Value Catalyst Fund Limited (The)
20 December 2005


VALUE CATALYST FUND LIMITED

Issue of equity

The Directors of The Value Catalyst Fund Limited (the "Company") wish to
announce that, today, the Company placed 71,753 ordinary shares of USD0.001 per
share in the Company ("Ordinary Shares") at a price of GBP97.5568 per share,
raising a total of approximately GBP7 million.

Application has been made for the 71,753 Ordinary Shares (which will rank pari
passu with the Company's existing issued ordinary share capital) to be admitted
to trading on AIM and this is expected to take place on 23 December 2005.


Enquiries:

Sarah Wakeford
HSBC Securities Services (Isle of Man) Limited
+44 (0)1624 637777

Azhic Basirov
Smith & Williamson Corporate Finance Limited
+44 (0)20 7131 4000




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