Conversion of Securities

RNS Number:8921O
Sitka Health Fund VCT PLC
15 July 2005

Sitka Health Fund VCT plc


15 July 2005



Conversion of 'C' shares into New Ordinary Shares


The Board announces that the conditions set out in the Offer for Subscription of
'C' shares in Sitka Health Fund VCT plc dated 21 October 2003 (the "Offer")
relating to the conversion of the 'C' shares into New Ordinary Shares have now
been met.


More than 70 per cent of the net proceeds of the Offer have been invested in
Qualifying Companies, which was the trigger for the conversion. This results
from the 'C' share fund's fourth investment. This latest investment was #600,000
in Digital Healthcare Limited, a software company whose products enable the
intelligent analysis of digital images from clinical photography, on 29 June
2005.


In accordance with the terms of conversion as set out in the Offer document the
Board established 30 June 2005 as the Calculation Date. This is the date on
which the valuation was carried out to determine the number of New Ordinary
Shares each 'C' shareholder is entitled to. The Board also set 14 July 2005 as
the Conversion Date, this being the date on which the 'C' shares are cancelled
and re-designated as New Ordinary Shares.


The valuation of the respective portfolios of the ordinary shares and the 'C'
shares was carried out by the Board using its normal valuation methods to
determine the relative Net Asset Value of each class of share. The Conversion
Ratio which resulted from these valuations has been checked by the Company's
auditors, PKF, who have confirmed that in their opinion the calculation has been
performed in accordance with the Company's Articles of Association and is
arithmetically correct.


The number of New Ordinary Shares that have been issued as a result of the
conversion is 2,019,402. Details of the 'C' share conversion and entitlements
will be sent to 'C' shareholders today.


As a result of the conversion the 'C' share certificates will no longer be valid
and the 'C' shares will no longer be on the Official List of the UK Listing
Authority nor traded on the London Stock Exchange plc's market for listed
securities. The Company's Registrar will issue share certificates for the New
Ordinary Shares within the next five business days.


An application has been made for the admission of the New Ordinary Shares, which
rank pari-passu with the existing ordinary shares, to the Official List of the
UK Listing Authority and to trading on the London Stock Exchange plc's market
for listed securities.


For further information, please contact Sam Richardson on 020 7592 0483.



END




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