Director Shareholding

Unicorn AIM VCT PLC
25 March 2004

25 March 2004

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


1)    Name of company

      Unicorn AIM VCT Plc

2)    Name of director

      David John George Royds


3)    Please state whether notification indicates that it is in respect of
holding of the shareholder named in 2 above or in respect of a non-beneficial
interest or in the case of an individual holder if it is a holding of that
person's spouse or children under the age of 18 or in respect of a
non-beneficial interest.

      The shareholder named above



4)    Name of the registered holder(s) and, if more than one holder, the number
      of shares held by each of them (if notified).

David John George Royds



5)    Please state whether notification relates to a person(s) connected with
      the Director named in 2 above and identify the connected person(s)

N/A


6)    Please state the nature of the transaction. For PEP transactions please
      indicate whether general/single co PEP and if discretionary/non
      discretionary

      Application in response to Offer for Subscription


7)    Number of shares/amount of stock acquired

      25,562 Series 2 Ordinary Shares


8)    Percentage of issued class

      0.46%


9)    Number of shares/amount of stock disposed

      N/A


10)   Percentage of issued class

      N/A

11)   Class of security

      Series 2 Ordinary shares


12)   Price per share

      £1.00


13)   Date of transaction

      25 March 2004



14)   Date company informed

      25 March 2004



15)   Total holding following this notification

20,000 Ordinary Shares

25,562 Series 2 Ordinary Shares



16)  Total percentage holding of issued class following this
     notification

   0.46%


If a director has been granted options by the company please complete the
following boxes


     N/A


17)   Date of grant


18)   Period during which or date on which exercisable


19)   Total amount paid (if any) for grant of the option


20)   Description of shares or debentures involved: class, number


21)   Exercise price (if fixed at time of grant) or indication that price is to
be fixed at time of exercise



22)   Total number of shares or debentures over which options held following
this notification



23)            Any additional information


None



24)   Name of contact and telephone number for queries

      Sarah Penfold
      Unicorn AIM VCT Plc
      Gossard House
      7-8 Savile Row
      London W1S 3PE

      Tel: [phone]


25)   Name and signature of authorised company official responsible for making
      this notification



      Peter Dicks, Director

      Date of Notification: 25-03-04


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