EGM, Placing & Offer results

Finsbury Emerging Biotechnology Tst
24 May 2006

FINSBURY EMERGING BIOTECHNOLOGY TRUST PLC



RESULTS OF EXTRAORDINARY GENERAL MEETING, PLACING AND OFFER FOR SUBSCRIPTION



24 MAY 2006


Further to Finsbury Emerging Biotechnology Trust PLC's announcement on 2 May 2006 relating to the Placing and Offer for 
Subscription, the Board is pleased to announce the following:

•           The Resolutions proposed at the Extraordinary General Meeting held today, as detailed below, were passed;


 1. To increase the authorised share capital to £25,000,000 by the creation of
    50,000,000 new Ordinary shares of 25p each.



 2. To authorise the Directors to allot securities in the Company.



 3. To disapply the rights of pre-emption in relation to the allotment of
    securities contained in section 89 of the Companies Act 1985.



 4. To authorise the Company to make market purchases of Ordinary shares in the
    Company.



 5. To cancel the share premium account.


•           The Issue raised an aggregate of £40,810,031;

•           The Issue Price of the New Ordinary Shares is 106.91p, which represented a premium of 2.3 per cent. to the 
NAV per Share (calculated in accordance with the prospectus dated 28 April 2006) of 104.48p as at 22 May 2006, the 
Calculation Date;

•           The Board has resolved to allot 38,172,263 New Ordinary Shares under the Issue, conditional on Admission, 
which is expected to take place at 8 a.m. on 31 May 2006;

•           The New Ordinary Shares will rank pari passu with the existing Ordinary Shares and therefore, following 
completion of the Issue, the Company will have 65,912,263 Ordinary Shares in issue.



Enquiries:


Alastair Smith                          Nathan Brown
Close Finsbury Asset Management         Winterflood Investment Trusts
Tel. [phone]                      Tel. [phone]



Notes



Terms used in this announcement shall, unless the context otherwise requires,
bear the meaning given to them in the prospectus issued by Finsbury Emerging
Biotechnology Trust PLC dated 28 April 2006.



Winterflood Investment Trusts, a division of Winterflood Securities Limited
which is authorised and regulated in the United Kingdom by the Financial
Services Authority, is acting for the Company in relation to the Company's
proposals and for no other person and will not be responsible to any other
person other than the Company for providing the protections offered to customers
of Winterflood Investment Trusts or for providing advice in relation to the
Company's proposals.


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