Cancellation of the Tender

Strategic Equity Capital plc                          

                                (the "Company")                                

                          Cancellation of the Tender                           

1 May 2014

The Board has been advised by its investment manager, GVO Investment Management
Limited ("GVOIM") that Adam Steiner, chief executive officer of GVOIM and an
investment manager to the Company, and Jonathan Morgan, chairman of GVOIM, have
resigned from GVOIM with immediate effect. Stuart Widdowson will become an
executive director of GVOIM (subject to regulatory approval) and will continue
to act as an investment manager to the Company.

In light of the above new information and the imminent closure of the tender
offer announced by the Company on 3 April 2014 and further detailed in the
circular to shareholders of the same date (the "Tender"), the Board considers
that it would be appropriate to terminate the Tender. Accordingly, shareholders
should note that no tenders submitted will be accepted and that the Tender has
been cancelled and withdrawn.

It is the Board's current intention to re-introduce a tender on substantially
the same terms shortly. The Board will make a further announcement in due
course.


For further enquiries please contact:

John Hodson (chairman)
c/o Canaccord Genuity Limited
020 7523 8000

Canaccord Genuity Limited (corporate broker)
Andrew Zychowski / Robbie Robertson / Lucy Lewis
020 7523 8000

Capita Sinclair Henderson Limited (company secretary)
Jonathan Carslake / Daniel Roach
01392 477 500

Canaccord Genuity Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting for Strategic Equity
Capital plc and is acting for no-one else in connection with the Tender Offer
and will not be responsible to anyone other than Strategic Equity Capital plc
for providing the protections afforded to clients of Canaccord Genuity Limited
nor for providing advice in connection with the contents of this announcement
or any other matter referred to herein. Canaccord Genuity Limited is not
responsible for the contents of this announcement. This does not exclude or
limit any responsibilities which Canaccord Genuity Limited may have under the
Financial Services and Markets Act 2000 or the regulatory regime established
thereunder.