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Tor Investment Tst (TORI)

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Wednesday 29 September, 1999

Tor Investment Tst

Final Results

TOR INVESTMENT TRUST PLC
29 September 1999


PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED 31 JULY 1999

CONSOLIDATED STATEMENT OF TOTAL RETURN (incorporating the revenue account) 
for the year ended 31 July 1999

                                  1999              1998    
                                                   (restated)
                           Revenue  Capital  Total  Revenue  Capital  Total
                           £'000    £'000    £'000  £'000    £'000    £'000

Gains on investments (net)     -    3,240    3,240      -   12,033   12,033
Income *                   2,131        -    2,131  2,099        -    2,099
Investment management fees  (244)       -     (244)  (211)       -     (211)
Other administrative        (104)       -     (104)  (219)       -     (219)
 expenses                                                  
Return on ordinary activities 
 before taxation           1,783    3,240    5,023  1,669   12,033   13,702
Taxation on ordinary         (81)       -      (81)   (52)       -      (52)
 activities
Return on ordinary activities
 after taxation            1,702    3,240    4,942  1,617   12,033   13,650
Dividends in respect of       (9)       -       (9)   (10)       -      (10)
 non-equity shares
Return attributable to                                        
 equity shareholders       1,693    3,240    4,933  1,607   12,033   13,640
Dividends in respect  of  (1,926)       -   (1,926)(1,806)       -   (1,806)
 equity shares                                                 
Transfer (from)/to          (233)   3,240    3,007   (199)  12,033   11,834
 reserves                                                         
Return per share:            P       P        P       P       P        P
Income Shares               42.4     8.7     51.1    39.9    32.3     72.2
Capital Shares               4.2   115.9    120.1     4.0   431.5    435.5

The revenue column of this statement is the Profit and Loss account of the
Group.  All revenue and capital items in the above statement derive from
continuing operations.  No operations were acquired or discontinued in the year.

* As a result of the abolition of ACT during the year, income for 1999 is shown
  on a net of tax basis and the 1998 figure has been restated accordingly for
  comparative purposes. 
                                    1999    1998 
                                      p       p 
Net Asset Values:

Income Shares                      233.4    230.3
Capital Shares                   2,584.4  2,469.1


At  31  July 1999, the market value of the investments for the Group  was
£72,483,000  (1998:  £69,896,000) and  net  current  assets  amounted  to
£1,124,000 (1998: £966,000).

Dividends
The  Directors today recommended a final dividend of 15.0p on the  Income
Shares  (1998: 12.0p) and a final dividend of 4.8p for  the  year  (1998:
4.5p)  on  the  Capital  Shares.  The final  dividends,  if  approved  by
Shareholders, will be paid on 26th November 1999, to shareholders on  the
Register at the close of business on 15th October 1999.

It  is  your Board's intention to increase the quarterly rate of  interim
dividends  payable on the Income Shares in respect of the year ending  31
July 2000 to 12p as against last year's 11p per quarter. This should  not
be taken as an indication of the size of the final dividend for the year.
However,  your  Board  is confident that it will  be  able  at  least  to
maintain the current dividend.

Annual General Meeting
The Annual General Meeting of the Company will be held on 25th November 1999
at 12 noon at 107 Cheapside, London EC2V 6DU.



The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 July 1999 and 1998, but is derived
from those accounts. Statutory accounts for 1998 have been delivered to the
Registrar of Companies and those for 1999 will be delivered following the
Company's annual general meeting. The Auditors have reported on those accounts;
their reports were unqualified and did not contain statements under s237(2) or
(3) Companies Act 1985.

The above preliminary announcement will not be published in newspapers or
sent to shareholders. Copies however will be made available to the public
at the registered office of the Company.

For further information please contact:

Dean Clarke at AXA Sun Life Investment Management Limited
Tel: 0171 645 1169
Email: [email protected]


                                        

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