New Developments

TriVest VCT PLC
27 February 2001

TRIVEST VCT PLC

NEW DEVELOPMENTS

27 February 2001

Size of the Offer for Subscription

On 26 February 2001 the board of TriVest resolved to increase
the size of the offer for subscription from 40,000,000 
ordinary shares of 1p each to 55,000,000 ordinary shares of 1p 
each at an issue price of 100p per share.  

Investments

On  14  December 2000 the Company made an  investment  of
£515,000 (valued at £515,000 as at 27 February 2001) in 
i-documentsystems group plc ('i-documentsystems') in return
for  a  3.2 per cent. interest, with each share  carrying
one   vote.   i-documentsystems  produces  and   develops
software  which provides a fully integrated and adaptable
system  for  document, content and information management
through  a web based application.  Its principal  product
is  Image-Gen, a sophisticated web-based software package
which  allows a complex paper-based process,  such  as  a
local  authority  planning application, to  be  converted
into  a  straightforward  and robust  electronic  process
leading to significant savings in cost and time.

The  proceeds from the placing of shares will be used  to
fund   a  sales  drive,  as  well  as  continued  product
development, roll-out of the UK planning internet  model,
which  is  the  latest adaptation of Image-Gen,  and  the
launch of an active service page facility.

The  following  financial information has been  extracted
from  the audited accounts of i-documentsystems  for  the
year  ended 31 March 2000: turnover £795,000; loss before
taxation  £103,000;  retained losses £2.33  million;  net
liabilities £1.59 million.

On  15  December 2000 the Company made an investment of
£900,000 (valued at £900,000 as at 27 February  2001)
in  TJ  Brent Limited ('Brent') in return for a 8.45  per
cent.  interest,  with  each  share  carrying  one  vote.
Brent's  principal activity is contracting for the  water
utility   sector.    This   involves   the   laying   and
refurbishment  of  pipes, connections of  houses  to  the
mains  and  the  installation and  replacement  of  water
meters.   Brent also supplies services to an  electricity
utility company.

The  proceeds  from the placing were used  to  finance the
management buyout of Brent from Pennon Group Plc.

The  following  financial information has been  extracted
from the audited accounts of Brent for the year ended  31
March   2000:  turnover  £56.0  million;  profit   before
taxation  £1.43 million; net assets £5.36 million.

On  15  February 2001 the Company made an  investment  of
£1,000,000 (valued at £1,000,000 as at 27 February  2001)
in  Zynergy Group Limited ('Zynergy') in return for a 2.0
per  cent.  interest, with each share carrying one  vote.
Zynergy is a rapidly growing global meditech company  and
has  developed core technology expertise in the areas  of
materials,  coatings  and process technologies.   It  has
existing  proprietary products in  two  areas  -  medical
devices  and  materials  for  medical  devices.   In  the
medical devices world it is focused on minimally invasive
electrophysiology, cardiology and orthopaedics.   In  the
future  Zynergy will introduce further products based  on
similar  technologies for use in urology and  respiratory
care.

The  proceeds from the placing will be used for working
capital.

The  following  financial information has been  extracted
from  the audited accounts of Zynergy for the year  ended
31  December  1999: turnover £3.62 million;  loss  before
taxation £4.50 million; net assets £4.24 million.

On  15  February 2001 the Company also made an investment
of  £1,000,000  (valued at £1,000,000 as at  27  February
2001) in LeSac Limited ('LeSac') in return for an 8.8 per
cent. interest, with each share carrying one vote.  LeSac
is   commercialising  patented  packaging  equipment  and
patented  product  offering significant  advantages  over
existing  solutions.   The  technology  consists   of   a
polythene 'bag' offering the benefits of space efficiency
and  flexibility when empty and rigidity when full.   The
EU  Packaging Waste Directive has set compliance  targets
for  the  recovery and recycling of packaging waste.   To
achieve  these targets, levies are being imposed  by  all
member  countries to encourage the packaging industry  to
minimise  packaging used and therefore  reduce  costs  of
disposal.   LeSac  has developed such  a  system  and  is
commercialising  a  unique patented  product  which  will
address  the environmental legislation as well as  create
cost  savings and high value-added opportunities for  its
customers.

The  proceeds from the placing will be used  for  working
capital and capital expenditure for new machinery.

The  following  financial information has been  extracted
from the audited accounts of LeSac form the year ended 31
December  1999:  turnover £352,000; loss before  taxation
£434,000; net assets £97,000.

On  15  February 2001 the Company also made an investment
of  £1,000,000  (valued at £1,000,000 as at  27  February
2001)   in  Machinery  &  Automated  Technology   Limited
('MAST') in return for a 25 per cent. interest, with each
share  carrying one vote.  MAST is engaged in  developing
and bringing to market LeSac's third generation packaging
machinery and a Mini-Millenium Vertical Turning & Machine
Centre.   MAST  has  been chosen by  LeSac  as  exclusive
supplier  of  its  third generation specialist  packaging
machines.    The   Mini-Millenium  is  a   smaller   low-
specification  machine  that  complements  the  Millenium
machine  range developed and manufactured  by  Webster  &
Bennett Limited.

The  proceeds  from  the placing will  be  used  to  fund
further product development and manufacturing.

MAST  commenced  trading in May 2000  and  there  are  no
audited accounts to date.

The  investments  in i-documentsystems,  Brent,  Zynergy,
LeSac  and  MAST  have been valued in line  with  British
Venture Capital Association guidelines.

VCF Partners' Track Record

On  13  October 2000 the Company published  a  prospectus
('the  Prospectus')  in  connection  with  an  offer  for
subscription  of up to 40,000,000 ordinary shares  of  1p
each at 100p per share.

In  the  Prospectus, the following statements  were  made
regarding  the track record of one of TriVest's managers,
VCF  Partners,  who  also act as investment  advisers  to
Foresight  Technology VCT plc ('Foresight')  and  Fleming
Ventures Limited ('Fleming Ventures').

'The  Ordinary  Share fund of Foresight  has  produced  a
return  of 164 per cent. per annum to 30 September 2000.'
and  'The return for the Ordinary Share fund of Foresight
and  Fleming  Ventures was 20 per cent. per annum  to  30
September 2000.'

These  reported  returns included  the  valuation  at  30
September 2000 of an investment in e-district.net plc 
('e-district')  which  at that date comprised  a  substantial
part of the venture capital portfolio of Foresight.

On  19  February 2001 TriVest noted announcements  by  
e-district and Foresight which included the following. 'The
board  of  e-district  has reason  to  believe  that  the
reported  numbers for registered users, page  impressions
and  revenues have been substantially overstated.  It  is
not clear over what period of time this overstatement has
occurred,  but  it  could include all  of  2000'.    'The
board, together with its external advisers, has commenced
a full investigation.  In order to protect investors, the
board  has requested a suspension of the quotation of  
e-district's shares.'

In  order  to provide information to TriVest shareholders
in  advance  of  the  outcome of the investigations,  the
returns  achieved  by VCF Partners in the  Foresight  and
Fleming  Ventures funds have been recalculated  excluding
the  investment in e-district.  The Board  believes  that
this  is  the  most  appropriate and  prudent  course  of
action.

It is emphasised that TriVest itself has no investment in
e-district  and the only effect on TriVest is in  respect
of  the  returns achieved by VCF Partners in other  funds
that they manage.

Excluding  the  current  investment  in  e-district,  the
Ordinary Share fund of Foresight has produced a return of
95  per  cent.  per annum to 30 September  2000  and  the
return  for  the  Ordinary Share fund  of  Foresight  and
Fleming  Ventures  was  18 per  cent.  per  annum  to  30
September 2000.

Excluding  the  current  investment  in  e-district,  the
Ordinary Share fund of Foresight has produced a return of
79 per cent. per annum to 16 February 2001 and the return
for  the  Ordinary  Share fund of Foresight  and  Fleming
Ventures was 21 per cent. per annum to 16 February 2001.