Conversion of Securities

British Smaller Companies VCT PLC
09 May 2007


                British Smaller Companies VCT plc ('the Company') 

                   Conversion of C Shares into Ordinary Shares

9 May 2007

The Board of British Smaller Companies VCT plc announces today the early
conversion of the C Shares of 50p each into new Ordinary Shares of 10p each. The
expected Calculation Date, per the original offer for subscription, was to be no
later than 31 May 2008 and as previously announced in connection with an offer
for subscription launched in December 2006 the board has resolved that all of
the C Shares will be converted into new Ordinary Shares.

The C Shares were issued by way of an offer for subscription launched in
November 2004 and the funds raised have been managed as a separate pool of
assets from those attributed to the Ordinary Shares. The 1,258,676 C Shares
convert into 1,415,585 new Ordinary Shares on a net asset value basis and will
rank pari passu with the existing Ordinary Shares.

The conversion, is in accordance with the Articles of Association of the
Company, by reference to a conversion formula based on the relative net assets
of the Company on 30 April 2007, being the Calculation Date.

Accordingly the directors announce the issue and allotment of 1,415,585 Ordinary
Shares; and the issue of 4,877,795 Deferred Shares which have been purchased by
the Company in accordance with the Articles of Association for an aggregate
consideration of 5p and cancelled.

Application will be made to the extent necessary for the new Ordinary Shares to
be admitted to the Official List and to trading on the London Stock Exchange's
market for listed securities.

For further information contact:

D I Hall YFM Private Equity Limited 0161 832 7603



                



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