Tender Offer

Chelverton Growth Trust PLC

23 November 2007

                          Chelverton Growth Trust PLC                          

                    PROPOSED TENDER OFFER AND NOTICE OF AGM                    

The Company today announces a tender offer by Ellis Stockbrokers Limited to
purchase up to 15 per cent. of the issued ordinary shares in the Company (the
"Tender Offer"), conditional on shareholders approval at the Annual General
Meeting to be held on 20 December 2007. The tender price per ordinary share
will be 92.5 per cent. of the net asset value per ordinary share at the close
of business on 20 December 2007.

A circular, containing details of the Tender Offer, together with the report
and accounts for the year ended 31 August 2007 and the notice of the Annual
General Meeting will today be posted to shareholders.

The Company will purchase from Ellis Stockbrokers Limited all those ordinary
shares purchased by them under the Tender Offer at the tender price, plus the
fees, costs and expenses.

EXPECTED TIMETABLE

Closing Date: latest time                                                    
                                                                             
and date for receipt of Tender Forms   3.00p.m. on 18 December 2007          
                                                                             
Record Date for the Tender Offer       Close of business on 18 December 2007 
                                                                             
Calculation Date close of business on  20 December 2007                      
                                                                             
Result of Tender Offer announced       21 December 2007                      
                                                                             
Tender Price announced                 21 December 2007                      
                                                                             
Settlement Date                        17 January 2008                       

If any of the above times and/or dates change, the revised time(s) and/or date
(s) will be notified to Shareholders by announcement through a Regulatory
Information Service.

Ellis Stockbrokers Limited is authorised and regulated in the UK by the
Financial Services Authority in respect of regulated activities.

TENDER OFFER

The Tender Offer is for up to 15 per cent. of the Company's issued share
capital and shareholders will be able to decide whether to tender some or all
of their ordinary shares within the overall limits of the Tender Offer (but
tenders in excess of a shareholder's basic entitlement (being 15 per cent. of
his shareholding) will only be accepted to the extent that other shareholders
tender less than their basic entitlement or do not tender any ordinary shares).

The tender price will be the price per ordinary share which represents 92.5 per
cent. of the tender net asset value per ordinary share on the Calculation Date.
Assuming a Calculation Date as at the close of business on 16 November 2007
(being the latest practicable date prior to the publication of this notice) the
net asset value per share was 48.24p and the tender price would have been
44.62p compared to the ordinary share price of 37.5p.

The Tender Offer is conditional, inter alia, on valid tenders being received in
respect of at least one per cent. of the Company's issued share capital by the
Closing Date.

Shareholders can choose to continue to hold in full their investment in the
Company. In such cases shareholders will receive, assuming that the full 15 per
cent. of ordinary shares are tendered, accepted and cancelled pursuant to the
Tender Offer, an expected uplift of 0.6p in the net asset value per ordinary
share arising as a result of the tender price being at a discount to the tender
net asset value per ordinary share. Alternatively, shareholders can choose to
tender some or all of their ordinary shares for purchase and to receive cash in
consideration of such purchase (subject to the scaling back of tenders in
excess of the basic entitlement).

The current intention of the Board is to make future tender offers in each
subsequent calendar year, of up to 10 per cent. of the ordinary shares in issue
at such times, on terms substantially similar to those applying to this Tender
Offer.

FURTHER DETAILS OF TENDER OFFER

Shareholders on the register on the Record Date will be invited to tender some
or all of their ordinary shares to Ellis Stockbrokers Limited who will, as
principal, purchase at the tender price the ordinary shares validly tendered
(subject to the overall limits of the Tender Offer) and, following the
completion of all those purchases, sell the relevant ordinary shares on to the
Company at the tender price, plus the fees, costs and expenses by way of an
on-market transaction. All transactions will be carried out on the London Stock
Exchange and will be subject to the rules of the London Stock Exchange.

The Tender Offer is subject to certain conditions, and may be terminated in
certain circumstances, full details of which are set out in the circular to be
posted today to shareholders.

EXTENSION OF THE COMPANY'S DURATION

The existing Articles of Association provide that the directors shall convene
an EGM of the Company on 30 November 2009, at which a proposal for the
winding-up of the Company will be made. In recognition of the fact that certain
of the investments held by the Company are illiquid and may, in the Manager's
and Board's view, take longer than the period remaining until 30 November 2009
to fulfil their inherent value, the Directors propose to amend the Articles of
Association to extend the duration of the Company until 30 November 2011. In
the event that this resolution is not passed, the directors shall conduct the
Company's affairs so as to effect an orderly wind-up of the Company.

OVERSEAS SHAREHOLDERS

The Tender Offer is not being made to certain overseas shareholders.

Contact:

William van Heesewijk

Chelverton Asset Management Limited

020 7222 8989