Result of Tender offer

8 May 2012                                   

                         STRATEGIC EQUITY CAPITAL PLC                          

                            result of tender offer                             

The Company announces the results of the Tender Offer set out in the circular
to Shareholders dated 30 March 2012 (the "Circular"), which closed on 4 May
2012 following Shareholder approval at a general meeting of the Company held on
3 May 2012.

46,310,834 Shares were validly tendered under the Tender Offer. As a result,
all valid tenders will be satisfied in full up to the Basic Entitlement and,
following application of the scale-back mechanism (as set out in the Circular),
tenders in excess of the Basic Entitlement will be satisfied to the extent of
1.2869 per cent. of the excess Shares tendered (each such satisfied entitlement
being rounded down to the nearest whole number of Shares). Accordingly,
2,804,879 Shares, representing 4 per cent. of the Company's current issued
share capital, will be purchased at the Tender Price, which will be announced
later today.

As set out in the Circular, the Shares in respect of which tenders have been
accepted will be purchased by Canaccord Genuity pursuant to the Tender Offer
and the Company will buy-back such Shares from Canaccord Genuity. The Shares
bought back by the Company will be cancelled, reducing the Company's issued
share capital from 70,122,203 Shares to 67,317,324 Shares (none of which Shares
will be held in treasury). Accordingly, with effect from 10 May 2012, the total
number of voting rights in the Company will be 67,317,324, and this figure may
be used by investors 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.

The timetable for settlement of the Tender Offer consideration is expected to
be as follows:

                                                                           2012

Payments through CREST made in respect of Shares
held in uncertificated form successfully tendered Thursday, 10 May

CREST accounts settled in respect of
unsold tendered Shares held in uncertificated form Thursday, 10 May

Cheques despatched in respect of Shares held in certificated
form successfully tendered Friday, 11 May

Balancing certificates despatched in respect of
unsold tendered Shares held in certificated form by Friday, 11 May

Enquiries

Sue Inglis/           Canaccord Genuity Limited                T: 020 7050 6779
Gordon Neilly                                                  T: 020 7050 6778
                                                                               
Adam Steiner          SVG Investment Managers Limited          T: 020 7050 8900

Notes

Words and expressions defined in the Circular have the same meanings when used
in this announcement.