Share Premium Acc.-Replcmt

Elderstreet Downing VCT PLC
5 September 2000


The issuer has made the following amendment to the 'Re Share Premium Account' 
announcement released today at 12:43 under RNS No 4331Q.

The Extraordinary Meeting is to be held on 4 October 2000 and not 29 September
2000 as previously stated.

All other details remain unchanged.

The full corrected version is shown below.


The Directors announce that they are proposing the cancellation of the
Company's share premium account.  This will create a distributable reserve,
which will facilitate both market purchases by the Company of its own shares
and the payment of dividends.  The proposal is subject to approval by both
shareholders in an Extraordinary General Meeting and by the High Court. A
circular is being sent to shareholders setting out the background to the
proposals and containing Notice of the Extraordinary General Meeting, to be
held on 4 October.

The expected timetable is:
Last date for receipt of proxies:  2 October 2000
Extraordinary General Meeting:     4 October 2000
Court Hearing:                    25 October 2000
Effective date:                   31 October 2000