Issue of Equity

Proven VCT PLC
30 March 2004


ProVen VCT plc ('the Company')

The Directors are pleased to announce that the Company has made the following
further share allotment in accordance with the pricing formula set out in the
offer for subscription dated 16 February 2004 ('the Offer').

On 30 March 2004, 428,320 Ordinary Shares of 5p each were allotted under the
Offer at a  price of approximately 94.9p per share.

It is expected that dealings in these shares will commence on 2 April 2004.


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