RNS Number:9780H
Chrysalis VCT PLC
31 January 2005

Not for release, distribution or publication, in whole or in part, in or into
the United States, Canada, Australia or Japan

31 January 2005

                                     Merger

                        by way of recommended offers by

                  Smith & Williamson Corporate Finance Limited

                                  on behalf of

                        Chrysalis VCT plc ("Chrysalis")

                                  for each of

                      Chrysalis A VCT plc ("Chrysalis A"),
                    Chrysalis B VCT plc ("Chrysalis B") and
                      Chrysalis C VCT plc ("Chrysalis C")
                      (together the "Chrysalis Companies")

               Posting of Offer Document and Listing Particulars

Smith & Williamson on behalf of Chrysalis announces that the Offer Document in
relation to the recommended offers for the Chrysalis Companies has been posted
to Chrysalis Companies Shareholders together with the Forms of Acceptance and
Listing Particulars. Forms of Acceptance should be returned in accordance with
the instructions thereon so as to be received as soon as possible and, in any
event, by not later than 3.00 pm on 18 February 2005.

The Listing Particulars, which include a notice convening the EGM to be held at
10.00 am on 1 March 2005 to approve the Offers, has been posted together with
the Offer Document to Chrysalis Shareholders. Copies of the Listing Particulars
have been submitted to the UK Listing Authority and will shortly be available
for inspection at the UK Listing Authority's Document Viewing Facility which is
situated at Financial Services Authority, 25 The North Colonnade, Canary Wharf,
London E14 5HS.


Enquiries:

Smith & Williamson
Tel: 020 7637 5377
Dr A Basirov
David Jones



Terms used in this announcement shall have the same meaning as those in the
Offer Document and Listing Particulars.

This announcement does not constitute an offer or an invitation to purchase or
subscribe for any securities. The Offers are being made solely by the Offer
Document and the Forms of Acceptance, which contain the full terms and
conditions of the Offers, including details of how the Offers may be accepted.

Smith & Williamson Corporate Finance Limited, which is authorised and regulated
in the United Kingdom by the Financial Services Authority, is acting exclusively
for Chrysalis VCT plc and no one else in connection with the Offers and will not
be responsible to anyone other than Chrysalis VCT plc for providing the
protections afforded to customers of Smith & Williamson Corporate Finance
Limited nor for providing advice in relation to the Offers or any other matter
referred to herein.

The Offers are not being made, directly or indirectly, in or into the United
States, Canada, Australia or Japan and the Offer Document and the Forms of
Acceptance are not being, and should not be, mailed or otherwise distributed or
sent in or into the United States, Canada, Australia or Japan or any other
jurisdiction if, in the latter case, to do so would constitute a violation of
the relevant laws in such jurisdiction.

The New Chrysalis Shares have not been, and will not be, registered under the
United States Securities Act of 1933 (as amended) or under any relevant
securities laws of any state or jurisdiction of the United States, Canada,
Australia or Japan and no regulatory clearances in respect of the New Chrysalis
Shares have been, or will be, applied for in any jurisdiction. Accordingly,
unless an exemption under the United States Securities Act of 1933 (as amended)
or other relevant securities laws is applicable, the New Chrysalis Shares will
not be, and may not be, offered, sold, resold, delivered or distributed,
directly or indirectly, in or into the United States, Canada, Australia or Japan
or to, or for the account or benefit of, any United States person or person
resident in Canada, Australia or Japan.




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

END
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