Result of Tender offer

28 December 2011

 
                          CHELVERTON GROWTH TRUST PLC                          
                                (the "Company")                                

                          Result of the Tender Offer                           

This announcement is made further to the circular to shareholders issued by the
Company on 28 November 2011 concerning the tender offer by Merchant Securities
Limited to purchase up to 10 per cent. of the issued ordinary shares in the
Company, and subsequent buy back offer (the "Tender Offer") which was approved
by shareholders at the annual general meeting held on 21 December 2011.

The tender price (which is calculated as being equal to 92.5 per cent. of the
net asset value per share on 22 December 2011; 30.27 pence per ordinary share)
is 28.0 (27.99975p) pence per ordinary share.

Valid applications were received from eligible shareholders, being shareholders
on the register at close of business on 22 December 2011, by the closing date
in respect of a total of 6,332,301ordinary shares (representing approximately
47.85 per cent of the Company's issued ordinary share capital at the record
date). In accordance with the terms and conditions of the Tender Offer, the
Company has accepted in full all applications made by shareholders up to their
10 per cent basic entitlement.  As certain shareholders did not take up their
10 per cent basic entitlement, the Company has also accepted, in part, those
shareholders who applied for an amount in excess of their 10 per cent basic
entitlement, scaled back on a pro rata basis of 7.85%.

Pursuant to the Tender Offer, 1,323,334 ordinary shares and to the buy-back
offer, 25,727 ordinary shares will be repurchased for cancellation with
settlement on 23 January 2012.

As a result of the above, there will be 11,884,283 ordinary shares of 1p each
in issue. The above figure may be used from 23 January 2012, by shareholders as
the denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
Company under the FSA's Disclosure and Transparency Rules.

Enquires:
 
William van Heesewijk
Chelverton Asset Management Limited
Tel: [phone]
www.chelvertonam.com