Bondholder notice

    To: The Stock Exchange             For immediate release: 18 October 2004


PRIVATE INVESTORS CAPITAL TRUST PLC
(formerly Ptarmigan International Capital Trust plc)
(Registered in Scotland, no. SC123548)

To holders of 3.25% Subordinated Convertible Bonds 2009 ("Bondholders")

Private  Investors Capital Trust plc hereby announces that, on 15 October  2004,
it  published  a  circular  convening meetings of its ordinary  shareholders  to
consider  a  scheme  of reconstruction and winding up of the company  under  the
Insolvency  Act 1986 (the "Scheme").  Bondholders will be given the  opportunity
to  exercise  their  rights to convert into Ordinary Shares whereupon  they  can
elect to roll their investment into a unit trust, an investment trust or receive
cash.   Bondholders who do not convert into Ordinary Shares will be entitled  to
elect for a cash uplift during a three month period following the winding up  of
the  Company.   Further details of the options available to Bondholders  can  be
found  in  the documentation relating to the Scheme.  Bondholders  who  wish  to
receive copies of the documentation relating to the Scheme should contact Lloyds
TSB  Registrars at The Causeway, Worthing, West Sussex BN99 6DA or by  telephone
on 0870 600 0673 or, if calling from outside the UK, ([phone].