RNS Number:7911J
Phoenix VCT PLC
08 April 2003

PHOENIX VCT PLC (the "Company")


ISSUE OF EQUITY


Phoenix VCT plc announces that yesterday it issued and allotted 492,043 ordinary
shares under the 2003/04 Offer for Subscription.  The issued share capital of
the Company is now 8,268,953 ordinary shares.  The new shares were issued at a
price of 100p each.



Application will be made for admission of the new ordinary shares to trading on
the London Stock Exchange as soon as practicable.




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