Offer for Subscription

Elderstreet VCT PLC
16 February 2005


Elderstreet VCT plc
16 February 2005

Offer for Subscription of up to 15,000,000 'C' Shares


Elderstreet VCT plc ('the Company') is pleased to announce that it has published
a prospectus in  connection with an offer for subscription of up to 15,000,000
'C' Shares of 5 pence each in the Company at 100p per share to raise up to a
maximum of £15 million before expenses (the 'Offer for Subscription').

The expected timetable and the offer statistics for the Offer for Subscription
are set out below.


EXPECTED TIMETABLE

Offers for Subscription Open                                                        15 February 2005
Deadline for receipt of existing shareholders' applications if to
receive preferential allocation                                          10.00 a.m. on 10 March 2005
Deadline for receipt of applications for the 2004/2005 Offer              10.00 a.m. on 4 April 2005
Dealings expected to commence                                                           5 April 2005
Deadline for receipt of applications for the 2005/2006 Offer               10.00 a.m. on 27 May 2005
Dealings expected to commence                                                            31 May 2005


In relation to the 2004/2005 Offer, the Directors reserve the right to make an
early allotment of 'C' Shares subject to the aggregate minimum subscription of
£500,000 under the Offers having been achieved, on any day, at the Directors'
absolute discretion from 15 February 2005 until 5 April 2005.  If an early
allotment of 'C' Shares is made, the Company will make a Regulatory Information
Service announcement.  The Offers will lapse if the minimum subscription is not
achieved by 5 April 2005.

Each deadline for receipt of applications is subject to the relevant Offer not
being fully subscribed by an earlier date.  Dealings are expected to commence,
and shares be issued, on the business day following the first allotment.  Share
certificates are expected to be despatched and CREST accounts credited, within
15 business days after the relevant date on which dealings commence.


OFFER STATISTICS
Offer price per 'C' Share                                                                      100p
Initial Net Asset Value per 'C' Share                                                           95p
Maximum number of 'C' Shares in issue following the Offers                               15 million
Minimum number of 'C' Shares in issue following the Offers                                  500,000
Offer costs as a percentage of the gross proceeds of the Offers                                  5%
Maximum net proceeds of the gross proceeds of the Offers                             £14.25 million
Minimum net proceeds of the Offers                                                         £475,000
Minimum individual investment                                                               £3,000*

*and above that minimum, in multiples of £1,000



Copies of the prospectus have been submitted to the Financial Services Authority
and will shortly be available for inspection at the FSA's Document Viewing
Facility, which is situated at:

The Financial Services Authority
25 The North Colonnade
Canary Wharf
London
EH14 5HS


Further information please contact:

Christian Elmes
Tel: [phone]
Email: [e-mail]
Smith & Williamson Investment Management
No. 1 Riding House Street
London W1A 3AS


                      This information is provided by RNS
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