Tender Offer Price

STRATEGIC EQUITY CAPITAL PLC                          

                              Tender Offer Price                               

18 November 2014

Further to the announcement of the result of the Tender Offer made earlier
today, the Board is pleased to announce that the Tender Price is 166.40p per
Share. The Tender Price is the amount equal to the NAV (including undistributed
current period income and, for the avoidance of doubt, dividends declared but
not yet paid shall be deemed to be undistributed and deducting, inter alia, the
estimated costs of the Tender Offer as well as the 0.78p final dividend for the
financial year ending 30 June 2014 that was paid today, 18 November, to holders
on the register as at 17 October 2014) per Share at close of business on
Friday, 14 November 2014 less a 10 per cent. discount and has been calculated
in accordance with paragraph 4, Part 3 of the circular to Shareholders dated 
9 October 2014 (the "Circular").



Capitalised terms and expressions shall have the same meanings as those
attributed to them in the Circular.


Enquiries:

Capita Sinclair Henderson Limited (Company Secretary)
Paul Richards                          01392 412 122

GVO Investment Managers Limited
Stuart Widdowson                       020 3691 6100
Theresa Russell

Canaccord Genuity Limited              020 7523 8000
Andrew Zychowski/Helen Goldsmith


Canaccord Genuity Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting for Strategic Equity
Capital plc and is acting for no-one else in connection with the Tender Offer
and will not be responsible to anyone other than Strategic Equity Capital plc
for providing the protections afforded to clients of Canaccord Genuity Limited
nor for providing advice in connection with the contents of this announcement
or any other matter referred to herein. Canaccord Genuity Limited is not
responsible for the contents of this announcement. This does not exclude or
limit any responsibilities which Canaccord Genuity Limited may have under the
Financial Services and Markets Act 2000 or the regulatory regime established
thereunder.