Issue of Shares

Personal Assets Trust PLC
22 November 2004


To:                RNS
From:              Personal Assets Trust plc
Date:              22 November 2004


Issue of Shares


The Company announces that, on 22 November 2004, it issued 13,046 ordinary
shares of £12.50 each in the capital of the Company in relation to the Company's
participation in the reconstruction of Private Investors Capital Trust plc.

The new shares have been allotted conditionally upon the admission of such
shares to the Official List in accordance with the Listing Rules of the UK
Listing Authority and admission to trading on the main market of the London
Stock Exchange plc.  An application has been made for such shares to be admitted
to the UK Listing Authority and the London Stock Exchange plc.  The shares shall
rank pari passu with the existing issued shares of the Company.

Following the transaction the Company will have 663,579 ordinary shares in
issue.  The new shares are being issued at a premium of £1.60 per share to the
Company's net asset value, plus an additional premium of 0.5 per cent.


For further information please contact:

Gordon Hay Smith, F & C Asset Management plc:    0131 465 1000


                      This information is provided by RNS
            The company news service from the London Stock Exchange