Tender Offer Price

STRATEGIC EQUITY CAPITAL PLC                          

                              Tender Offer Price                               

1 July 2014

Further to the announcement of the result of the Tender Offer made earlier
today, the Board is pleased to announce that the Tender Price is 155.26p per
Share. The Tender Price is the amount equal to the NAV (including undistributed
current period income and deducting, inter alia, the estimated costs of the
Tender) per Share at close of business on Friday, 27 June 2014 less a 
10 per cent. discount and has been calculated in accordance with paragraph 4, 
Part 3 of the circular to Shareholders dated 5 June 2014 (the "Circular").

Capitalised terms and expressions shall have the same meanings as those
attributed to them in the Circular.


Enquiries:

GVO Investment Managers Limited  020 3691 6100

Stuart Widdowson
Theresa Russell


Canaccord Genuity Limited  020 7523 8000

Andrew Zychowski
Lucy Lewis


Canaccord Genuity Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting for Strategic Equity
Capital plc and is acting for no-one else in connection with the Tender Offer
and will not be responsible to anyone other than Strategic Equity Capital plc
for providing the protections afforded to clients of Canaccord Genuity Limited
nor for providing advice in connection with the contents of this announcement
or any other matter referred to herein. Canaccord Genuity Limited is not
responsible for the contents of this announcement. This does not exclude or
limit any responsibilities which Canaccord Genuity Limited may have under the
Financial Services and Markets Act 2000 or the regulatory regime established
thereunder.