Conversion of C Shares

Midas Income & Growth Trust PLC
30 April 2007

                        Midas Income & Growth Trust PLC

                Conversion of C Shares into New Ordinary Shares



In accordance with the rights and restrictions attaching to the C Shares as set
out in the Articles of Association of the Company, the Directors confirm the
conversion of the C Shares on 27 April 2007 as set out in the Prospectus sent to
shareholders of the Company dated 13 February 2007 (the 'Prospectus').



As at the Calculation Date, the close of business on 25 April 2007, the net
asset value (as defined in the Prospectus) attributable to each C Share and to
each existing Ordinary Share was 1.007371p and 1.727656p respectively.  The
Conversion Ratio is therefore 1.007371/1.727656 which is equivalent to 0.583085
New Ordinary Share for every one C Share held.



Accordingly, the 21,647,145 C Shares in issue will convert into a total of
12,622,125 New Ordinary Shares, which will be divided pro rata amongst the
former holders of C Shares, and 73,966,455 Deferred Shares, all of which will
become immediately redeemable by the Company. Fractions of New Ordinary Shares
will be aggregated and sold for the benefit of the Company.  Accordingly, for
example, a holder of 1,000 C Shares will be entitled to receive 583 New Ordinary
Shares on Conversion.  The number of Ordinary Shares in issue will therefore
increase from 33,633,125 to 46,255,250.



The C Share proceeds have been invested by the Manager in accordance with the
Company's investment policy in order to mirror as far as practicable the
existing portfolio of the Company. As previously announced, the net income that
has accrued on the C Share pool of assets up to the Calculation Date that is
available for distribution will be paid on 4 June 2007 by way of a special
dividend of 0.4p to C Shareholders on the register as at the close of business
on 27 April 2007.  The New Ordinary Shares arising upon conversion will rank
pari passu with the existing Ordinary Shares.



The New Ordinary Shares have been admitted to the Official List of the UK
Listing Authority and to trading on the London Stock Exchange's Main Market.
Definitive certificates for the New Ordinary Shares are expected to be
despatched in the week commencing 8 May 2007.  Following conversion, application
will be made to cancel the listing of the C Shares on the London Stock
Exchange's Main Market.



Following Conversion, the Company's unaudited assets are as follows:



                                                            £m
Total assets                                         85,643,318
Gearing                                              (4,250,000)
Net assets                                           81,393,318



Defined terms used in this announcement shall have the meanings ascribed to them
in the Prospectus.



Enquiries:

Alan Borrows,                 Midas Capital Partners Limited,     0151 906 2461
Mark Purnell/Charles Mearns   Aberdeen Asset Management PLC       0131 313 1000


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