RNS Number:3383S
Phoenix VCT PLC
21 November 2003


PHOENIX VCT PLC (the "Company")
21 NOVEMBER 2003
ISSUE OF EQUITY

Phoenix VCT plc announces that yesterday it issued and allotted 153,975 ordinary
shares under the 2003/04 Offer for Subscription. The issued share capital of the
Company is now 10,188,505 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.

The Offer for Subscription is now closed with effect from today. The Directors
have issued a total of 10,188,505 shares under the Offer for Subscription
raising a total of #9,679,079.75 after expenses.

The Directors have authority to allot further shares equal to up to 10% of the
issued share capital. Therefore, the fund remains open to new investors. Further
allotments of shares will be priced at a 5% premium to published net asset
values. Anyone requiring further information should contact Octopus Asset
Management on 020 7255 7960.




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

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