Tender Offer

CHELVERTON GROWTH TRUST PLC (THE "COMPANY")                  

                          RESULT OF THE TENDER OFFER                           

This announcement is made further to the circular to shareholders issued by the
Company on 23 November 2007 concerning the tender offer by Ellis Stockbrokers
Limited to purchase up to 15 per cent. of the issued ordinary shares in the
Company (the "Tender Offer"), which was approved by shareholders at the annual
general meeting held on 20 December 2007.

The tender price (which is calculated as being equal to 92.5 per cent. of the
net asset value per share on 20 December 2007) is 42.15 pence per ordinary
share.

Pursuant to the Tender Offer, 2,624,973 ordinary shares being 15 per cent. of
the issued ordinary shares will be repurchased and cancelled on 14 January 2008
with settlement on 17 January 2008.

As a result of the above, there will be 14,875,027 ordinary shares of 1p each
in issue. As the Company does not hold any ordinary shares in Treasury, its
total number of voting rights equals the number of Ordinary shares in issue.
The above figure may be used from 17 January 2008, by shareholders as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
Company under the FSA's Disclosure and Transparency Rules.

Contact:

William van Heesewijk

Tel. [phone]