The Value Catalyst Fund Limited ("VCF" or "the Company")

Issue of Equity, Total Voting Rights and Directors' Holdings

Further to the announcement of a capitalisation in lieu of a dividend for the
year ended 30 June 2008 of US$0.13 per share, the Company announces that,
yesterday, it allotted 19,928,085 ordinary shares of US$0.00001 each ("Ordinary
Shares") to shareholders on the register as at 28 November 2008.  The effective
price per Ordinary Share was US$0.8619.

Application has been made for the 19,928,085 new Ordinary Shares to be admitted
to trading on AIM and it is expected that dealings will commence on 23 December
2008.

Following the issue of equity, the issued share capital of the Company is
152,051,283 Ordinary Shares.  The Company also announces the following changes
in notifiable interests in VCF:

Party                 Notes    Ordinary      Ordinary  Percentage
                                 Shares   Shares Held   of Issued
                               Received                     Share
                                                          Capital

Laxey Partners         1      1,419,261    10,828,967        7.12
Limited

Laxey Partners         2        254,557     1,942,273       1.277
Limited re the
Employee Benefit
Trust

Notes:
(1)  Andrew Pegge and Colin Kingsnorth, directors of the Company, are directors
     and shareholders as to half each of Laxey Partners Limited.
(2)  Michael Haxby, a director of the Company, is a beneficiary of the Laxey
     Partners Ltd Employee Benefit Trust.

18 December 2008

Enquiries:

Azhic Basirov / Siobhan Sergeant
Smith & Williamson Corporate Finance Limited
Tel +44 (0)20 7131 4000