Issue of Equity

PICCADILLY GROWTH TRUST PLC

The Company announces that, following the successful completion of the Scheme
of Reconstruction of KHSFC Ltd, 2,300,179 Ordinary shares of 1p in the Company
have been issued to former shareholders of KHSFC Ltd.

The completion of the scheme has increased the Company's shares in issue by
21.4% and the net assets of the Company by £2.3 million, in addition to which
the number of shareholders in the Company has risen by around 70 members.

16 April 2002