Baronsmead VCT 3 to launch 22m C share issue

Following shareholderapproval earlier in 2005, Baronsmead VCT 3 will publish a prospectus to issue 22m Cshares at 100p per share. The new funds will expand the capital base of the companyand allow an increased spread of risk both across a larger number of investments andthe business cycle. If the C share issue is fully subscribed, the portfolio ofinvestee companies could increase towards 80 in total.

The recently announced highlights of the company's interim results for the six monthsto 30 June 2005 showed a 6.8% increase in total return taking the Net Asset Value(NAV) per ordinary share to 112.4p per share before thedeclaration of an interim dividend of 2p per share. The portfolio of investeecompanies has grown to 56 companies and the level of qualifying VCT investments iscurrently over 85%. If fully subscribed, the size of Baronsmead VCT 3 will increasetowards £60m NAV and expand the numbers of shareholders from approximately 2,000currently to 3,000 in total.

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