Scrip Dividend share issue

RNS Number:4579Q
Blue Chip Value & Income Fund Ld
02 October 2003


Blue Chip Value and Income Fund Limited (the "Company")


Issue of 515,297 new Ordinary Shares of 12.5p each pursuant to the Company's
scrip dividend scheme.

In accordance with the terms of the Company's scrip dividend scheme, the Company
has issued 515,297 new Ordinary Shares at a price calculated in accordance with
the terms of the scrip dividend scheme, (being the average closing mid market
price for the five business days from the ex-dividend date of 20th August 2003)
of 9.33p per Ordinary Share.

Under the terms of the scrip dividend scheme referred to above, this results in
Shareholders electing for the scrip alternative receiving 1 new Ordinary Share
for every 18.65 Ordinary Shares held. No fraction of a share will be allotted or
transferred to a Shareholder and any cash balances remaining will be retained
for the benefit of the Company.

The new Ordinary Shares will rank pari passu with the existing Ordinary Shares.

Application has been made to the UK Listing Authority and the Channel Islands
Stock Exchange for the new Ordinary Shares to be admitted to the Official List
of the UK Listing Authority and the Official List of the Channel Islands Stock
Exchange. Application has also been made to the London Stock Exchange for the
new Ordinary Shares to be admitted to trading on the London Stock Exchange's
market for listed securities. Dealings in the new Ordinary Shares are expected
to commence on 3 October.

Definitive share certificates in respect of the Ordinary Shares are expected to
be despatched on or around 3 October 2003.

A copy of the circular to shareholders dated 29 August 2003 in relation to the
Company's scrip dividend in lieu of the first interim cash dividend is available
for inspection at the UK Listing Authority's Document Viewing Facility, which is
situated at:

The Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS

Tel no. 020 7066 1000


Enquiries:

Andrew Duquemin
Collins Stewart (CI) Limited
01481 731 942




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