BSR BR.Smlr Tec Vct

RNS Number:4166Y
British Smaller Tech Cos VCT PLC
07 May 2004


          BRITISH SMALLER TECHNOLOGY COMPANIES VCT PLC ("the Company")

                                   7 May 2004

                        ANNUAL GENERAL MEETING STATEMENT

The Company announces that, at the Annual General Meeting held on 6 May 2004,
each of the Ordinary and Special resolutions, which had been proposed, were duly
passed.

Commenting on progress in the first quarter of the new financial year, the
Chairman, Sir Andrew Hugh Smith, reported that the Company's net asset value had
increased to 48 pence per share at 31 March 2004 (43.6 pence per share at 31
December 2003).

Sir Andrew said he was pleased to announce that two of the portfolio companies
are in advanced stages of negotiation that could led to realisations for the
Company in the near future.

The first of these companies intends to list on the AIM market in June ("the
Flotation"), whilst the other is in advanced negotiations with a potential trade
buyer ("the Trade Sale"). This transaction is expected to complete in the near
future.

As the marketing of the Flotation has not started and the sale and purchase
agreement relating to the Trade Sale has yet to be finalised, there can be no
assurances that these realisation events will occur. However, since both
transactions are at an advanced stage, the Company has reflected substantially
all of the impact on the reported net asset value at 31 March 2004.

Given the improvement in the general economic conditions, the board believes
that other realisations may be possible in the foreseeable future, which could
further increase the net asset value of the Company.

The board continues to review initiatives to improve shareholder value,
including its share buy-back policy, and any decisions will be announced at the
appropriate time.

END




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