Transaction in Own Shares

CHELVERTON GROWTH TRUST PLC                          

                              Ordinary 1p shares                               

The Company announces that on 20 May 2005 it purchased in the market, for
cancellation, 3,000 Ordinary 1p Shares at a price of 32.5p per share.

The purchase will reduce the number of Ordinary 1p Shares in issue to
18,157,814.

20 May 2005