RNS Number:9585C
F&C Private Equity Trust PLC
15 May 2006

TO:          LONDON STOCK EXCHANGE, COMPANY ANNOUNCMENTS



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



DATE:        15 MAY 2006



SUBJECT:     THIRD CONVERSION OF C SHARES ("Third Conversion")



The Company announces that, in respect of  the Third Conversion, as at 30 April
2006, 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 #14m will be transferred to the 'B' Pool and a
number of 'C' Shares, representing approximately 60% 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.



Approximately 83% of the 'C' Shares originally issued will then have been
converted into 'B' Shares as a result of the First, Second and Third
Conversions.



It is expected that the Third Conversion Ratio and the approximate number of 'C'
Shares to be converted and 'B' Shares to be issued pursuant to the Second
Conversion will be announced on 5 June 2006.  An expected timetable of key
events is detailed below.


                                                                                                       2006


Calculation Date                                                                                   30 April
Announcement of Conversion Ratio                                                                     5 June
Record date                                                               close of business on Thursday   8
                                                                                                       June
Conversion Date and Admission of new 'B' Shares                                           8.00 a.m.  9 June
Ex date                                                                                   8.00 a.m.  9 June
Notification of new shareholdings despatched to shareholders (as                                     9 June
applicable)
CREST holders' accounts credited with new shares*                                                    9 June
New share certificates despatched*                                                                  16 June


* In order to facilitate this third 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

Sue Inglis, Intelli Corporate Finance, 0207 653 6300



Note: Words and expressions used in this document have the same meanings given
to them in the prospectus relating to the Company dated 15 July 2005




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