Result of Equity Issue

Baronsmead VCT 3 PLC
8 April 2002

TO: LONDON STOCK EXCHANGE, COMPANY ANNOUNCEMENTS



DATE:           8 April 2002

TITLE:          Results of Equity Issue


BARONSMEAD VCT 3 PLC

OFFER FOR SUBSCRIPTION

The Board of Baronsmead VCT 3 plc is pleased to announce that pursuant to the
Offer for Subscription to existing shareholders which closed on 28 March 2002, a
further 1,530 Ordinary Shares at 10 pence per share have been allotted and
issued. The offer price was 98 pence per Ordinary Share. This brings the total
number of Ordinary Shares issued under the Offer for Subscription to 273,742.


Trading in these additional shares is expected to commence on 9 April 2002 at
8.00am.


The total number of shares in issue is now 33,522,441.


For further information please contact:


                        David Thorp, ISIS Capital plc: 0207 560 1100

                        Rhonda Nicoll, Friends Ivory & Sime plc : 0131 465 1000




                      This information is provided by RNS
            The company news service from the London Stock Exchange