Share issue & Acquisition

Artemis Alpha Trust PLC
21 March 2005

ARTEMIS ALPHA TRUST PLC (the 'Company')

Issue of shares in connection with acquisition

The Board of the Company announces that on 18 March 2005 it issued, conditional
upon admission, 2,727,347 ordinary shares of 1p each in the capital of the
Company (the 'Shares') as part consideration for the acquisition by the Company
of the entire issued share capital of DMWS 504 Limited, which is the private
holding company of an investment company, Intelli Investments Limited (the
'Acquisition'). The Shares will not rank for any of the dividends payable by the
Company for the financial year ending 30 April 2005, but will rank pari passu in
all other respects with the Company's existing ordinary shares of 1p each. The
Shares are expected to be admitted to the Official List of the UK Listing
Authority and to trading on the London Stock Exchange on 29 March 2005.

Intelli Investments Limited has a portfolio comprising listed and unlisted
investments and cash. The largest holding in this portfolio is the 1.9% interest
in the Company's investment manager, Artemis Investment Management Limited. This
has a book value of some £2.1 million. The consideration for the issue of Shares
is based upon the consolidated net asset value of DMWS 504 Limited which amounts
to approximately £7.0 million. The consideration has been satisfied by the
payment of £1.5 million in cash and the issue of the Shares at an issue price of
202.397p.

Following the issue of the Shares, the Company will have a total of 33,320,799
ordinary shares of 1p each in issue.



For further information contact:

Mark Tyndall

Artemis Investment Management Limited

Tel: [phone]



21 March 2005








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