MEI Media And Income Trust Plc

RNS Number:2936Y
Media & Income Trust PLC
8 July 2002


The Media and Income Trust PLC (the "Company") and Media Zeros PLC (together the
"Group")

The Group announces that its total liabilities of £77.1m (as detailed below)
exceed the total gross assets of the Group of £72.8m (as at close of business on
Friday 5 July 2002). The Company is currently in breach of its ratio of bank
indebtedness to total qualifying assets as set out in the Company's senior loan
facility agreement. As at close of business on Friday 5 July 2002 the ratio of
bank indebtedness to total qualifying assets amounted to 69.49%(adjusted for
£36.6m of cash currently being offset), compared with a maximum permissible
level of 61%.

As a result of the volatile market and the continuing decline in total assets,
in recent weeks the Group has sold further assets from the media growth element
of the portfolio in order to increase the Group's cash resources with a view to
reducing the ratio of indebtedness.

The Company remains in discussions with its bankers and is reviewing the most
appropriate form of action to be taken going forward. Such action may include
substantial repayments of the senior bank debt which would incur significant
breakage costs.

As at close of business on Friday 5 July 2002, the approximate breakdown of
assets and liabilities (unaudited) and portfolio asset allocation of the Group
was as follows:
ASSETS                                                                             £                   %
Media portfolio
- Listed equities                                                         17,778,332                24.4
- Unlisted equities                                                        1,315,272                 1.8
Revenue portfolio                                                                           
- Corporate bonds                                                            735,908                 1.0
- Shares in other split capital investment companies                      11,873,047                16.3
Cash                                                                      41,143,734                56.5
TOTAL                                                                     72,846,293                 100

LIABILITIES
Sterling loan                                                             26,760,000                   -
Euro loan (sterling equivalent)                                           34,074,797                   -
Mezzanine loan*                                                           16,255,069                   -
TOTAL                                                                     77,089,866                   -

* Junior loan facility

Enquiries:

Chris Fishwick 020 7463 6000

Aberdeen Asset Managers Ltd

Jonathan Maxwell 020 7336 4240

HSBC Investment Bank plc



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

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