Interim Results

Henderson Strata Investments PLC
21 June 2005


HENDERSON GLOBAL INVESTORS

HENDERSON STRATA INVESTMENTS PLC


21 June 2005


                        HENDERSON STRATA INVESTMENTS PLC

        Unaudited Interim Results for the half year ended 30 April 2005


Highlights:


•        Share price up 19.1% over the half year


•        Realignment to UK micro cap portfolio completed


•        Investment outlook favourable


'I am delighted to report on the progress that we have made.  Our share price
rose strongly in the half year under review.  Our change of investment policy
was approved at the AGM on 10 February and the portfolio was realigned, within
the subsequent four month period as planned, to its new focus on UK micro cap
companies.  Since the AGM the portfolio has outperformed its new benchmark.'

                            George Burnett, Chairman


For further information, please contact:


George Burnett                                    or    James de Sausmarez
Chairman                                                Head of Investment Trusts

Henderson Strata Investments plc                        Henderson Global Investors


Telephone:  [phone]                                Telephone: [phone]

or

Colin Hughes                                      or    Sarah Gibbons-Cook
Fund Manager                                            Investor Relations and PR Manager

Henderson Strata Investments plc                        Henderson Global Investors

Telephone: [phone]                                Telephone: [phone]



                                                                     Page 2 of 6

                        HENDERSON STRATA INVESTMENTS PLC

        Unaudited interim results for the half year ended 30 April 2005



Review of activity in the half year

The net asset value per share rose by 8.7% in the six months ended 30 April 2005
and the share price by 19.1%.  Over the same period the FTSE SmallCap (excluding
investment companies) Index also returned 8.7% and the FTSE Fledgling (excluding
investment companies) Index returned 9.3%.  The FTSE All-Share Index returned
6.1%.  These figures include income.



The proposals set out in the Board's circular to shareholders of 22 December
2004 were well received by the shareholders and by the market generally.  On 28
January 2005 4,583,255 shares were bought back by the Company under the Tender
Offer and Matching Facility.  This reduced the issued share capital by 26.8%.
At the AGM on 10 February 2005 the continuation of the Company was approved and
the change of investment policy was thereby confirmed.

Most of the changes to the portfolio, necessary to match our new objective of
investing in UK micro cap companies, had been made by 30 April 2005.  The
realignment was completed early this month with the realisation of the remaining
holdings in FTSE 250 companies.

The discount

The Board is committed, as far as practicable, to maintaining the discount to
net asset value at which the Company's shares trade at close to the 8% level at
which the Tender Offer was made in January.  To this end we have maintained an
active buy-back programme.  A total of 317,000 shares were bought back between
the Tender Offer and the half-year end and a further 721,246 have been bought
back since.  Of these, 904,246 are held in Treasury; in due course they will
either be issued at a premium or cancelled.



Board changes

Stephen Burley retired from the Board at the AGM on 10 February 2005 and Edward
Whitley will do so on 30 June 2005.  We are grateful to them both for their long
and loyal service to Strata. We shall miss especially the insight that Stephen
brought as an experienced professional investor and the wide knowledge of world
markets that Edward shared.



I am delighted to welcome Malcolm King to the board.  Max, as he is known, has
very broad experience in fund management, not least of investment in UK smaller
companies, and works currently at Investec Asset Management.



Market review and outlook

The markets produced positive returns in the six months to 30 April 2005 and the
general growth in confidence has been a helpful background to us as an investor
in smaller companies, particularly in our period of transition.  However, after
a steady rise, the markets turned downwards in mid-March and share prices at the
small cap end have not yet fully recovered.  Between 10 February 2005 and 17
June 2005 our net asset value per share fell by 2.8%, compared with a fall in
the FTSE Fledgling (excluding investment companies) Index - our new benchmark -
of 5.9%.



The UK economy has slowed in recent months and the market, particularly the
smaller companies area, has seen a modest setback. Our fund manager, Colin
Hughes, believes that this presents a long-term buying opportunity and he has
identified a number of potential investments at attractive valuations.  The many
companies coming to the market for the first time vary in quality but there are
interesting opportunities amongst them.  Sensible valuations, and the likelihood
of a continued good rate of earnings growth, make the outlook favourable
overall.



                                                                     Page 3 of 6

                        HENDERSON STRATA INVESTMENTS PLC

        Unaudited interim results for the half year ended 30 April 2005

Statement of Total Return (incorporating the revenue account)
for the half year ended 30 April 2005

                                  (unaudited)                      (unaudited)                       (audited)
                                Half year ended                  Half year ended                    Year ended
                                 30 April 2005                    30 April 2004                   31 October 2004
                           Revenue    Capital      Total    Revenue    Capital      Total    Revenue    Capital    Total
                             £'000      £'000      £'000      £'000      £'000      £'000      £'000      £'000    £'000


Total capital gains
   from investments              -      5,562      5,562          -      5,268      5,268          -      4,577    4,577

Income from fixed asset
   investments                 563          -        563        560          -        560      1,495          -    1,495

Other interest receivable and
   similar income               68          -         68         18          -         18         39          -       39
                        ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- --------
Gross revenue and capital
   gains                       631      5,562      6,193        578      5,268      5,846      1,534      4,577    6,111

Management fee               (363)          -      (363)      (303)          -      (303)      (639)          -    (639)

Other administrative         (109)          -      (109)      (107)          -      (107)      (208)          -    (208)
expenses
                        ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- --------
Net return on ordinary
   activities before
   interest                    
   payable and taxation        159      5,562      5,721        168      5,268      5,436        687      4,577    5,264

Interest payable               (9)          -        (9)       (39)          -       (39)       (47)          -     (47)
                        ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- --------
Net return on ordinary
   activities before           
   taxation                    150      5,562      5,712        129      5,268      5,397        640      4,577    5,217

Taxation on net return
   on ordinary                 
   activities                  (4)          -        (4)       (20)          -       (20)       (57)          -     (57)
                        ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- --------
Net return on ordinary
   activities after            
   taxation                    146      5,562      5,708        109      5,268      5,377        583      4,577    5,160

Dividends - nil                  -          -          -          -          -          -          -          -        -

                        ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- --------
Transfer to reserves           146      5,562      5,708        109      5,268      5,377        583      4,577    5,160
                            ======     ======     ======     ======     ======     ======     ======     ======   ======

Return per ordinary                               
share                   0.99p      37.86p         38.85p      0.64p     30.76p     31.40p      3.41p     26.75p   30.16p


The revenue columns of this statement represent the revenue accounts of the
Company.

                                                                     Page 4 of 6

                        HENDERSON STRATA INVESTMENTS PLC

        Unaudited interim results for the half year ended 30 April 2005


Balance Sheet
at 30 April 2005

                                                     (unaudited)          (unaudited)              (audited)
                                                   30 April 2005        30 April 2004        31 October 2004
                                                            £000                 £000                   £000

Fixed asset investments
Investments at market value                               62,017               79,340                 81,599
                                                      ----------           ----------             ----------

Current assets

Debtors                                                      941                  553                  1,236
Cash at bank                                               1,569                1,852                    380
                                                      ----------           ----------             ----------
                                                           2,510                2,405                  1,616

Creditors: amounts falling due within one
year                                                     (1,778)                (649)                (2,336)
                                                      ----------           ----------             ----------

Net current assets/(liabilities)                             732                1,756                  (720)
                                                      ----------           ----------             ----------

Total net assets                                          62,749               81,096                 80,879
                                                          ======               ======                 ======
Capital and reserves

Called-up share capital                                    3,119                4,276                  4,276

Share premium account                                     16,479               16,479                 16,479
Capital redemption reserve                                 1,287                  130                    130
Capital reserve - realised                                39,421               57,142                 57,774

Capital reserve - unrealised                               5,008                6,254                  4,931

Revenue reserve                                          (2,565)              (3,185)                (2,711)

                                                      ----------           ----------             ----------

Equity shareholders' funds                                62,749               81,096                 80,879

                                                          ======               ======                 ======

Net asset value per ordinary share                       514.28p              474.20p                472.93p


                                                                     Page 5 of 6



                        HENDERSON STRATA INVESTMENTS PLC

Unaudited interim results for the half year ended 30 April 2005


Cash Flow Statement
for the half year ended 30 April 2005


                                                           (unaudited)          (unaudited)          (audited)
                                                       Half year ended      Half year ended         Year ended
                                                         30 April 2005        30 April 2004    31 October 2004
                                                                 £'000                £'000              £'000

Net cash inflow from operating activities                          109                  194                751
Net cash outflow from servicing of finance                         (5)                 (43)               (47)
Net tax recovered                                                    9                   10                 17
Net cash inflow/(outflow) from
  financial investment                                          24,862                1,339              (725)
                                                            ----------           ----------         ----------
Net cash inflow/(outflow) before financing                      24,975                1,500                (4)
Net cash outflow from financing                               (23,838)                (283)              (283)
                                                            ----------           ----------         ----------
Increase/(decrease) in cash                                      1,137                1,217              (287)
                                                                ======               ======             ======

Reconciliation of operating revenue to net cash
   inflow from operating activities

Net revenue return before interest payable and
   taxation                                                        159                  168                687
Increase in accrued income                                        (38)                (109)               (39)
Decrease/(increase) in other debtors and                            32                    9                (7)
prepayments
(Decrease)/increase in other creditors                            (38)                  149                188
Tax on unfranked investment income deducted at                     (6)                 (23)               (72)
source
Scrip dividends included in investment income                        -                    -                (6)
                                                            ----------           ----------         ----------
Net cash inflow from operating activities                          109                  194                751
                                                                ======               ======             ======

Reconciliation of net cash flow to movement in net
   funds

Increase/(decrease) in cash as above                             1,137                1,217              (287)
Exchange movements                                                  52                 (30)                  2
                                                            ----------           ----------         ----------
Movement in net funds                                            1,189                1,187              (285)
Net funds at the start of the period                               380                  665                665
                                                            ----------           ----------         ----------
Net funds at the end of the period                               1,569                1,852                380
                                                                ======               ======             ======
Represented by:
Cash at bank and short term deposits                             1,569                1,852                380
                                                                ======               ======             ======


                                                                     Page 6 of 6



                        HENDERSON STRATA INVESTMENTS PLC

Unaudited interim results for the half year ended 30 April 2005

Notes

1.    Issued share capital

      There were 12,474,260 ordinary shares of 25p each in issue at 30 April 2005 (30 April 2004: 17,101,515; 31
      October 2004: 17,101,515), including 273,000 shares held in Treasury either for reissue to the market or
      for cancellation at a future date (30 April 2004 and 31 October 2004: nil).


      During the half year ended 30 April 2005 the Company bought back for cancellation a net total of 4,583,255
      of its own issued shares at a price of 475.87p, under the terms of the Tender Offer and Matching Facility
      as set out in the circular to shareholders dated 22 December 2004.  A further 44,000 ordinary shares were
      bought back in the market for cancellation (half year ended 30 April 2004: 85,000; year ended 31 October
      2004: 85,000).


      In the period from 10 February 2005 to 30 April 2005 the Company bought back a further 273,000 of its
      shares to hold in Treasury.


2.    Return per ordinary share

      The revenue return per ordinary share is based on the net return on ordinary activities after taxation of
      £146,000 (half year ended 30 April 2004: £109,000; year ended 31 October 2004: £583,000) and on the
      weighted average number of 14,690,628 ordinary shares of 25p each in issue during the period (half year
      ended 30 April 2004: 17,123,466; year ended 31 October 2004: 17,112,430), and for this purpose shares
      bought and held in Treasury are treated as having been cancelled.


      The capital return per ordinary share is based on the net capital gains of £5,562,000 (half year ended 30
      April 2004: £5,268,000; year ended 31 October 2004: £4,577,000) and on the weighted average number of
      shares in issue during the period, as stated above.


3.    Net asset value per ordinary share

      The net asset value per ordinary share is based on the net assets attributable to the ordinary shares of
      £62,749,000 (30 April 2004: £81,096,000; 31 October 2004: £80,879,000) and on the 12,201,260* ordinary
      shares of 25p each in issue at 30 April 2005 (30 April 2004 and 31 October 2004: 17,101,515).



      * The number of shares in issue has been adjusted for the shares held in Treasury which, for this purpose,
      are treated as not being in issue.


4.    Accounts for the year ended 31 October 2004

      The figures and financial information for the year ended 31 October 2004 are extracted from the latest
      published accounts of the Company and do not constitute the statutory accounts for that year.  Those
      accounts have been delivered to the Registrar of Companies and included the report of the auditors which
      was unqualified and did not contain a statement under either section 237(2) or section 237(3) of the
      Companies Act 1985.


5.    Interim Report

      The interim report will be sent to shareholders early in July 2005 and copies will be available from the
      Company's registered office: 4 Broadgate, London EC2M 2DA.


                                    - ENDS -


                      This information is provided by RNS
            The company news service from the London Stock Exchange