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Value Catalyst Fund Limited (T (VCF)

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Tuesday 14 November, 2006

Value Catalyst Fund Limited (T

Issue of Equity

The Value Catalyst Fund Limited ("VCF" or "the Company")

Issue of Equity

Further to the announcement of a dividend for the year ended 30 June 2006 of
US$8.34 per share, the Company announces that, yesterday, it allotted 33,887
ordinary shares of US$0.001 each ("Ordinary Shares") issued to parties who
elected to receive their dividend in the form of Ordinary Shares.  The effective
price per Ordinary Share was US$191.8231.

Application will be made for the 33,887 new Ordinary Shares to be admitted to
trading on AIM and it is expected that dealings will commence on 20 November
2006.

Following the issue of equity, the Company announces the following changes in
notifiable interests in VCF:

Party                       Notes   Ordinary     Ordinary    Percentage
                                      Shares       Shares     of Issued
                                    Received         Held         Share
                                                                Capital
Citivic Nominees Limited      1       30,174    1,137,210        90.13%
Laxey Partners Limited        2        2,778       66,690         5.29%
Laxey Partners Limited re     3          667       16,019         1.32%
the Employee Benefit Trust

Notes:
(1)  As nominee in respect of shareholders who have elected to hold their
     Ordinary Shares through Morgan Guaranty Trust Company of New York, Brussels
     office, as operator of the Euroclear System.
(2)  Andrew Pegge and Colin Kingsnorth, directors of the Company, are directors
     and shareholders as to half each of Laxey Partners Limited.
(3)  Christopher Bruce, a director of he Company, is a beneficiary of the Laxey
     Partners Ltd Employee Benefit Trust.


14 November 2006