CYS Chrysalis Vct Plc

RNS Number:8093I
Chrysalis VCT PLC
21 February 2005


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

21 February 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")

                  Levels of acceptance and extension of offers

Chrysalis announces that by 3.00 pm on 18 February 2005, being the first closing
date of the Offers, valid acceptances had been received in respect of the
following Chrysalis Companies Shares: 3,889,450 Chrysalis A Shares (representing
59.6 per cent. of Chrysalis A's issued ordinary share capital); 5,806,524
Chrysalis B Shares (representing 53.6 per cent. of Chrysalis B's issued ordinary
share capital); and 6,258,723 Chrysalis C Shares (representing 59.3 per cent. of
Chrysalis C's issued ordinary share capital).

Chrysalis announces that the Offers have been extended and will remain open for
acceptance until 3.00 pm on 4 March 2005 (unless further extended). Chrysalis
Companies Shareholders who have not yet accepted the Offers and who wish to do
so should complete and return their forms of acceptance as soon as possible.

Prior to making the Offers, Chrysalis had received irrevocable undertakings to
accept the Offers from Chrysalis Companies Shareholders in respect of: 200,000
Chrysalis A Shares (representing approximately 3.1 per cent. of Chrysalis A's
issued ordinary share capital); 70,000 Chrysalis B Shares (representing
approximately 0.6 per cent. of Chrysalis B's issued ordinary share capital); and
71,750 Chrysalis C Shares (representing approximately 0.7 per cent. of Chrysalis
C's issued ordinary share capital). Valid acceptances have been received in
respect of all of such shares and these acceptances have been included in the
acceptances referred to above. Prior to the Offers, 12,000 Chrysalis C Shares
(representing approximately 0.1 per cent. of Chrysalis C's issued ordinary share
capital) were held by a nominee company owned by Smith & Williamson Holdings
Limited on behalf of a discretionary fund management client: a valid acceptance
has been received in respect of all of such shares and this acceptance has been
included in the acceptances referred to above.

Save as set out herein, neither Chrysalis nor any person acting in concert with
Chrysalis held any Chrysalis Companies Shares (or rights over Chrysalis
Companies Shares) prior to the commencement of the offer period on 22 December
2004 and neither Chrysalis nor, so far as Chrysalis is aware, any person acting
in concert with Chrysalis has acquired or agreed to acquire any Chrysalis
Companies Shares since that date.

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

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