RNS Number:4326Q
Pennine AIM VCT PLC
5 September 2000


The Directors announce that they are proposing the cancellation of the
Company's share premium account.  This will create a distributable reserve,
which will facilitate both market purchases by the Company of its own shares
and the payment of dividends. The proposal is subject to approval by both
shareholders in an Extraordinary General Meeting and by the High Court. A
circular is being sent to shareholders setting out the background to the
proposals and containing Notice of the Extraordinary General Meeting, to be
held on 29 September.

The expected timetable is:
Last date for receipt of proxies: 27 September 2000
Extraordinary General Meeting:    29 September 2000
Court Hearing:                    25 October 2000
Effective date:                   31 October 2000
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