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Spark VCT 3 PLC (SVC3)

  Print      Mail a friend       Annual reports

Wednesday 19 November, 2008

Spark VCT 3 PLC

Interim Management Statement

SPARK VCT 3 plc ('the Company')

Interim Management Statement

This Interim Management Statement for the quarter ended 30 September 2008 is
unaudited and is provided in accordance with Rule 4.3 of the Disclosure and
Transparency Rules of the UK Listing Authority. The statement also includes
relevant information from the period from 1 October 2008 to the date of issue.
The Statement has been prepared solely to provide additional information in
order to meet the relevant requirements of the UK Listing Authority's
Disclosure and Transparency Rules, and should not be relied on by Shareholders,
or any other party, for any other purpose.

Net Asset Value (NAV)

The NAV as at 30 September 2008 was 59.0p per share compared with an NAV of
61.9p per share as at 30 June 2008. The decline is due largely to movements in
valuation of the quoted venture capital portfolio.

As reported in the Half Yearly Financial Report, the Company sold its entire
portfolio of listed equities in early July. This sale, which gave rise to a
loss of £175,000 as compared with the unaudited valuation at 30 June 2008, has
limited further exposure to recent declines in equity markets.


On 13 October 2008 the Company announced the formal agreement of the terms and
conditions of a merger with SPARK VCT 2 plc (the "Merger") to be effected by
way of a scheme of arrangement pursuant to Part 26 of the Companies Act 2006
(the "Scheme").

On 12 November 2008, the resolutions proposed at the meeting of shareholders
convened by the Court and the General Meeting of the Company were duly passed. 
At the Court Meeting the resolution to approve the Scheme was duly passed by
99.59% of shareholders on a poll.  Similarly, at the General Meeting, the
resolution to implement the Scheme and authorise the reduction of capital of
the Company was passed by 99.58% of shareholders on a poll. 

The implementation of the Scheme remains conditional on the satisfaction or
waiver of the remaining Conditions, including the sanction of the Scheme and
the confirmation of the reduction of capital by the Court.

The Court hearing to sanction the Scheme and confirm the reduction of capital
is scheduled for 26 November 2008 and it is expected that the effective date of
the Merger will be 27 November 2008.

Venture Capital Investments

During the quarter one new unquoted investment of £28,000 was made in the
holding company of Gemini Biomedical Limited (GBL), which provides health
screening services to the life insurance industry. The Company also made three
follow-on investments totalling £44,000.

Minor disposals from within the venture capital portfolio produced proceeds of

Since the quarter end, two follow-on investments totalling £42,000 have been

Share Capital

The number of ordinary shares in issue at 30 September 2008 was 22,614,975.
During the quarter ended 30 September 2008, 132,311 shares were bought back.

Since 1 October 2008 no further shares have been bought back.

Other than described above, the Board is not aware of any events during the
period from 30 September 2008 to the date of this statement, which would have
had a material impact on the financial position of the Company.

Issued on behalf of the Board

Nghi Tran

Company Secretary

19 November 2008