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Sgr & Frdlndr AIM 3 (VICT)

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Friday 18 November, 2005

Sgr & Frdlndr AIM 3

Conversion of Securities

Singer & Friedlander AIM 3 VCT PLC
18 November 2005



SINGER & FRIEDLANDER AIM 3 VCT PLC


CONVERSION OF C SHARES


18th November 2005


The Board of Singer & Friedlander AIM 3 VCT PLC ('the Company') announces that
the net proceeds of the offers of C Shares of 5 pence each ('the C Shares') in
the Company have been substantially invested in accordance with the Company's
investment policy, with qualifying investments representing 77.11% of the
portfolio as at 31st October 2005.



In accordance with the Articles of Association of the Company and after taking
relevant advice, the Board announces its intention to convert all 402,023 C
Shares in issue into ordinary shares of 5 pence each ('the Ordinary Shares').
As a result of the conversion, the listing of the C Shares will be cancelled and
they will cease to trade on the main market for listed securities of London
Stock Exchange plc.



As prescribed in the Articles of Association of the Company the number of
Ordinary Shares to which each holder of C Shares will be entitled on conversion
will be based upon the ratio of the net asset value of the asset pool of the
Company attributable to the C Shares to the net asset value of the asset pool of
the Company attributable to the Ordinary Shares as at 5.30 p.m. on 17th
November, the date on which the Board resolved that the net proceeds of the
offers of C Shares had been substantially invested in accordance with the
Company's investment policy.



In accordance with the Articles of Association of the Company, notices will be
sent to the holders of C Shares before the date on which conversion becomes
effective informing them of the number of Ordinary Shares to which they will
become entitled on conversion (assuming no intervening changes in their holdings
of C Shares).



The record time for calculating the individual entitlements of C Shareholders to
Ordinary Shares will be 5.30 p.m. on Friday 9th December.



The expected timetable for the conversion is as follows:

Record time for Conversion, C Share register closes               5.30 p.m. on 9th December 2005
Dealings in new Ordinary Shares commence                          8.00 a.m. 12th December 2005
Crediting of CREST accounts with new Ordinary Shares              12th December 2005
Share certificates in respect of new Ordinary Shares despatched   Week commencing 12th December 2005



Enquiries:

Andrew Banks

Singer & Friedlander Investment Management Limited

Tel. 020 7623 3000






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