RNS Number:1404V
F&C Private Equity Trust PLC
05 December 2005

                                                        
To:   Stock exchange                                       For immediate release
                                                           5 December 2005


                          F&C Private Equity Trust plc

           NAVs at 31 October 2005 and First Conversion of 'C' Shares

  * increase in B Share NAV of 9.1% over the quarter
  * conversion of 18.1 million C Shares to 12.6 million B Shares

Net Asset Values at 31 October 2005

F&C Private Equity Trust plc announces its unaudited net asset values (NAV) per
share as at 31 October 2005:

The NAV per 'A' (realisation) share at 31 October was 38.33p*.  This is after
providing for a final dividend of 1.2 pence per share in respect of the year
ended 31 July 2005, payable 9 December 2005, and represents an increase of 0.4%
over the quarter.  Net assets for the 'A' pool stood at #25.7 million.

The NAV per 'B' (continuation) share at 31 October was 142.06p*. This is after
providing for a final dividend of 1.4 pence per share in respect of the year
ended 31 July 2005, payable 9 December 2005, and represents an increase of 9.1%
over the quarter. The 'B' pool had net assets of #55.7 million.

The NAV per 'C' (conversion) share at 31 October was 96.99p*.  The 'C' pool had
net assets of #48.3 million.

The Chairman David Simpson said: "I am pleased to be able to report that the
substantial progress for shareholders that was achieved in the last financial
year has been sustained into the first quarter. The increased scale which the
company now has enables our managers to take advantage of a wide range of
attractive investment opportunities in private equity internationally.
Encouragingly the performance has come from a combination of the older funds and
direct investments and some of the newer fund commitments and direct investments
where there have been some early successes. The recent listing of one of our
direct holdings, the co-investment in Pizza Express (Gondola Holdings plc), a
deal led by TDR Capital, illustrates the benefits of backing emerging private
equity management groups in the European mid market. Since the end of July we
have made commitments to LGV 5 (#5m, UK mid market buy outs) and Camden
Strategic Partners III ($5m, US hybrid private and small public companies). A
number of other fund, co-investment and secondary investments are at an advanced
stage. The short term outlook remains good with successful fund raisings and the
increase in secondary buy-outs providing a conducive environment for selling
mature holdings in mid market private companies."

First Conversion of C Shares

The first conversion of 'C' shares into 'B' shares is by reference to 31 October
2005.  The NAVs per 'B' share and per 'C' share as at that date, calculated for
the purpose of conversion in accordance with the articles of association*, were
98.47p and 142.12p respectively.  As at 31 October 2005, the net assets of the
'C' pool, valued for the purpose of conversion, were #49.0 million, of which 36%
was represented by cash assets.  Consequently 18.1 million 'C' shares will
convert to 12.6 million 'B' shares at the first conversion date.  The conversion
ratio (being the number of 'B' shares resulting from the 'C' shares to be
converted) is 0.69286375.

The number of 'C' shares to be converted into 'B' shares in each holding of 'C'
shares as at 8 December 2005 (the record date for the first conversion) will be
rounded down to the nearest whole 'C' share.  Fractional entitlements to 'B'
shares arising on conversion will not be allocated, and will be aggregated and
sold in the market for the benefit of the 'B' pool.  For illustrative purposes
only, a holder of 1,000 'C' shares as at 8 December 2005 will, immediately
following the first conversion, hold 252 'B' shares and 636 'C' shares.

The first conversion will occur with effect from 9 December 2005.

Applications have been made to the Financial Services Authority and to London
Stock Exchange plc for the 'B' shares arising on the first conversion to be
admitted to the Official List and to trading on the main market of London Stock
Exchange plc respectively.  It is expected that such admissions will become
effective on 9 December 2005.

In order to facilitate the conversion, the balance of 'C' shares remaining
unconverted will transfer to ISIN GB00B0Q36484 and SEDOL B0Q3648 upon admission
of the new 'B' shares on 9 December 2005.

* The quarterly NAVs value listed investments at their bid prices.  The daily
NAV per 'C' share and the NAVs per 'B' share and per 'C' share for the purpose
of conversion value listed investments at their mid-market prices.


                                     -ends-

For more information please contact:

Hamish Mair                                                 0131 465 1184
hamish.mair@fandc.com

Martin Cassels                                              0131 465 1095
martin.cassels@fandc.com

Alistair Moreton, Arbuthnot Securities Ltd                  0207 012 2000

Gordon Neilly/Sue Inglis, 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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