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Value Catalyst Fund Limited (T (VCF)

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Wednesday 07 March, 2007

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, and the subsequent announcement of the allotment of ordinary
shares of US$0.001 each ("Ordinary Shares") to parties who elected to receive
their dividend in the form of Ordinary Shares, the Company announces that it has
allotted a further 55 Ordinary Shares to such parties.  The effective price per
Ordinary Share was US$191.8231.

Application will be made for the 55 new Ordinary Shares to be admitted to
trading on AIM and it is expected that dealings will commence on 13 March 2007.

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
Laxey Partners Limited      1            5    67,895       5.38%

Laxey Partners Limited      2            1    16,020       1.27%
re the Employee Benefit

(1)  Andrew Pegge and Colin Kingsnorth, directors of the Company, are directors
     and shareholders as to half each of Laxey Partners Limited.
(2)  Christopher Bruce, a director of he Company, is a beneficiary of the Laxey
     Partners Ltd Employee Benefit Trust.

7 March 2007