Conversion of C Shares

Elderstreet VCT plc
3 November 2008

Further to the  circular issued  on 6  October 2008  and the  General
Meeting which took place on 29 October 2008, the company's C ordinary
shares of 5 pence each ("C Shares") converted into ordinary shares of
5 pence each ("Ordinary Shares") on 31 October 2008 as follows:

Conversion Ratio:  0.6691
Number of C Shares converted:  1,488,078
Number of new Ordinary Shares issued:   995,648

Application for  the  new  Ordinary  Shares to  be  admitted  to  the
Official List  of the  UK Listing  Authority and  to trading  on  the
London Stock Exchange's market for listed securities will be made  at
the earliest practical opportunity.

Following the  conversion, the  Company now  has 21,711,955  Ordinary
Shares in issue. The total number of voting rights in Elderstreet VCT
plc therefore stands at 21,711,955.  The above figure may be used  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, Elderstreet  VCT plc  under the  FSA's
Disclosure and Transparency Rules.

Following the conversion,  the beneficial holdings  of directors  and
PDMRs are as follows:

                         Ordinary
                           Shares
                             held    %
Hugh Aldous     Director   20,000 0.09
David Brock     Director  100,000 0.46
Barry Dean      Director    6,841 0.03
Michael Jackson Director  527,153 2.43
Nicholas Lewis  Director   50,000 0.23

David Lowe      PDMR       10,000 0.05
David Taylor    PDMR        5,000 0.02

---END OF MESSAGE---




This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.