Taiwan Inv.Trust PLC - Re Net Asset Value, etc

RNS No 5590n
TAIWAN INVESTMENT TRUST PLC
16 July 1999


Taiwan Investment Trust PLC("the Company") announces that, prior to taking
account of the cost of realisation of the Company's portfolio in order to meet
elections by Shareholders for the Redemption Option the undiluted net asset
value was 113.5p at the close of business on 15th July 1999.

This apparent reduction in net asset value is partly due to the stock market
fall in Taiwan and partly due to the situation described below.  Shareholders
and Warrantholders should be aware that part of this reduction in undiluted
net asset value is for technical reasons relating to the Scheme and that 
additional value will be available to them as described below.

The Residual Net Value prior to deduction of  the amount due to Warrantholders
was 106.9p per share.  After deduction of the maximum amount due to 
Warrantholders the Residual Net Asset Value was 102.1p.  Based on these
figures, the average price of a Warrant for the 10 dealing days before
adjustment cannot exceed approximately 24.0p in order for the condition 
precedent under the Scheme to be met.

The reduction in the undiluted net asset value is due to certain of the
Company's assets being unavailable for sale or transfer at the time of the 
expected winding up of the Company on 27th July 1999.  These assets represent 
bonus shares in Taiwanese companies that have not yet been delivered to the 
Company and will, therefore, be unavailable for sale or transfer on the 
winding up date.  As at today, the value of these assets is approximately 
#6.0 million.

In Taiwan it is common practice for companies to issue shares by way of bonus
issues and in lieu of dividends.  The new shares are deliverable within eight
weeks of their being declared ex and are then available for sale.

The Company, after consultation with its advisors and the liquidators, has 
decided to write these investments down to nil value for the purposes of the 
Scheme and pass them across to the Taiwan Portfolio of Jupiter Tyndall 

Global Fund or the liquidator at nil value at the time of the winding up of 
the Company.  Jupiter Tyndall Global Fund or the liquidator, as appropriate,
will sell these assets as they become available and it is expected that
further shares in the Taiwan Portfolio of Jupiter Tyndall Global Fund or an 
interim cash distribution equivalent to the total value of these assets will 
be made to Ordinary shareholders and Warrantholders by the end of September 
1999.

In the event that other Taiwanese companies held by the Company issue such
shares, a similar approach will be adopted.

The immediate effect of this action is to reduce the undiluted net asset value
by 10.7p per Ordinary share and the Residual Net Asset Value by 9.7p per
Ordinary share.  The average price of the Warrant for the 10 dealing days
before adjustment cannot exceed approximately 24.0p in order for the condition
precedent under the Scheme to be met.  This compares with the previously
announced average price of approximately 27.75 per Warrant and represents a
reduction of 1.75p per Warrant.  Again Shareholders and Warrantholders should
note that this is only an apparent reduction and is for technical reasons.


END

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