Close VCT achieves AAA rating

Guy
27 January 2006

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Close Venture Management’s C share issue of Close Technology & General VCT is still open to investors and one of only two VCTs currently open for subscription with a triple A rating from Allenbridge Group, the leading VCT analyst. The VCT has already raised over £5.5m and the fund offer has its final close on 4 April 2006.

Close Brothers is the only VCT provider with open fund offers that have “AAA” rankings from Allenbridge, their highest rank. The other Close VCT with this ranking is Close IHT AIM VCT.

CVM is raising up to £35m of new money through the launch of the ‘C’ share issue of the highly successful and award winning Close Technology & General VCT. The new ‘C’ shares will offer investors an opportunity to invest in a balanced portfolio of technology and non-technology businesses, alongside other CVM funds, broadly split as follows: 40% in technology companies, with 15% in quoted international technology stocks and 25% in unquoted UK technology-related companies; 60% in unquoted UK non-technology companies.

The net asset value per ordinary share of Close Technology & General VCT at 30 June 2005 was 118.5 pence and, since launch, total dividends of 17 pence have been paid to ordinary shareholders. Dividends declared in respect of the ordinary shares for the year to 31 December 2005 amount to 8 pence per share. The proceeds of the issue of C shares will be invested under the same investment policy as has been applied to the ordinary shares.