RIN Rii

RNS Number:8886G
Riceman Insurance Investments PLC
13 July 2001



                      Riceman Insurance Investments plc

                            For immediate release

The Board of Riceman Insurance Investments plc makes this second interim
announcement in compliance with AIM Rules and further to the Company's
announcement dated 11th July 2001 concerning the change in its accounting
reference date from 31st January 2001 to 31st March 2001.


The unaudited net operating loss before taxation for the Group for the twelve
months ended 31st January 2001, being the Company's former accounting
reference date, is estimated to amount to #215,000. In addition, the unaudited
loss on disposal of the operating business of the Company which, as previously
announced, was completed on 15th March 2001, is estimated to amount to 
#180,000.


Following the disposal of the operating business, the unaudited balance sheet
of the Company at 31st March 2001, to which date the Company's next financial
statements will be made up, comprised net assets of approximately #270,000,
which are represented principally by cash deposits.


The Board anticipates that the audited financial statements to 31st March 2001
will be mailed to shareholders by 30th September 2001. The Board continues to
seek a suitable investment opportunity, and intends to place proposals before
shareholders for their approval at the appropriate time.




ENDS


For further information, please contact:

Kamran Amin                                 020 7589 7590

Farhad Moshiri                              020 7483 2426



13th July 2001

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