Murray Ventures Inv. - Re Calculation of Shrs Issued

RNS No 4369k
MURRAY VENTURES INVESTMENT TRUST PLC
16th July 1998



MURRAY VENTURES INVESTMENT TRUST PLC
------------------------------------

Further to the earlier announcement, the calculation of the number of shares
and units issued to shareholders of Murray Ventures PLC in Murray Ventures
Investment Trust PLC and in Murray Cash Fund respectively is as follows:

The shares were first divided into A shares (representing the Unit Trust
element) and B shares (representing the Investment Trust element).

The A Shares were calculated as follows:

The holding of each shareholder in Murray Ventures PLC was multiplied by
35.85% to calculate each shareholders entitlement rounding down to the nearest
whole share.  This resulted in 8,870,205 ordinary shares being reclassified as
A Shares.

After calculation of the A Shares, the balance of each shareholders holding of
ordinary shares in Murray Ventures was reclassified as B Shares.  The
aggregate amount of ordinary shares reclassified as B Shares was 15,874,179.

The A shares were converted into units in Murray Cash Fund by dividing
#40,000,000 by the total of the A shares (8,870,205) to produce a Net Asset
Value (NAV) per A share of #4.5094.  The individual A shareholdings were
multiplied by this NAV factor and rounded down to two decimal places.  The
resultant figure was divided by 50p (being the creation price of units in
Murray Cash Fund).  The number of units issued in Murray Cash Fund is a
product of this calculation.

The number of New Shares in Murray Ventures Investment Trust issued to each
Shareholder is calculated as follows:

The value of the B Fund, #71,573,983 (that is the assets of Murray Ventures
reigning after providing for a liquidation fund and the #40,000,000)
transferred to Murray Cash Fund was divided by the number of B Shares
(15,874,170) to calculate the NAV per B Share of #4.5088.  This net asset
value figure was then multiplied by each Shareholders holding of B Shares. 
The resultant figure was then divided by 100p (being the issue price of a New
Share in Murray Ventures Investment Trust) to arrive at the total number of
shares issued to each shareholder.  Fractions were not issued to Shareholders.

An example of the calculation in respect of an individual holding 1000 shares
in Murray Ventures PLC would be as follows:

A Shares 1000 @ 35.85% =             358 (rounded down)

B Shares 1000 - 358 =                642
                                   -----
                                   1,000


A Share calculation to arrive at the number of units in Murray Cash Fund is as
follows:

358 @ #4.5094 = #1,614.36 (rounded down)

#1,614.36 / 50p = 3228.72 units

B Share calculation to arrive at the number of shares in Murray Ventures
Investment Trust PLC:

642 @ #4.5088 = #2894.6496 = 2,894 ordinary shares of 10p issued at 100p



END

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