RNS Number:1009U
F&C Private Equity Trust PLC
14 November 2005


TO:       LONDON STOCK EXCHANGE, COMPANY ANNOUNCMENTS

FROM:     F&C PRIVATE EQUITY TRUST PLC ("the Company")

DATE:     14 November 2005
          
SUBJECT:  FIRST CONVERSION OF C SHARES ("First Conversion")


The Company announces that in respect of  the first conversion, as at 31 October
2005, in relation to the realisation of the assets of the 'C' Pool as detailed
in the Company's Prospectus dated 15 July 2005, it is expected that realisation
proceeds totalling approximately #18m will be transferred to the 'B' Pool and a
number of C shares, representing approximately 37% of the C shares currently in
issue,  will be converted into B shares at a price per B share equivalent to the
fully diluted Net Asset Value of a B share at the Calculation Date.

It is expected that the First Conversion ratio and the approximate number of C
shares to be converted and B shares to be issued pursuant to the First
Conversion will be announced on 5 December 2005. An expected timetable of key
events is detailed below.

                                                                                                       2005

Calculation Date                                                                                 31 October
Announcement of conversion ratio                                                                 5 December
Record date                                                                 close of business on Thursday 8
                                                                                                   December
Conversion Date and Admission of new B shares                                   8.00 a.m. Friday 9 December
Ex date                                                                         8.00 a.m. Friday 9 December
Notification of new shareholdings despatched to shareholders (as                          Friday 9 December
applicable)
CREST holders' accounts credited with new shares*                                         Friday 9 December
New share certificates despatched*                                                    by Friday 16 December


* In order to facilitate this first conversion, the balance of C shares
remaining unconverted will transfer to a new ISIN upon admission of the new B
shares.



For further information, please contact:

Hamish Mair/Martin Cassels, F&C Asset Management, 0131 465 1000
Alastair Moreton, Arbuthnot Securities Ltd, 0207 7012 2007
Gordon Neilly, Intelli Corporate Finance, 0207 653 6300


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

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