Result of EGM

Piccadilly Growth Trust Plc
8 April 2002

                          PICCADILLY GROWTH TRUST PLC

                                 Result of EGM

The Company announces that at an EGM held today, the Company's shareholders
passed a resolution giving approval for Piccadilly Growth Trust PLC's
participation in the scheme for the reconstruction of KHSFC Ltd under section
110 of the Insolvency Act 1986 and the issue of up to 10,749,519 Ordinary shares
of 1p in the Company, details of which were announced on 13 March 2002.

At an Extraordinary General Meeting held on 5 April 2002, shareholders of KHSFC
Ltd gave their approval for the Scheme, subject to the passing of further
resolutions to be proposed at a second Extraordinary General Meeting of KHSFC
Ltd to be held on 16 April 2002.

The Scheme will become effective following the passing of resolutions proposed
at the second Extraordinary General Meeting of KHSFC Ltd. Dealings in new
Piccadilly Growth Trust PLC shares issued to KHSFC Ltd shareholders are expected
to commence on 17 April 2002.

8 April 2002


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