Offer for Subscription

Foresight Technology VCT PLC
08 April 2004


Foresight Technology VCT plc

Offer for Subscription of up to 552,823 new Ordinary Shares together with
1,658,469 new 'C' Shares being offered in packages consisting of one new
Ordinary Share and three new 'C' Shares ('New Shares').

The Company announces a new offer for subscription dated 8 April 2004. The New
Shares being offered are in packages consisting of 1 new Ordinary Share together
with 3 new 'C' Shares. The price at which each package is being offered is
calculated by reference to the last published unaudited net asset values of each
Ordinary Share and 'C' Share plus 5.5 per cent. to cover the issue costs.  As at
31 March 2004 the unaudited net asset value of an Ordinary Share was 160.42
pence and as at 30 November 2003 the unaudited net asset value of a 'C' Share
was 68.70 pence. There has been no significant change in the NAV of Ordinary
Shares or 'C' Shares since these respective dates.

Based on these net asset values the Company will raise, upon full subscription,
approximately £1.9 million, net of expenses.

The Board believes that raising additional capital should enable Foresight to:

•    take advantage of the encouraging investment opportunities currently under 
     review and should provide shareholders with a greater spread of risk from
     a larger and more diverse portfolio of technology investments in each fund;

•    spread administrative costs across a larger capital base; and

•    make second round 'follow on' investments in existing portfolio companies 
     when attractive investment opportunities arise.


Current Trading and Prospects

The Directors continue to be pleased with the overall progress made by the
investments in the Ordinary Shares fund. In particular, on 8 July 2003 40 per
cent. of the Company's holding in Telecom plus Plc was sold realising a profit
of approximately £900,000 above the average cost of those shares. A further
100,000 shares in Telecom plus Plc were sold in January 2004 realising a profit
of approximately £360,000. On 19 March 2004 the Board was pleased to announce
that UMECO plc, had agreed terms to acquire Advanced Composites Group Limited
for a total cash consideration of £44.25 million, to be part funded by a UMECO
plc rights issue. The acquisition is expected to be completed in early May 2004.
Upon completion Foresight expects to receive a cash consideration of
approximately £10 million. It is the Board's current intention to distribute
this to shareholders by way of a tax free dividend as soon as practicable
thereafter. The Directors have also been pleased to see an increase in the share
price of YooMedia Plc in which a further investment was made in May and October
2003.

The companies in the 'C' Shares fund have been held for a much shorter time than
those in the Ordinary Shares fund. Whilst there have not yet been any
realisations from this fund, Sarantel Limited, Oxonica Limited and themutual.net
are all making good progress and have exciting prospects.

On 22 September 2003, Foresight paid a special dividend of 8p per share to all
holders of Ordinary Shares on the register on 5 September 2003 and an interim
dividend of 0.75p to holders of the 'C' Shares on the register on 5 September
2003. The Board hopes to be in a position to pursue a policy of paying more
regular dividends from the successful realisation of investments in the Ordinary
Shares fund. This special dividend was a first step in this direction. The Board
also intends to continue to pay out income from the 'C' Shares fund and will pay
out capital profits as soon as they are available.

Other than the £4.2 million raised in a recent offer for subscription, which
closed on 7 April 2004, the disposal of shares in Telecom plus Plc, the news
regarding Advanced Composites Group Limited and the dividends referred to above,
there have been no significant changes to the Company's trading or financial
position since 30 June 2003.

Terms of the Offer

Investors are invited to subscribe a lump sum amount for packages of New Shares
each comprising one new Ordinary Share and three new 'C' Shares.

The amount you subscribe (less 5.5% to allow for issue costs) will be invested
in packages (comprising one new Ordinary Share and thee new 'C' Shares) at the
offer price. This will be calculated by reference to the net asset values of the
Ordinary Shares and the 'C' Shares at the end of the month prior to an
allotment. Subscription monies not used to acquire New Shares will be refunded.
No interest shall accrue or be payable on any such amounts refunded.

As at 31 March 2004 the unaudited net asset value of an Ordinary Share was
160.42 pence and as at 30 November 2003 the unaudited net asset value of a 'C'
Share was 68.70 pence.  There has been no significant change in the NAV of
Ordinary Shares or 'C' Shares since these respective dates.

On the basis of these unaudited net asset values, the net amount to be raised,
assuming full subscription, would be approximately £1.9 million. Net asset
values will be published, where appropriate, as soon as possible following a
month end or more frequently if in the Directors' opinion there is a significant
movement in the net asset value of each fund.  Allotments of New Shares will be
made on a weekly basis or, where appropriate, as soon as the month end net asset
value is available.

Applications will be treated on a first come, first served basis subject to a
minimum subscription amount of £2,500.  The new Ordinary Shares and the new 'C'
Shares will rank parri pussu with the existing Ordinary Share and 'C' Shares
respectively.

The Offer will remain open until 14 May 2004, unless fully subscribed at an
earlier date. Application will be made for the New Shares to be listed on the
London Stock Exchange.



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