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Hygea VCT plc (HYG)

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Wednesday 19 March, 2008

Hygea VCT plc

Offer to shareholders

Hygea VCT plc
19 March 2008

FOR IMMEDIATE RELEASE                                              19 MARCH 2008

                      HYGEA VCT ('Hygea' or the 'Company')

                             Offer to shareholders

The Board of Hygea has, on 18 March 2008, posted a letter to shareholders
setting out their proposals to raise additional funds for the Company to provide
it with additional investment monies for existing investee companies and working
capital by means of an offer to shareholders ('the Offer').

At the last Annual General Meeting, the shareholders authorised the Board to
issue additional shares in the capital of the Company up to a maximum of 10% of
the issued share capital. Accordingly, the Company are able to issue up to
750,000 new Ordinary Shares at an issue price will be 50p per share. If the
issue is fully subscribed the Company will receive in excess of £360,000 net of

Details of the Offer:

1. the Offer will close on Wednesday 30 April 2008 at 5pm and an allotment will
be made then, but an earlier allotment will also be made by the Board on
Wednesday 2 April 2008 at 5pm in respect of received application forms in order
to assist those earlier subscribers looking to qualify for tax relief in respect
of the 2007/08 tax year;

2. although the Board is discussing the Offer with certain outside investors,
existing shareholders will be given priority at the first and second allotment
stage in respect of allocations made at each time;

3. the majority of Directors intend to apply for shares and this may be in
excess of their existing percentage ownership of the Company;

4. the audited accounts of the Company for the year ended 31st December 2007 are
expected to be published on or around Tuesday 18th March;

5. since the aggregate value of shares offered is less than €2.5m, there is no
requirement under Part VI of the Financial Services and Markets Act 2000 for a
prospectus to be issued.

Application will be made to the UK Listing Authority for the new Ordinary
Shares, which will rank pari passu, with all existing Ordinary Shares to be
admitted to the Official List. Application will also be made to London Stock
Exchange plc for the new Ordinary Shares to be admitted to trading on its market
for listed securities. It is expected that admission to trading will become
effective and will commence within 10 days of both the allotments made on 2
April 2008 and 30 April 2008.

Expected timetable:

Offer closes                                  30 April 2008
First Allotment of new ordinary shares        2 April 2008
Final Allotment of new ordinary shares        30 April 2008
Dealings in new ordinary shares commence      Within 10 days of each
Definitive share certificates dispatched      Within 15 days of each allotment


Charles Breese, Hygea VCT plc on 01280 703482 or [email protected]

Roland Cornish, Beaumont Cornish Limited on 020 7628 3396

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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