Issue of Equity

Proven VCT PLC
08 April 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 5 April 2004, 478,235 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 16 April 2004.

The Offer closed on 5 April 2004 with the Company having issued a total of
1,110,732 Ordinary shares of 5p each.






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