FPEA F&C Priv. Res

RNS Number:5953Z
F&C Private Equity Trust PLC
09 March 2006

                                  9 March 2006

                         F & C PRIVATE EQUITY TRUST PLC

                        Second Conversion of 'C' Shares

The second conversion of 'C' shares into 'B' shares is by reference to 31
January 2006.  The conversion ratio of 0.65686746 was announced on 6 March 2006.
The record date for the second conversion was the close of business today (9
March 2006).  The Company is now pleased to announce that, with immediate
effect, 10,584,172 'C' shares have been converted into 6,952,398 'B' shares.

Following the second conversion, 58,690,346 'B' shares and 21,054,079 'C' shares
are now in issue.  The number of 'A' shares in issue (being 67,084,807) remains
unchanged.

Applications have been made to the Financial Services Authority for the
6,952,398 'B' shares arising on the second conversion to be admitted to the
Official List and to the London Stock Exchange for such shares to be admitted to
its main market.  Such admissions are expected to become effective, and dealings
in the 'B' shares arising on the second conversion are expected to commence on
the London Stock Exchange's main market, tomorrow (10 March 2006).

The 'C' shares remaining in issue have been allocated a new ISIN (GB00B0Z6QN74)
and a new SEDOL (B0Z6QN7).

Holders of 'C' shares in uncertificated form will receive their new 'B' shares
in uncertificated form and their accounts in CREST (being the same accounts in
which they hold their 'C' shares) will be credited on 10 March 2006 with the
numbers of 'B' shares arising on the second conversion and 'C' shares (with the
new ISIN) held in uncertificated form immediately following the second
conversion (and the 'C' shares with the former ISIN and SEDOL of GB00B0Q36484
and B0Q3648 will be cancelled).

Holders of 'C' shares in certificated form will receive certificates in respect
of the 'B' shares arising on the second conversion and the balance of their
holding of 'C' shares immediately following the second conversion, which will be
posted by 17 March 2006.  Existing 'C' share certificate(s) will be of no
further value.

Copies of the circular giving holders of 'C' shares notice of the second
conversion dated


10 March 2006 will be submitted to the UK Listing Authority on 10 March 2006 and
will be available for inspection at the UK Listing Authority's Document Viewing
Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Tel: 020 7066 1000

                                     -ends-

For more information please contact:

Hamish Mair                                   0131 465 1184
hamish.mair@fandc.com
Martin Cassels                                0131 465 1095
martin.cassels@fandc.com
Alistair Moreton, Arbuthnot Securities Ltd    0207 012 2000
Sue Inglis, Intelli Corporate Finance         0207 653 6300


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