71,580
                           -----------   -----------    ----------   -----------
                              23,987        16,418     1,019,400       293,841
                           -----------   -----------    ----------   -----------
                           -----------   -----------    ----------   -----------
Total assets less         66,837,824    57,772,618    66,716,728    57,928,281
current liabilites         -----------   -----------    ----------   -----------
                           -----------   -----------    ----------   -----------
Net assets                66,837,824    57,772,618    66,716,728    57,928,281
                           -----------   -----------    ----------   -----------

Equity
Called up share            1,225,000     1,225,000     1,225,000     1,225,000
capital
Share premium account        225,326       225,326       225,326       225,326
Retained reserves:
Capital reserve           39,534,068    33,665,251    39,534,068    33,665,251
Revaluation reserve       23,624,240    21,084,284    23,624,240    21,084,284
Dividend equalisation      2,229,190     1,572,757     2,108,094     1,728,420
reserve
                           -----------   -----------    ----------   -----------
Total equity              66,837,824    57,772,618    66,716,728    57,928,281
                           ===========   ===========    ==========   ===========

Net asset value per
share
Income shares                                              751.8p        651.5p
Capital shares                                            2928.1p       2542.8p
                                                        ==========   ===========



                              Year ended 31st Dec 2005

Unaudited Cons Income
Statement
                              Revenue      Capital          Total
                                    £            £              £
Investment                  1,891,490            -      1,891,490
income
Other operating               859,838            -        859,838
income                         --------   ----------   ------------

Total income                2,751,328            -      2,751,328

Gain/(Losses) on              125,070    8,408,773      8,533,843
fair value through             --------   ----------   ------------
profit or loss
assets

                            2,876,398    8,408,773     11,285,171

Expenses

Investment                          -            -              -
management fee
Other expenses                473,730            -        473,730
                               --------   ----------   ------------

                              473,730            -        473,730

Profit before               2,402,668    8,408,773     10,811,441
tax

Tax                           139,964            -        139,964
                               --------   ----------   ------------
Profit for the              2,262,704    8,408,773     10,671,477
period                         --------   ----------   ------------


Earnings per
share

Return per income                    52.4p        85.5p          137.9p
share(p)
Return per capital                   58.7p       384.6p          443.3p
share(p)                        -----------   ----------    ------------



Unaudited Cons Income Statement

                              Year ended 31st Dec 2004
                                                          (as restated)
                             Revenue         Capital            Total
                                   £               £                £

Investment income          1,710,150               -        1,710,150
Other operating              611,944               -          611,944
income                      ----------    ------------    -------------

Total income               2,322,094               -        2,322,094

Gain/(Losses) on fair        121,359       8,174,631        8,295,990
value through profit        ----------    ------------    -------------
or loss assets

                           2,443,453       8,174,631       10,618,084

Expenses

Investment management              -               -                -
fee
Other expenses               456,082               -          456,082
                            ----------    ------------    -------------

                             456,082               -          456,082

Profit before tax          1,987,371       8,174,631       10,162,002

Tax                           73,740               -           73,740
                            ----------    ------------    -------------
Profit for the             1,913,631       8,174,631       10,088,262
period                      ----------    ------------    -------------


Earnings per share

Return per income               43.2p           83.1p           126.3p
share(p)
Return per capital              51.3p          373.8p           425.1p
share(p)                    ----------    ------------    -------------






CASH FLOW STATEMENT
For the year ended
31st December 2005
                                    Company                        Group
                                ------------------           -----------------
                               2005          2004           2005          2004
                                      (as restated)                (as restated)

                                  £             £                            £
Cashflows from
operating activities

Profit before tax        10,947,216    10,001,174     10,811,441    10,162,002

Adjustments for:
Gains/(losses) on       (10,489,970)   (2,541,280)   (10,791,958)   (2,300,692)
investments
                           ----------    ----------     ----------    ----------
Operating cash flows
before movements
in working capital          457,246     7,459,894         19,483     7,861,310

Decrease/(increase) in     (368,922)      278,625       (216,262)      (72,297)
receivables
Increase/(decrease) in        7,569        (2,730)       656,155        74,578
payables
                           ----------    ----------     ----------    ----------
Net cash from
operating activities
before
income taxes                 95,893     7,735,789        459,376     7,863,591

Income taxes paid                 -             -        (70,560)       (3,180)
                           ----------    ----------     ----------    ----------
Net cash from                95,893     7,735,789        388,816     7,860,411
operating activities       ----------    ----------     ----------    ----------

Cash flows from
financing activities

Dividends paid           (1,883,030)   (1,711,641)    (1,883,030)   (1,711,641)
                           ----------    ----------     ----------    ----------
Net cash (used in)/      (1,883,030)   (1,711,641)    (1,883,030)   (1,711,641)
from financing             ----------    ----------     ----------    ----------
activities

Net increase/            (1,787,137)    6,024,148     (1,494,214)    6,148,770
(decrease) in cash and
cash equivalents

Cash and cash             7,596,905     1,572,757      8,141,900     1,993,130
equivalents at
beginning of year
                           ----------    ----------     ----------    ----------
Cash and cash             5,809,768     7,596,905      6,647,686     8,141,900
equivalents at end of      ==========    ==========     ==========    ==========
year




The proposed final dividends are payable on 31st March 2006  to shareholders on
the register as at 24th February 2006 subject to approval by shareholders at the
annual general meeting.


Income Shares                       28.00p            (2004: 25.00p)

Capital Shares                      2.025p            (2004:1.8250p)


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








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