Continuation Proposal

Finsbury Technology Trust PLC
16 November 2005


FINSBURY TECHNOLOGY TRUST PLC

CONTINUATION PROPOSAL

16 NOVEMBER 2005





Background



The articles of association of Finsbury Technology Trust PLC require that there
is proposed at its annual general meeting falling in 2006 an ordinary resolution
to the effect that the Company should continue as an investment trust for a
further five year period.



The Board announced on 26 July 2005 that, in anticipation of this requirement,
it was in the process of concluding a thorough review of all aspects of the
Company's affairs so as to be in a position to make an appropriate
recommendation to shareholders.



Continuation Proposal



The Board today announces that it will be writing to shareholders recommending
their approval of the continuation of the Company as an investment trust for a
further five year period.



In considering its recommendation the Board conducted a thorough review of all
aspects of the Company's affairs, which concluded that:

•               The Board continues to believe that there will be significant
growth in the technology sector in the years ahead, with benefits likely for the
long term investor;

•               The Board believes that the Company's investment policy and
objective - investing principally in the equity securities of quoted technology
companies on a worldwide basis with the aim of achieving long-term capital
growth - remain valid.  It is intended that over time the Company's assets will
become invested solely in listed technology companies and that the portfolio
will become more focused;

•               The manager and the investment adviser - respectively Close
Finsbury Asset Management Limited and Reabourne Technology Investment Management
Limited - should be retained.  The Board reviewed both the credentials of the
firms and their contractual arrangements with the Company.  It is intended to
introduce a revised remuneration basis for the manager and investment adviser
comprising an annual management fee based on market capitalisation and a
performance fee based on the performance of the Company's net asset value per
share compared with that of the Dow Jones World Technology Index; and

•               An active discount management policy should be introduced with a
view to establishing and supporting an improved rating in the Company's shares.
The Board intends to repurchase for cancellation in the market shares in the
Company available at prices representing discounts of greater than 7% to net
asset value.  The Board will closely monitor the effect of the discount
management policy and will review the Company's future if it deems that the
effect of the policy has been to reduce the Company's market capitalisation to
the significant detriment of shareholders.



Extraordinary General Meeting



A circular setting out the Board's proposals in detail, and convening an
extraordinary general meeting of the Company to seek shareholders' approval for
changes to the Company's articles of association regarding continuation and for
the revised remuneration basis for the manager and investment adviser, will be
sent to shareholders as soon as possible.


Enquiries

Close Finsbury Asset Management, Investment Manager
Alastair Smith, tel. [phone]

Winterflood Securities, Corporate Stockbroker
Nathan Brown, tel. [phone]


                      This information is provided by RNS
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