Net Asset Value & Issue Price

RNS Number:0322T
Artemis Alpha Trust PLC
09 December 2003

ARTEMIS ALPHA TRUST PLC (the "Company")

ANNOUNCEMENT OF NET ASSET VALUE, ADJUSTED NET ASSET VALUE AND ISSUE PRICE

As at close of business on 5 December 2003 (the "Calculation Date"), the net
asset value ("NAV") per ordinary 1p share of the Company was as follows:

Undiluted NAV per share: 108.72p

Fully diluted NAV per share: 105.26p

For the purposes of the placing and open offer, the Adjusted Net Asset Value
("Adjusted NAV") per existing ordinary share, as at the Calculation Date, was
105.66p, calculated in accordance with the prospectus issued by the Company on
17 November 2003. The Issue Price under the placing and the open offer has been
calculated as 108.30p per new ordinary share.

The issue of new ordinary shares has been restricted to #19 million which was
conditionally placed and of which approximately #1.9 million was made available
to existing ordinary shareholders under the open offer. Applications have been
made under the open offer for #0.79 million and, accordingly, all valid
applications received will be met in full. Placing commitments will be scaled
back on a pro rata basis from #19 million to #18.21 million.

Immediately following the implementation of the placing and the open offer, it
is expected that the Company will have enlarged net assets of approximately
#32.79 million.

Subject to the passing of the first resolution to be proposed at the
extraordinary general meeting of the Company convened for 10 December 2003, it
is expected that admission to the Official List and commencement of dealings in
the new ordinary shares will take place on 15 December 2003.



Enquiries

Simon Miller          Chairman, Artemis Alpha Trust plc            0131 718 2302

Mark Tyndall          Artemis Investment Management Limited        0131 225 7300

Mike Cuthbert         Bridgewell Securities Limited                020 7003 3000

Ben Money-Coutts

Andrzej Sobczak       Intelli Corporate Finance Limited            020 7653 6300

Robin Archibald



9 DECEMBER 2003


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