Offer for Subcription

Foresight Technology VCT PLC
22 September 2003

Foresight Technology VCT plc

Offer for Subscription of up to 1,101,646 new Ordinary Shares together with
3,304,938 new 'C' Ordinary Shares being offered in packages consisting of one
new Ordinary Share and three new 'C' Shares ('New Shares').

The Company announces that it is posting to shareholders details of an offer for
subscription. The New Shares being offered are in packages consisting of 1 new
Ordinary Share together with 3 new 'C' Shares. The price at which each package
is being offered is calculated by reference to the last published unaudited net
asset values of each Ordinary Share and 'C' Share plus 5.5 per cent. to cover
the issue costs.  The net asset value of each Ordinary Share and 'C' Share on 18
September 2003 was 142.37p and 68.77p respectively making the subscription cost
of each package £368.97. Based on these net asset values the Company will raise,
upon full subscription, approximately £3.8llion, net of expenses.

The Board believes that raising additional capital should enable Foresight to:

•        take advantage of the encouraging investment opportunities currently
         under review and should provide shareholders with a greater spread of 
         risk from a larger and more diverse portfolio of technology investments 
         in each fund;

•        spread administrative costs across a larger capital base; and

•        make second round 'follow on' investments in existing portfolio
         companies when attractive investment opportunities arise.


Current Trading and Prospects

The Directors continue to be pleased with the overall progress made by the
investments in the Ordinary Shares fund and in particular with investments in
Telecom Plus plc and in Advanced Composites Group Limited. On 8 July 40% of the
Company's holding in Telecom Plus Plc sold, realising a profit of £900,000 above
the average cost of those shares. Advanced Composites Group Limited is currently
considering exit opportunities including a flotation. In addition there has been
an increase in the share price of YooMedia Plc.

The companies in the 'C' Shares fund have been held for a shorter time than
those in the Ordinary Shares fund. Whilst there have not yet been any
realisations from this fund, Broadreach Networks Limited, Oxonica Limited and
themutual.net Plc are all making good progress.

As a result of the new BVCA guidelines, the most significant effect of which is
an uplift in the value of Advanced Composites Group Limited, the net asset value
of the Ordinary Shares has increased significantly from the 30 June 2003
valuation.

Save as above, there have been no significant changes to the Company's trading
or financial position since 30 June 2003.


Terms of the Offer

Investors are invited to subscribe a lump sum amount for packages of New Shares.
On the basis of the net asset values as at 18 September 2003, the net amount to
be raised, assuming full subscription, would be approximately £3.8 million. Net
asset values will be published as soon as possible following a month end or more
frequently if, in the Directors' opinion, there is a significant movement in the
net asset value of each fund. Allotments of New Shares will be made on a weekly
basis other than at the beginning of the month when allotments will be made as
soon as the month end net asset value is available.

Shareholders will be given prority under the Offer and will have until 13
October to submit their application forms. After this date New Shares are being
offered on a wider basis. Applications will be treated on a first come, first
served basis subject to a minimum subscription amount of £2,500.

The capital raised by the issue of new Ordinary Shares will be pooled with
existing Ordinary Shares fund and the capital raised by the issue of new 'C'
Shares will be pooled with existing 'C' Shares fund. The new Ordinary Shares and
the new 'C' Shares will rank pari passu with the existing Ordinary Shares and 'C
' Shares respectively, except that the new Ordinary Shares will not rank for the
Ordinary Share special dividend and the new 'C' Shares will not rank for the
interim 'C' Share dividend both announced on 28 August 2003.

The Offer will remain open until 30 April 2004, unless fully subscribed at an
earlier date. Application will be made for the New Shares to be listed on the
London Stock Exchange.



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