Merger Update

OCTOPUS AIM VCT PLC

Merger Update

12 August 2010

This announcement is made by Octopus AIM VCT plc ("the Company") in connection
with the proposed merger of the Company with Octopus Phoenix VCT plc ("Phoenix
VCT") ("Scheme"), details of which were contained in the Company's prospectus
("the Prospectus") and circular to shareholders ("the Circular") both dated 9
July 2010.

The board of directors of the Company ("the Board") is pleased to advise that
the resolution proposed at the general meeting of Phoenix VCT held today was
duly passed to be able to implement and effect the Scheme.

By way of implementation of the Scheme, the assets and liabilities of Phoenix
VCT have been transferred to the Company, in consideration for the issue of new
ordinary shares of 1p each in the capital of the Company ("Shares") as set out
below.

The total number of Shares issued to Phoenix VCT shareholders in connection with
the Scheme was 7,935,637, at a deemed issue price of 83.823044p per share.
Following the Scheme there were now 36,961,280 Shares and 29,025,643 deferred
shares of 49p each in issue in the Company.

Application will shortly be made for all the Shares issued pursuant to the
Scheme to be admitted to the Official List and to trading on the main market of
the London Stock Exchange.  It is expected that admission will become effective
and that trading will commence on 13 August 2010.

For further enquiries please contact:

Celia Whitten
Company Secretary
8 Angel Court
London
EC2R 7HP

Telephone: [phone]


[HUG#1437657]








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Source: Octopus AIM VCT PLC via Thomson Reuters ONE