RNS Number:1479R
Phoenix VCT PLC
21 October 2003


Phoenix VCT - Issue of Equity and Pre Close Season Update

Allotment of shares:

Phoenix VCT plc announces that on Tuesday 21 October 2003 it issued and allotted
206,310 ordinary shares under the 2003/04 Offer for Subscription.  The issued
share capital of the Company is now 9,628,965 ordinary shares.  The new shares
were issued at a price of 100p each.

Application will be made for admission of the new ordinary shares to trading on
the London Stock Exchange as soon as practicable.

Trading Update:

Phoenix has made six investments in qualifying AIM listed companies as follows:

Cardpoint - an owner and operator of approximately 1875 ATMs (cash points).
These are typically situated at motorway service areas, petrol stations,
hospitals and large retail and leisure outlets.

Centurion Electronics - a supplier in-car audio-visual entertainment, such as
DVD players and screens.

Media Square - an advertising agency that also provides brand consultancy and
design services.

Deal Group Media - an internet advertising agency.

Top Ten Holdings - an operator of a chain of 24 bingo halls.

Air Music & Media - a provider of budget priced CDs and DVDs.

In total (by book cost) these six investments represent 11% of the fund. All six
investments have risen in absolute terms since our investment. The unaudited net
asset value per share of the Company as at 20th October 2003 was approximately
100p per ordinary share.

Outlook:

The managers are currently seeing a healthy pipeline of potential AIM companies
to invest in at reasonable valuations and anticipate making several additional
investments in coming months. Results for the period to October 31st 2003 are
expected to be announced in January 2004.

Investment Opportunity:

We intend to close the fund once a further #371,035 has been raised to take the
fund to #10 million. Applications will be accepted on a first come first served
basis but the offer will close no later than 14th November 2003.

Investment Seminar:

We are holding a seminar at 6.30pm at the Commonwealth Club in London on 28th
October 2003. This is designed to give existing and potential investors an
opportunity to meet the fund managers and to find out more about the investments
we have made so far. Please let us know if you would like to attend.


For further information, please contact:


Justin Jordan             020 7255 7965
Simon Rogerson            020 7255 7961
Octopus Asset Management


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

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