Interim Management Statement

Elderstreet VCT plc
Interim Management Statement
for the three months ended 30 September 2009

In accordance with Rule 4.3 of the Disclosure and Transparency  Rules
of the UK Listing Authority, Elderstreet VCT plc presents an  Interim
Management Statement for  the three month  period ended 30  September
2009.  The  statement also  includes relevant  financial  information
between the end of the period and the date of this statement.

Dividends
On 24 August 2009, the Board  declared a dividend of 2.0p per  share,
which was paid on 9 October 2009.

The Board has indicated that it  intends to propose a final  dividend
of at least  1p per  share to  be paid in  June 2010.   As a  result,
dividends in respect of the year ended 31 December 2009 will total at
least 3p per share.

Top-up Share Offer
The Company announces that  it is planning to  launch new offers  for
subscription by way of a "top-up"  in the existing share pool.   Full
details are expected to be announced shortly.

The Board has confirmed  that any investors  investing in the  Top-up
Share Offer will be eligible  to receive the final dividend  expected
to be paid in June 2010 on their new shares.

Performance
The Company's performance to 30 Sept 2009 is summarised as follows:

                        30 September 30 June 31 December
                                2009    2009        2008
                               Pence   Pence       Pence
Ordinary Shares
Net Asset Value ("NAV")         74.5    70.2        72.8
Cumulative Dividends            44.0    44.0        43.0
Total Return *                 118.5   114.2       115.8


* NAV plus cumulative dividends paid since launch

Investment portfolio summary at 30 September 2009

                                                             Movement
                                                                since
                                          Cost Valuation 30 June 2009
                                         £'000     £'000        £'000
Ten largest investments
by value
Wessex Advanced Switching                   60     2,673
Products Limited                                                    -
Snacktime plc             Quoted on AIM  1,725     2,451          900
Access Intelligence plc   Quoted on AIM  1,133     1,420            -
Fords  Packaging  Systems                1,047     1,152
Limited                                                             -
Lyalvale Express Limited                   915     1,027            -
Baldwin & Francis                          690     1,020
Holdings Limited                                                    -
Smart Education Limited                  1,403       985            -
The Engine Group plc                       600       726            -
Wecomm Limited                             850       472            -
AngloINFO Limited                          328       328            -

Subtotal                                 8,751    12,254          900
Other venture capital
investments                              5,568     1,660          104
Listed fixed income
securities                               2,330     2,347           17

Total                                   16,649    16,261        1,021


All investments are unquoted unless otherwise stated.

Investment additions during the 3 months ended 30 September 2009

                                      Cost
                                     £'000

Treasury Stock 2 ¿% Stock 07/03/2014   805
                                       805


There have been  no additions since  the period end  and the date  of
this report.

Investment disposals during the 3 months ended 30 September 2009

                               Market                           Total
                             value at            Gain/(loss) realised
                            1 January  Disposal    in period    gain/
                       Cost    2009 *  proceeds against cost   (loss)
                      £'000     £'000     £'000        £'000    £'000

Expansys plc            202        10         5        (197)      (5)
Interquest plc           15         9        13          (2)        4
Mears Group plc          12        13        14            2        1
Melorio plc              10         6        12            2        6
Servoca plc              17        10        10          (7)      (7)
Treasury Stock 8%
Stock                   711       742       726         (15)     (16)
                        967       790       780        (217)     (17)

* adjusted for additions if applicable

Changes to share capital

                                 Ordinary Shares of
                                      5p each
                                      Shares  £'000
As at 1 July 2009                 23,549,887  1,178
Shares bought back and cancelled           -      -
As at 30 September 2009           23,549,887  1,178


On 10 November 2009, the Company bought 262,000 of its own shares  at
a price 58.0p per share for cancellation.

Material events
Other than described above, there were no material events during  the
period from 1 July 2009 to 30 September 2009 or in the period from  1
October 2009 to the date of this announcement.

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