Issue of Equity

Proven VCT PLC
24 March 2005


ProVen VCT plc ('the Company')

The Directors are pleased to announce that the Company has made the following
share allotment in accordance with the pricing formula set out in the offer
document containing an offer for subscription for up to 2.2 million Ordinary
Shares of 5p each ('Ordinary Shares') dated 2 March 2005 ('the Offer').

On 23 March 2005, 866,253 Ordinary Shares were issued under the Offer at a price
of 108.16p per share raising £936,942.

As part of this issue of Ordinary Shares pursuant to the Offer, Andrew Davison,
Chairman of the Company, purchased 4,623 Ordinary Shares taking his shareholding
in the Company to 9,623 Ordinary Shares, representing approximately 0.04% of the
Company's issued share capital.


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