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Sgr & Frdlndr AIM 3 (VICT)

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Wednesday 01 September, 2004

Sgr & Frdlndr AIM 3

Interim Results

Singer & Friedlander AIM 3 VCT PLC
01 September 2004


Interim Results for the six month period ending 31st July 2004

Chairman's Statement

I am pleased to present the Interim Report for the 6 months to 31st July 2004.
Markets peaked during February and since then, in response to rising interest
rates, higher oil prices and geopolitical uncertainties have drifted lower. On
AIM the heavy supply of new issues and fund-raising has caused some indigestion.
However, newsflow from our investee companies has generally been positive in
spite of the likelihood of further interest rate rises.

During the period under review the AIM index fell 2.6% and our net asset value (
NAV ) fell 3.6%, however, after adjusting for the payment of the final dividend,
fell 3.4%. Since launch, after adjusting for dividend payments, the NAV is
unchanged, however, the AIM index over that period has declined 36.4%.

We have completed the investment of the funds raised at the time of the launch
and the Inland Revenue has confirmed our qualifying status. In the last Budget
the Chancellor announced a change to the tax rules for individuals investing in
VCTs. This allows for 40% tax relief on an investment of up to £200,000 each
year, provided the investment is held for at least three years. This change and
the excellent performance of the VCT has encouraged us to seek to raise
additional funds. We are therefore proposing to raise up to £30m via a ' C '
share issue and anticipate a prospectus being published in September. Existing
shareholders will have priority over new investors.

Due to his other substantial business commitments, David Lloyd resigned as a
Director of the Company on 19th March 2004. I would like to thank David for his
invaluable contribution over the past three years.

I would like to welcome to your Board two new Non-Executive Directors. David
Page and Dominic Wheatley joined the Board on the 1st August 2004. David was
Managing Director of Pizza Express at the time of its floatation and
subsequently became Chairman and Chief Executive.  He is now Chairman of The
Clapham House Group plc, which floated on AIM in November 2003. Dominic was
involved in the significant early success of Eidos as Chief Operating Officer
and Chief Executive of their US subsidiary. He recently founded and is Chief
Executive of Bright Things which listed on AIM in April. Bright Things is
developing a unique new gaming platform. Dominic is also Non-Executive Chairman
of Kuju plc. The Trust has shareholdings in The Clapham House Group, Bright
Things and Kuju.

The Directors do not propose to recommend an interim dividend, but as in
previous years, anticipate recommending the payment of a final dividend.

C J L Moorsom


Manager's Report

The portfolio now consists of 53 companies carrying out a diverse range of
activities, primarily in the UK. Of these, 45 are quoted on the AIM, 4 are
unquoted and 4 are listed on OFEX. We are now fully invested and as at 31st July
we had some 82% of the initial funds invested in qualifying companies as defined
by the Inland Revenue, with the balance mainly in fixed interest investments.

The first half started well enabling us to take profits of approximately £1m in
the period. We are committed, over time, to returning gains to shareholders in
the form of tax free dividends. To date we have realised gains of approximately
4.35p per share. Over the past couple of months the market has become more
difficult, however, we would anticipate renewed progress later this year.

We can report some successes from our unquoted investments with the IPO of XN
Checkout resulting in an uplift of some 60% over the cost of our investment. In
addition, ITS Ecco is close to concluding an agreement to sell the company for
cash to a US company. This should result in a significant profit being achieved
on this investment.

During the first half we repurchased 530,000 shares for cancellation at a
discount of 15% to NAV. It is our continuing intention to repurchase shares
within the powers granted at the AGM.

A N Banks

Singer and Friedlander Investment Management Ltd


Award International Holdings                             Provider of promotional goods and services to enhance
                                                         brand awareness

BBI Holdings                                             Developer and manufacturer of rapid result diagnostic

Bright Things                                            Developer of intellectual property for a new educational
                                                         games platform

Camaxys Group                                            Developer of computerised management systems for health &
                                                         safety applications

1st Dental Laboratories                                  Dental laboratories group

Laminate Flooring                                        Specialist retailer of laminate, real wood and solid wood

Matrix Communications Group                              Delivery customer focused IT solutions

Summary Financial Information

Unaudited Statement of Total Return (incorporating the revenue account*)

                                          Unaudited                        Unaudited                        Audited 
                                     6 months ended                   6 months ended                     Year ended 
                                     31st July 2004                   31st July 2003              31st January 2004 
                   Revenue     Capital        Total    Revenue    Capital      Total    Revenue    Capital    Total 
                         £           £            £          £          £          £          £          £         £ 
  (Losses)/gains        -     (963,290)    (963,290)         -  1,334,994   1,334,994         -  6,908,453  6,908,453
  on nvestments                                                                                                         
  Income           211,587            -      211,587    359,054          -    359,054    645,846          -    645,846
  fees            (76,115)    (228,347)    (304,462)   (60,132)  (180,396)  (240,528)  (135,209)  (405,628)  (540,837)  
  expenses       (153,789)            -    (153,789)  (137,367)          -  (137,367)  (294,584)          -  (294,584)  
  Return on       
  taxation        (18,317)  (1,191,637)  (1,209,954)    161,555  1,154,598  1,316,153    216,053  6,502,825  6,718,878  
  Taxation on           
  activities             -            -            -   (36,098)     36,098          -   (49,029)     49,029          -  
  to equity                                                                                                           
  shareholders    (18,317)  (1,191,637)  (1,209,954)    125,457  1,190,696  1,316,153    167,024  6,551,854  6,718,878  
  Dividends in        
  respect of                                                                                                          
  shareholders         450            -          450          -          -          -   (82,227)          -   (82,227)  
  reserves        (17,867)  (1,191,637)  (1,209,504)    125,457  1,190,696  1,316,153     84,797  6,551,854  6,636,651  
  Return per       
  share            (0.05)p      (3.64)p      (3.69)p      0.38p      3.61p      3.99p      0.51p     19.89p     20.40p  

The accounts have been prepared using accounting standards and policies adopted
at the previous year end. All revenue and capital items in the above statement
derive from continuing operations. No operations were discontinued during the

These accounts are unaudited and are not the Company's statutory accounts.

*The revenue column of this statement is the profit and loss account of the

Unaudited Balance Sheet  

                                                                   Unaudited      Unaudited         Audited 
                                                                   31st July      31st July    31st January 
                                                                        2004           2003            2004 
                                                                           £              £               £ 
              Fixed assets                                                                                 
              Investments                                          29,671,925    25,960,804      31,158,785
              Current assets                                                                               
              Debtors                                                  71,477        29,622          16,390
              Accrued interest on fixed interest securities            65,840       165,962         173,184
              Cash at bank                                            338,883       149,561         982,144
                                                                      476,200       345,145       1,171,718
              Creditors: amounts falling due within one year                                               
              Corporation tax                                               -        47,730               -
              Other creditors and accruals                            420,301       167,002         958,247
                                                                      420,301       214,732         958,247
              Net current assets                                       55,899       130,413         213,471
              Total net assets                                     29,727,824    26,091,217      31,372,256
              Capital & reserves                                                                           
              Called-up share capital                               1,618,043     1,647,043       1,644,543
              Share premium account                                 2,721,969     2,721,969       2,721,969
              Special reserve                                      26,461,805    26,936,192      26,896,733
              Capital redemption reserve                               31,500         2,500           5,000
              Capital reserve - realised                              270,878     (702,748)       (463,440)
              Capital reserve - unrealised                        (1,694,495)   (4,890,390)         231,460
              Revenue reserve                                         318,124       376,651         335,991
              Equity shareholders' funds                           29,727,824    26,091,217      31,372,256
              Net asset value per ordinary share                       91.92p        78.83p          95.38p
              (31 July figures exclude current period revenue)                                             

Since the year end the Company has purchased 530,000 ordinary shares of 5p each
for cancellation at an average price of 81.56p.

These accounts are unaudited and are not the Company's statutory accounts.

Unaudited Summarised Cash Flow Statement
                                                                          Unaudited         Unaudited         Audited 
                                                                     6 months ended    6 months ended      Year ended 
                                                                          31st July         31st July    31st January 
                                                                               2004              2003            2004 
                                                                                  £                 £               £ 
  Net cash (outflow)/inflow from operating activities                       (62,088)            65,083        (60,741)
  Corporation tax paid                                                             -                 -        (48,204)
  Net cash (outflow)/inflow from capital expenditure and                    (64,468)         (417,945)         628,125
  financial investment                                                                                                
  Equity dividends paid                                                     (81,777)         (263,527)       (263,527)
  Net cash (outflow)/inflow before financing                               (208,333)         (616,389)         255,653
  Net cash outflow from financing                                          (434,928)                 -        (39,459)
  Net funds at the beginning of the period                                   982,144           765,950         765,950
  Net funds at end of the period                                             338,883           149,561         982,144

These accounts are unaudited and are not the Company's statutory accounts.



 1. Principal Accounting Policies

The following accounting policies have been applied consistently throughout the
period. Full details of principal accounting policies are disclosed in the
Annual Report.

 a. Basis of Accounting

    The financial statements have been prepared under the historical cost
    convention, modified to include the revaluation of fixed asset investments.
    The financial statements have been prepared in accordance with applicable
    accounting standards and are in compliance with the 2003 Statement of
    Recommended Practice 'Financial Statements of Investment Trust Companies'

 b. Investments

Listed investments and investments traded on AIM and OFEX are stated at mid
market prices at the period end. Unquoted investments are stated at the
Directors' valuation with reference to the new British Venture Capital
Association ('BVCA') guidelines where appropriate. The Directors' policy in
valuing unquoted investments is to carry them at cost except in the following

  • Where a company's under performance against plan indicates a diminution in
    the value of the investment;

  • Where a company is well established and profitable, the shares may be
    valued by applying a suitable price-earnings ratio to the company's historic
    post-tax earnings. The ratio used is based on a comparable listed company or
    sector but discounted to reflect lack of marketability;

  • Where a value is indicated by a material arms-length transaction by a
    third party in the shares of a company.

Unquoted investments will not normally be revalued upwards for a period of at
least six months from the date of acquisition. Where trading in the securities
of an investee company is suspended, the investment is valued at the Board's
estimate of its net realisable value.

Capital gains and losses on investments, whether realised or unrealised, are
dealt with in the capital reserve.

2. The figures and financial information for the year ended 31st January 2004
have been compiled from an extract of the latest published accounts and do not
constitute the statutory accounts for the year. Those accounts have been
delivered to the Registrar of Companies and included the report of the auditors,
which was unqualified and did not contain a statement under either Section 237
(2) or Section 237(3) of the Companies Act 1985.

 3. Fixed Asset Investments

Summary of Investments at 31st July 2004

                                             Sector Analysis                    Purchase cost       Current    % of 
                                                                                                  valuation  portfolio  
                                                                                                             by value 
                                                                                            £             £             
    AIM Quoted Companies                                                                                            

    1st Dental Laboratories                  Health                                   350,000       420,000     1.41
    Aero Inventory                           Aerospace & defence                      481,041       603,816     2.03
    Asfare Group                             Engineering & machinery                  321,393       353,532     1.19
    Award International Holdings             Media                                    209,990       194,241     0.65
    BBI Holdings                             Pharmaceuticals & biotechnology          239,708       247,358     0.83
    Blooms of Bressingham Holdings           General retailers                        470,000       323,921     1.09
    Bright Things                            Household goods & textiles               375,000       260,417     0.88
    Camaxys Group                            Software & computer services             254,825       270,752     0.91
    Capcon Holdings                          Speciality & other finance               700,000       546,000     1.84
    Cardpoint                                Speciality & other finance               380,843       926,810     3.12
    Centurion Electronics                    Automobiles & parts                      190,950       467,827     1.57
    CMS Webview                              Media & entertainment                    401,674       200,837     0.68
    Corpora                                  Software & computer services             489,706       539,181     1.81
    Fulcrum Pharma                           Pharmaceuticals & biotechnology          279,532       151,920     0.51
    Glisten                                  Food producers & processors              327,143       981,430     3.30
    Huveaux                                  Media & entertainment                    813,049     1,637,373     5.51
    ID Data                                  Information technology hardware          348,250       271,250     0.91
    Imprint Search & Selection               Support services                         400,000       762,500     2.57
    Intellexis                               Support services                         324,960       395,368     1.33
    Knowledge Technology Solutions           Media & entertainment                    127,362       244,111     0.82
    Kuju                                     Software & computer services             549,999       329,356     1.11
    Lloyds British Testing                   Support services                         362,400       265,171     0.89
    Lo-Q                                     Leisure & hotels                         760,000        37,050     0.13
    Matrix Communications Group              Software & computer services             400,000       640,000     2.15
    Medal Entertainment & Media              Media & entertainment                    602,509       805,148     2.71
    Mediwatch                                Health                                   693,515       440,509     1.48
    Monstermob Group                         Media & entertainment                    141,750        68,250     0.23
    NWD Group                                Media & entertainment                    466,750       359,038     1.21
    Oasis Healthcare                         Health                                   631,180       256,417     0.86
    Pixology                                 Software & computer services             399,000       342,000     1.15
    PM Group                                 Transport                                604,232     1,238,676     4.17
    Prezzo                                   Leisure & hotels                         369,927     1,140,824     3.84
    Quadnetics Group                         Electronic & electrical equipment        225,632       219,246     0.74
    Real Good Food Company                   Food producers & processors              596,113       716,543     2.40
    Ringprop                                 Engineering & machinery                  366,999       903,382     3.04
    Symphony Plastic Technologies            Chemicals                                409,339       336,652     1.13
    Synergy Healthcare                       Health                                   448,000       896,493     3.02
    Tanfield Group                           Support services                         737,403        29,049     0.10
    The Clapham House Group                  Leisure & hotels                         453,872       523,427     1.76
    Tikit Group                              Software & computer services             400,000       460,869     1.55
    Tissue Science Laboratories              Health                                   834,600       836,550     2.81
    UBC Media Group                          Media & entertainment                    409,908       359,170     1.21
    Vianet Group                             Information technology hardware          450,000       614,583     2.07
    XN Checkout Holdings                     Software & computer services             408,819       644,673     2.17
    Xpertise Group                           Support services                         485,179       212,321     0.71
                                                                                   19,692,552    22,474,041    75.60 
    OFEX Quoted Companies                                                                                           
    Aquilo                                   Speciality & other finance               589,375       269,960     0.91
    Flying Scotsman                          Leisure & hotels                         400,800        15,012     0.05
    Laminate Flooring Direct                 Construction & building materials        375,000       416,250     1.40
    Music Copyright Solutions                Media & entertainment                    375,000       419,118     1.41
                                                                                    1,740,175     1,120,340     3.77 
    Private Companies                                                                                               
    Flexbenefits                             Software & computer services             517,500       129,375     0.44
    ITS Ecco                                 Support services                         400,000       547,500     1.84
    Lilestone                                General retailers                        405,000       405,000     1.36
    U4EA                                     Information technology hardware          374,989        36,201     0.12
    U4EA (preference shares)                 Information technology hardware          404,581       407,581     1.37
                                                                                    2,102,070     1,525,657     5.13 
    Other qualifying investments                                                                                    
    ID Data Conv Loan Stock                  Information technology hardware          225,000       225,000     0.76
    Tanfield Group 8.5% Conv Loan Stock      Support services                         250,000       250,000     0.84
    XN Checkout Holdings (loan stock) 2007   Software & computer services              45,000        45,000     0.15
    Xpertise Group Loan Stock                Support services                         200,000       200,000     0.67
                                                                                      720,000       720,000     2.42 
  Total Qualifying Companies                                                       24,254,797    25,840,038    86.92 
  Fixed income investments                                                                                            
  Debentures and loan stocks                                                                                          
  BK Ned Gemeenten 6.375% MTN                                                         255,026       252,000     0.85
  Euro Inv Bank 6.125% BDS                                                          1,118,922     1,112,925     3.74
                                                                                    1,373,948     1,364,925     4.59 
  UK Government loans                                                                                                 
  Treasury 4.5% STK 2007                                                              740,219       740,100     2.49
                                                                                      740,219       740,100     2.49 
  Other non-qualifying investments                                                                                    
  Aquilo                                              Speciality & other finance      487,500       223,296     0.75
  Blooms of Bressingham Holdings                      General retailers               534,992       368,713     1.24
  Blooms of Bressingham Holdings (warrants)           General retailers                20,007         8,100     0.03
  Cardpoint                                           Speciality & other finance      156,597       381,089     1.28
  First Artist Corp                                   Media & entertainment           400,000        28,000     0.10
  Formation Group                                     Media & entertainment           519,751       271,078     0.91
  Medal Entertainment & Media                         Media & entertainment            51,170        68,379     0.23
  Synergy Healthcare                                  Health                          189,000       378,207     1.27
                                                                                    2,359,017     1,726,862     5.81 

  Total Fixed Income and other non-qualifying                                       4,473,184     3,831,887    12.89 

  Companies in liquidation*                                                     
  Coinmaster Gaming                                                                   350,000            -         - 
  Exertris                                                                            503,445            -         - 
  Exertris Conv Debt                                                                  100,000            -         - 
  Firmgrowth                                                                          250,000            -         - 
  Global Money Transfer (loan notes)                                                  300,000            -         - 
  Monotub Industries                                                                  260,000            -         - 
  Recycled Waste                                                                      374,994            -         - 
  Stanhope Telecom                                                                    500,000            -         - 
                                                                                    2,638,439            -         - 
  Total qualifying portfolio                                                       24,254,797   25,840,038     86.92
  Fixed interest/non qualifying portfolio                                           4,473,184    3,831,887     12.89
  Investments held at nil valuation                                                 2,638,439            -         -
  Sub total                                                                        31,366,420   29,671,925     99.81
  Net current assets                                                                        -       55,899      0.19
  Total                                                                            31,366,420   29,727,824    100.00 

*These companies are in liquidation and the Directors consider it appropriate to
value them at zero. With the exception of Exertris Conv Debt and Global Money
Transfer, they count towards the VCT investment test, which states that 70% of
the Company's assets will be invested in VCT qualifying investments by January

4. Dividends 

The Directors do not recommend the payment of an interim dividend in respect of
the period ended 31st July 2004.

5. Other Information  

The Company will be circulating the Interim Report to shareholders shortly and 
copies will also be available from the Registered Office of the Company, 
21 New Street, Bishopsgate, London EC2M 4HR.

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

a d v e r t i s e m e n t