Annual General Meeting

Piccadilly Growth Trust Plc
1 August 2000


At the Annual General Meeting of the Company held today, the following
Ordinary Resolutions were passed:

1. To receive the report of the directors and the report of the auditors for
the year ended 30 April 2000.

2. To declare a final dividend of 1.0p net on the ordinary 1p shares.

3. To re-elect Mr Andrew Greenwell a director.

4. To re-appoint RSM Robson Rhodes as auditors to the Company and to authorise
the directors to determine their remuneration.

5. To authorise the directors to allot securities in accordance with
resolution 5 set out in the notice of Annual General Meeting.

In addition the following Special Resolutions were passed:

6. To authorise the directors to allot securities for cash in accordance with
Resolution 6 of the Notice of Annual General Meeting.

7. To approve the proposal to provide the Company with the flexibility to
purchase its shares in accordance with Resolution 7 set out in the Notice of
Annual General Meeting.

8. To amend the Company's Articles of Association in accordance with
Resolution 8 set out in the Notice of Annual General Meeting.


In addition to the above the Chairman announced that, as at 30 July 2000, the
Company's assets had moved broadly in line with the benchmark index, the
FT/S&P Europe (sterling based) index.

The Chairman also reported that, as from the end of August 2000, the Company
will be publishing its net asset values on a weekly basis rather than monthly.