Result of AGM

RNS Number:2409Z
Dartmoor Investment Trust PLC
29 July 2002


Investment Trust PLC (the "Company")

In connection with the Annual General Meeting of the Company held today, the
annual report for the year-ended 30 April 2002 despatched to shareholders
included a resolution to declare a final dividend in respect of the year-ended
30 April 2002 of 3p (net) for each ordinary share.

In accordance with the requirements of Section 265 of the Companies Act, the
Company may only pay a dividend where, at the time that the dividend is paid,
the Company's total assets are at least 1.5 times its liabilities and only to
the extent that such dividend does not reduce total assets to less than 1.5
times liabilities. At the time the directors originally recommended the payment
of a dividend on the ordinary shares, the Company met the test set out in
Section 265. However, as at the date of the Annual General Meeting, the
directors were advised that the payment of the recommended dividend on the
ordinary shares would be unlawful as being in breach of Section 265.
Consequently, the directors were advised that the resolution to declare the
final dividend of 3p (net) for each ordinary share should be withdrawn and a
resolution to this effect was passed at the Annual General Meeting. The
directors therefore propose to retain these assets within the Company.

In light of the Company's current financial position, the directors have also
concluded that it would be inappropriate at this time to pay the third interim
dividend for the year ended 30 April 2002 of 2.25p (net) for each redeemable
preference share.

The directors have been advised that, notwithstanding the non-payment of
dividends, the Company should retain its investment trust status for the
financial period ended 30 April 2002.

The special resolution authorizing the Company to make market purchases of
redeemable preference shares was passed at the Annual General Meeting.


Enquiries:

Chris Whittingslow/ Chris Giles          Tel: [phone] 

Exeter Asset Management Limited
 

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