Re. Net Asset Value

RNS Number:7246M
Proven VCT PLC
24 June 2003

ProVen VCT plc
24 June 2003

ProVen VCT announces that its portfolio company, Espotting Inc, has agreed terms
to merge with NASDAQ listed FindWhat.com.  The deal is subject to customary
closing conditions, including respective company shareholder approvals, and is
expected to close in the fourth quarter of 2003.  The total consideration,
including cash of approximately $27m, values Espotting at $163m, based on
FindWhat's closing share price on 17 June 2003.  The final value of the total
consideration attributable to the VCT's investment in Espotting will depend upon
the share price of FindWhat on the date of completion.  The amount of cash that
Espotting shareholders will receive will vary based on Espotting's audited net
assets and net operating loss carry forwards as of 31 March 2003 and outstanding
borrowings at the closing date.  Following completion there may be restrictions
on the VCT's ability to sell shares in the market.

 If the VCT's investment in Espotting were re-valued to reflect the above
transaction on the basis and using the assumptions set out above, the Net Asset
Value per share would increase by approximately 3.8p from it's published value
as at 28 February 2003.


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

NAVSEAFMLSDSEEM