MEI Media And Income Trust Plc

RNS Number:9681O
Media & Income Trust PLC
19 December 2001


Interim Dividends

In view of the weakness in prevailing markets and the resultant decline in the
net assets of the Company, the Directors are prevented by Section 264 of the
Companies Act from paying the full level of fourth interim dividend payable to
Ordinary shareholders.  For the current year, the Directors intend to review
the level of distribution in the light of the level of the Company's net
assets and the level of income receipts received.  This course of action has
no effect on the entitlement of the Preferred Income shares.  Accordingly, the
Board has today (19/12/01) declared the following interim dividends:

Fourth interim dividend of 1.0p (2000: n/a) in respect of the year ended 30
November 2001 which will be paid on 18 January 2002 to holders of Ordinary
2.5p shares on the register on 31 December 2001.

Second interim dividend of 2.075p (2000: n/a) in respect of the year ended 30
November 2001 which will be paid on 18 January 2002 to holders of Preferred
Income 1p shares on the register on 31 December 2001.

Banking Update

Furthermore, the Company announces that it has agreed with its bankers an
extension to its amendment to its banking arrangements whereby cash balances
may be deducted when calculating qualifying assets and total borrowings. This
arrangement, which assists the Company in complying with its banking covenants
by managing its liquidity, has been agreed to apply until 28 February 2002 and
as at 17 December 2001, the ratio of bank indebtedness to total qualifying
assets amounted to 56.09 per cent. against a maximum permissible level of 61
per cent. 

As at 17 December 2001, cash represented approximately 22.89 per cent. of
total assets.  The Board is continuing to review its options in relation to
the Company's level of gearing, in the context of, inter alia, market
conditions and weakness in the Company's share prices.

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