RNS No 7246t
WARRANTS AND VALUE INVESTMENT TRUST PLC


                           DEALINGS BY DIRECTORS

1)  NAME OF COMPANY

WARRANTS AND VALUE INVESTMENT TRUST PLC

2)  NAME OF DIRECTOR

COLIN W. McLEAN

3)  Please state whether notification indicates that it is in respect of holding
    of the Director named in 2 above or holding of that person's spouse or
    children under the age of 18 or in respect of a non-beneficial interest.

BENEFICIAL

4)  Name of the registered holder(s) and, if more than one holder, the number of
    shares held by each of them. (If notified).

WINTERTHUR LIFE

5)  Number of shares/amount of stock acquired.

162,000

6)  ( 0.2  %) of issued Class

7)  Number of shares/amount of stock disposed

N/A

8)  ( N/A   %) of issued Class 

9)  Class of security

ORDINARY SHARES

10) Price per share

36.75P

11) Date of transaction

30.6.97

12) Date company informed

30.6.97

13) Total holding following this notification

512,000

14) Total percentage holding of issued class following this notification

0.64%

15) Date of grant

N/A

16) Period during which or date on which exercisable

N/A

17) Total amount paid (if any) for grant of the option

N/A

18) Description of shares or debentures involved: class, number

N/A

19) Exercise price (if fixed at time of grant) or indication that price is to be
    fixed at time of exercise

N/A

20) Total number of shares or debentures over which options held following this
    notification

N/A

21) Any additional information

N/A

22) Name of contact and telephone number for queries

CAROLINA VIOLA
0131 226 6699

23) Name and signature of authorised company official responsible for making
    this notification

    Date of Notification............30 JUNE 1997...


END