Conversion of C Shares

Midas Income & Growth Trust PLC
02 May 2006

                        Midas Income & Growth Trust PLC

                Conversion of C Shares into New Ordinary Shares



In accordance with the rights and restrictions attaching to the C Shares as set
out in the Articles of Association of the Company, the Directors confirm that
the Calculation Date is 26 April 2006 and the Conversion Date is 28 April 2006.
Details of the procedure for Conversion were set out in the Prospectus sent to
shareholders of the Company dated 27 January 2006 (the 'Prospectus').



As at the Calculation Date the net asset value (as defined in the Prospectus)
attributable to each C Share and to each existing Ordinary Share was 99.059890p
and 159.309019p respectively.  The Conversion Ratio is therefore 0.621809 New
Ordinary Share for every one C Share held.



Accordingly, the 26,776,127 C Shares in issue will convert into a total of
16,649,636 New Ordinary Shares and 90,454,872 Deferred Shares, all of which will
become immediately redeemable by the Company. Fractions of New Ordinary Shares
will be aggregated and sold for the benefit of the Company.  Accordingly, for
example, a holder of 1,000 C Shares will be entitled to receive 621 New Ordinary
Shares on Conversion.  The number of Ordinary Shares in issue will therefore
increase from 15,939,900 to 32,589,536.



The C Share proceeds have been invested by the Manager in accordance with the
Company's investment policy in order to mirror as far as practicable the
existing portfolio of the Company. As previously announced, the net income that
has accrued on the C Share pool of assets up to the Calculation Date that is
available for distribution will be paid on 15 June 2006 by way of a special
dividend of 0.75p to C Shareholders on the register as at the close of business
on 28 April 2006.  The New Ordinary Shares arising upon conversion will rank
pari passu with the existing Ordinary Shares.



Application has been made for the New Ordinary Shares to be admitted to the
Official List of the UK Listing Authority and to trading on the London Stock
Exchange's Main Market.  Dealings are expected to commence in the New Ordinary
Shares on 2 May 2006 and definitive certificates for the New Ordinary Shares
will be despatched in the week commencing 8 May 2006.



Following Conversion, the Company's assets are as follows:



                                                       £m

Total assets                                         56.2

Gearing                                              (2.5)

Net assets                                           53.7



Defined terms used in this announcement shall have the meanings ascribed to them
in the Prospectus.



Enquiries:

Alan Borrows,                Midas Capital Partners Limited,       0151 906 2461

Richard Ramsay               Intelli Corporate Finance  Limited,   020 7653 6300

Charles Mearns               Aberdeen Asset Management PLC,        0131 313 6442


                      This information is provided by RNS
            The company news service from the London Stock Exchange