Final Results - Year Ended 31 December 1999

Athelney Trust PLC
11 April 2000

                  ATHELNEY TRUST PLC: AUDITED RESULTS 
                AND CHAIRMAN'S WARNING ON DOT COM MANIA


The Chairman of Athelney Trust, the AIM-listed investment company which
invests in small companies,  sounds a warning about dot com share issues today
(Tuesday) as he announces the company's audited results for the year to
December 31 1999.

Hugo Deschampneufs says in his annual statement that he believes no more than
five to 10 per cent of such companies will survive.

'None of these companies have anything like the track record that Athelney
usually looks for when making an investment.  To put it mildly this type of
company with no record, no management with relevant experience and entering
what is going to be an extremely over-crowded field, is a high risk
investment.

'There seems to be no rational, logical method of predicting which will
survive and which will not.  In the absence of such a method it would not be
right for Athelney to make long term investments in this area'.

Mr Deschampneufs was announcing Athelney's preliminary audited figures for the
year ended December 31 1999.   Net Asset Value rose by 36.2 per cent to 103.7p
per share and a 21 per cent rise in gross revenue.  A 30 percent increase in
dividend to 1.5p per share is being recommended to shareholders.


For further information contact:

Robin Boyle, Managing Director
Athelney Trust                               020 7630 0036

Paul Quade
Albemarle Communications                     020 7336 7776



                              ATHELNEY TRUST PLC ('ATHELNEY')
                        AUDITED ANNUAL RESULTS TO 31 DECEMBER 1999
                                       
                                  CHAIRMAN'S STATEMENT
                                       
                                       
I  have  pleasure in presenting the audited results for the 12 months to  31st
December 1999.  The salient points are:

* Net Asset Value rose by 36.2% to 103.7p per share
* Gross Revenue at £49,274 was up 21% due to strong growth in dividend
receipts
* Return on ordinary activities before taxation was £15,533, a rise of 94%
* Recommended dividend of 1.5p for the year - an increase of 30% over 1998


Results

Your  directors are pleased with these results, although it is  only  fair  to
point  out  that most of the growth in net asset value occurred in  the  first
half  of  the year and that growth in the second six months was fairly  muted.
There  are a number of reasons for this but the principal factor, in my  view,
was  the appearance of an enormous wall of money, which was initially invested
in a small number of high technology shares.

Money  having  been  made,  and appetites whetted,  the  next  stage  involved
'stagging'  new  issues of so called dot com companies.   None  of  these  had
anything  like the kind of track record that Athelney usually looks  for  when
making  an investment.  To put it mildly, this type of company with no record,
no  management with relevant experience and entering what is going  to  be  an
extremely overcrowded field, is a high risk investment.

It is my view that no more than five to ten per cent of dot com companies will
survive the next few years, yet there seems to be no rational, logical  method
of predicting which will survive and which will not.  In the absence of such a
method,  it  would not be right for Athelney to make long term investments  in
this area.

Since  my  last  report to you covering the six months ended 30th  June  1999,
Athelney has added to a number of small, existing holdings and made some fresh
purchases  including Broadcastle, Enterprise, Seascope, AG  Barr,  NWF  Group,
Belhaven,  NBA  Quantum and Time Products, most of which  have  drifted  lower
since  the  date  of  purchase on lack of interest.  It is  unfortunate  that,
during this period of intense interest in internet shares, so many interesting
small  companies with a good story to tell about prospects of long term growth
are being more or less ignored.

During the period under review, your company received and accepted cash offers
for  both  Hemingway Properties and Inn Business.  Although these  investments
result  in  good  profits being banked, your directors  were  slightly  under-
whelmed by the prices offered in both cases.  We would certainly encourage all
non-executive directors to hold out against incumbent managements who wish  to
sell  to  a competitor or join an MBO where it is not clear if full  value  is
being  realised.  This will be even more important than usual  in  the  coming
year  when corporate activity is likely to be at a high level because  of  the
depressed prices on many 'traditional' companies.
 
Dividend

Your  Board  is delighted to recommend a 30 per cent increase in the  dividend
for  the  year to 1.5p per share, which if approved, will be paid on 1st  June
2000 to shareholders on the register at 25th April 2000.

The Future

I  believe that the year 2000 will be an active one, both for Athelney and the
market  as  a  whole.  Nothing is certain in the field of  investment,  but  I
believe  that your company will continue to give a good account of  itself  in
the months ahead.                                     

                              Hugo Deschampneufs
                                   Chairman
                                       


                              ATHELNEY TRUST PLC
                                       
         STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT)
                                       
                     FOR THE YEAR ENDED 31ST DECEMBER 1999
                                       
                         AUDITED RESULTS TO      AUDITED RESULTS TO
                         31ST DECEMBER 1999      31ST DECEMBER 1998
                                                       (as restated)
                     Revenue  Capital    Total  Revenue  Capital     Total
Gains/(losses) on
investments                -  515,458  515,458        - (169,729) (169,729)
Income                49,274        -   49,274   40,693        -    40,693
Investment management
expenses              (6,012) (6,012)  (12,024)  (5,715)  (5,715)  (11,430)
Other expenses       (27,729)      -   (27,729  (26,970)       -   (26,970)
                      ______  _______  _______   ______   ______    ______
Return on ordinary
activities before 
taxation              15,533 509,446   524,979    8,008 (175,444) (167,436)

Taxation              11,698 (13,241)   (1,543)     393      948     1,341
                      ______ _______    ______   ______   ______    ______
Return on ordinary
activities after 
taxation             27,231  496,205   523,436    8,401 (174,496) (166,095)

Dividend            (27,042)      -    (27,042) (20,732)       -   (20,732)
                     ______  _______  _______    ______   ______    ______
 
Transfer to/(from) 
reserves               £189 £496,205 £496,394  £(12,331)£(174,496)£(186,827)
                       ____  _______  _______   ______    ______    ______

Return per Ordinary
Share                  1.5p    27.5p   29.0p     0.5p      (9.7)p    (9.2)p

Dividend per Ordinary
Share                  1.5p                     1.15p


Continuing operations
None  of  the  company's activities were acquired or discontinued  during  the
above two financial years.

                                       
                              ATHELNEY TRUST PLC

                    BALANCE SHEET AS AT 31ST DECEMBER 1999

Note                                      1999         1998
Fixed assets

Investments                          1,836,913    1,373,397
                                     _________    _________
   
Current assets

Debtors                                 4,469         3,699
Cash at bank and in hand               65,355        25,619
                                       ______        ______

                                       69,824        29,318

Creditors: amounts falling 
due within one year                   (38,042)     (30,414)
                                       ______       _______
Net current assets/
(liabilities)                          31,782       (1,096)
                                     ________      _______
   
Net assets                         £1,868,695   £1,372,301
                                   __________   __________


Capital and reserves

Called up share capital              450,700      450,700
Share premium account                405,605      405,605
Other reserves - non distributable
Capital reserve - realised            97,000       19,759
Capital reserve - unrealised         908,685      489,721
Revenue reserve                        6,705        6,516
                                    ________      _______
 
Shareholders' funds               £1,868,695   £1,372,301
                                  __________   __________


                                       
                              ATHELNEY TRUST PLC

           CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 1999

                                           1999              1998

Net cash inflow from 
operating activities                      6,166             3,060

Servicing of finance
Dividends paid                          (20,730)          (19,830)
                                         ______            ______

Net cash (outflow) from servicing 
of finance                              (20,730)          (19,830)

Taxation
Corporation tax repaid                    1,749             5,357

Investing activities
Purchases of investments               (492,198)         (190,982)
Sales of investments                    544,749           192,832
                                        _______            ______

Net cash inflow from investing 
activities                               52,551             1,850
                                         ______            ______
 
Increase/(decrease) in cash 
in the year                             £39,736           £(9,563)
                                        _______           ________
 

Notes:

1. The figures included in the above statement are an abridged version of
Athelney's audited results for the year ended 31 December 1999 and do not
constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985, as amended. The figures for the year ended 31 December
1998 are extracted from the statutory accounts filed with the Registrar of
Companies and which contained an unqualified audit report.

2. The calculation for the return/(loss) per Ordinary share is based on the
results for the year and on the number of shares in issue during the period of
1,802,802  (1998: 1,802,802).

3. Copies of this announcement are available for a period of 14 days from
Athelney's nominated adviser, Noble & Company Limited, 1 Frederick's Place,
London EC2R 8AB. Copies of the full financial statements will be posted to
shareholders on 12 April 2000.