Issue of Equity

Proven VCT PLC
17 March 2004

ProVen VCT plc ('the Company')

The Directors are pleased to announce that the Company has made the following
further share allotments in accordance with the pricing formula set out in the
offer for subscription dated 16 February 2004 ('the Offer').

On 16 March 2004, 204,177 Ordinary Shares of 5p each were allotted under the
Offer at a  price of approximately 94.9p per share.

It is expected that dealings in these shares will commence on 19 March 2004.


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