Issue of Equity

Piccadilly Growth Trust Plc
22 May 2001

PICCADILLY GROWTH TRUST PLC



The Company announces that, following the successful completion of the Scheme
of Reconstruction of Enterprise Capital Trust plc, 2,505,412 Ordinary shares
of 1p in the Company have been issued to former shareholders of Enterprise
Capital Trust.


The completion of the scheme has increased the Company's shares in issue by
30.4% and the market capitalisation of the Company by over £3 million, in
addition to which the number of shareholders in the Company has risen by
around 1,000 members.



22 May 2001