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Value Catalyst Fund Limited (T (VCF)

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Friday 16 May, 2008

Value Catalyst Fund Limited (T

Holding(s) in Company

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

Substantial shareholder dealing

VCF was notified that on 15 May 2008, Laxey Partners Limited acquired 147,150
ordinary shares of US$0.00001 each ("Ordinary Shares") at a price of £0.9868 per
share.  Following the acquisition, Laxey Partners Limited holds 8,929,706
Ordinary Shares representing  6.76 per cent. of the Company's issued share

Andrew Pegge and Colin Kingsnorth, directors of the Company, are directors and
shareholders as to half each of Laxey Partners Limited.  Laxey Partners Limited
also holds 100 founder shares in VCF.


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

16 May 2008                                                                                                                                                                                                                                                      

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