Update

Strategic Equity Capital plc                          

                                (the "Company")                                

                                    Update                                     

19 May 2014

Further to the Company's announcement of 1 May 2014, the Board has now had the
opportunity to discuss in detail with its investment manager, GVO Investment
Management Limited ("GVOIM"), the recent resignations of Adam Steiner and
Jonathan Morgan from GVOIM. The Board has been informed that the resignations
were as a result of differences of opinion about the management structure of
GVOIM and were not connected to the day-to-day running of the Company's
portfolio. The Board has been given reassurances about the management resources
of GVOIM and particularly welcomes the fact that Stuart Widdowson and Jeff
Harris remain committed to their roles as investment manager and assistant
portfolio manager respectively to the Company. The Board will continue to
monitor the management arrangements of the Company closely and looks forward to
continued strong performance by the Company's portfolio.

It is the Board's intention to reinstate the tender offer for up to 4 per cent.
of the Company's issued share capital on substantially the same terms as those
announced on 3 April 2014 (the "Tender"), to which end a circular to
shareholders (the "Circular")is intended to be published within the next few
weeks. The Board is pleased to report that the costs incurred in respect of the
cancelled tender will be met by GVOIM.

A further announcement giving details of the Tender will be made on publication
of the Circular.

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 above 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.