Baronsmead VCT 3 Plc raises over £10m

Guy
15 November 2005

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By 11 November 2005, Baronsmead VCT 3 had raised over £10m of the £24m it is seeking to raise as a C share issue following the publication of the Securities Note in September 2005.

David Thorp, investment manager of Baronsmead VCT 3, said 'We are pleased that fund raising has continued at a good pace with a sizeable proportion of the subscriptions coming from the existing shareholders of the four Baronsmead VCTs.'

'Approximately 800 C shareholders have subscribed to date, which increases the total number to over 2,700 shareholders and takes Baronsmead VCT 3 to approximately £48m Net Asset Value."

Chairman of Baronsmead VCT 3, Mark Cannon Brookes, said "We are pleased to announce the fully diluted Net Asset Value as at 30 September 2005 of 114.1p per ordinary share up 3.4% in the quarter. This represents a total return since we started in January 2001 of 43% which is significantly ahead of the FTSE All-Share over the same period and most other generalist VCTs.

The increase in NAV comes from both unquoted and Aim-traded portfolios. Two unquoted exits, the sale of AssA in September at 2.46 times cost since first investment in September 2003 and the partial sale of Americana on 31 October 2005 at a profit of £2.5m, were notable successes in recent months.