Issue of Equity

Proven VCT PLC
12 May 2005


ProVen VCT plc ('the Company')
Issue of Equity


The Board is 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 2.4 million Ordinary Shares of 5p
each ('Ordinary Shares') dated 4 April 2005 ('the Offer').

On 12 May 2005, 107,631 Ordinary Shares were issued under the Offer at a price
of 108.16p per share raising £116,415. The total amount raised under the Offer
is £617,468. The total number of shares in issue following this allotment is
24,633,942.   Application will be made for the admission of the 107,631 ordinary
shares to the Official List of the UK Listing Authority and to trading on London
Stock Exchange plc's market for listed securities.


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