Value Catalyst Fund Limited (T

Directorate change Change to Valuation Basis

The Value Catalyst Fund Limited ("VCF" or "the Company")

Directorate Changes

The  Board  of  The  Value  Catalyst  Fund Limited  (AIM:  VCF)  announces  that
Christopher  Bruce,  Finance  Director, has resigned  from  his  position  as  a
director  of  VCF,  with  immediate effect, in order to  pursue  other  business
opportunities.  In addition, Caroline Cornish has also resigned from  the  Board
due to an HSBC directive regarding employee directorships.  The Board would like
to  thank  Mr  Bruce and Ms Cornish for their contribution to the management  of

The Board is pleased to announce that, with immediate effect, Paul Smith will be
replacing Mr Bruce in the capacity of Finance Director and Ann Clayton will join
the Board as a Non Executive Director.

Paul  Brendan  Smith (age 32) joined Laxey Partners Limited  in  April  2007  as
finance  director.   Mr Smith is a Chartered Accountant, having  qualified  with
Deloitte  &  Touche,  Isle of Man in 2001.  Following that, he  joined  Walbrook
Trustees  (IOM)  Limited, a division of Deloitte & Touche until  December  2003,
holding  a  number of key compliance and business development roles as  well  as
managing a portfolio of trusts and private and public companies.  He is a member
of  Society  of  Trust and Estate Practitioners.  Mr Smith  holds  an  LLB  from
Queen's University Belfast and an MBA from the University of Ulster.

Ann Elizabeth Clayton (nee Bell) (age 57) is a Chartered Director and Fellow  of
the Chartered Management Institute with considerable business experience.  After
an  early  career  in  IT, she held a number of senior positions  with  Clerical
Medical Investment Group, Isle of Man Creameries and Royal Skandia Life Asurance
Limited.   She  is  currently  a business consultant  specialising  in  business
strategy, change management and business process re-engineering.

Mr  Smith and Mrs Clayton's  current and previous directorships and partnerships
over the past five years are as follows:

Director    Current                    Past

Paul Smith  Laxey Partners Limited -   Antler Wakefield 1
            Isle of Man                Inc Limited - Isle
            Laxey Partners (GP)        of Man
            Limited - Isle of Man      Antler Wakefield 2
            Laxey Partners (GP)        Limited - Isle of
            Limited - British Virgin   Man
            Islands                    Baycliffe Limited -
            Laxey Partners GP (2)      Isle of Man
            Limited - British Virgin   Cow Lane Limited -
            Islands                    Isle of Man
            Laxey Partners GP (3)      Grapefown Limited -
            Limited - British Virgin   Isle of Man
            Islands                    Tareem Limited -
            Laxey Partners GP (4)      Isle of Man
            Limited - British Virgin
            LEAF Limited - British
            Virgin Islands
            LIL Investments  No 1
            Limited - British Virgin
            LIL Investments  No 2
            Limited - British Virgin
            LIL Investments  No 3
            Limited - British Virgin
            LIL Investments  No 1
            Limited - British Virgin
            LP Value Limited - British
            Virgin Islands
            LSS (GP) Limited - British
            Virgin Islands
            R D I R (IOM) Limited -
            Isle of Man
            Smith Partnership LLC -
            Isle of Man
            Vampire Holdings Limited -
            British Virgin Islands

Ann         Island Location Limited    None
Clayton     AKB Consultancy Limited
            Paternoster Limited
            Junior Achievement Isle of
            (All Isle of Man

On his appointment, Mr Smith has a beneficial interest in 16,020 ordinary shares
US$0.001  each in VCF, equivalent to 1.27 per cent. of the issued share  capital
of the Company, registered in the name of Laxey Partners Limited re the Employee
Benefit Trust of which Mr Smith is a beneficiary.

There  is  nothing further to disclose in relation to either Paul Smith  or  Ann
Clayton's appointment pursuant to Rule 17 of the AIM Rules for Companies.


Azhic Basiov / Siobhan Sergeant
Smith & Williamson Corporate Finance Limited
Tel +44 (0)20 7131 4000