Result of Tender offer

18 December 2012

                          CHELVERTON GROWTH TRUST PLC                          

                                (the "Company")                                

                          Result of the Tender Offer                           

This announcement is made further to the circular to shareholders issued by the
Company on 6 November 2012 concerning the tender offer by Merchant Securities
Limited to purchase up to 10 per cent. of the issued ordinary shares in the
Company (the "Tender Offer"), which was approved by shareholders at the annual
general meeting held on 13 December 2012.

The tender price (which is calculated as being equal to 92.5 per cent. of the
net asset value per share on 14 December 2012; 41.06 pence per ordinary share)
is 37.98 pence per ordinary share.

Valid applications were received from eligible shareholders, being shareholders
on the register at close of business on 14 December 2012, by the closing date
in respect of a total of 1,188,428 ordinary shares (representing approximately
10 per cent of the Company's issued ordinary share capital at the record date).
In accordance with the terms and conditions of the Tender Offer, the Company
has accepted in full all applications made by shareholders up to their 10 per
cent basic entitlement. As certain shareholders did not take up their 10 per
cent basic entitlement, the Company has also accepted, in part, those
shareholders who applied for an amount in excess of their 10 per cent basic
entitlement, scaled back on a pro rata basis of 3.92 per cent.

Pursuant to the Tender Offer, 1,188,428 ordinary shares being 10 per cent of
the issued ordinary shares will be repurchased and cancelled with settlement on
14 January 2013. On the same date the Company will cancel 100,000 ordinary
shares held in treasury.

As a result of the above, there will be 10,595,855 ordinary shares of 1p each
in issue and circulation. The above figure may be used from 14 January 2013, by
shareholders as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change to
their interest in, the Company under the FSA's Disclosure and Transparency
Rules.


Enquires:

William van Heesewijk
Chelverton Asset Management Limited
Tel: [phone]
www.chelvertonam.com


Virginia Bull
Merchant Securities
Tel: [phone]
www.merchantsecurities.co.uk