Baronsmead 2vt Regulatory News (BMD)

Baronsmead VCT 3 plc Interim Management Statement For the three month period from 1 January 2014 to 31 March 2014. Headlines +4.5% Increase in Net Asset Value per share before payment of interim dividend 8.0p Interim dividend paid on 7 March 2014 £9.7m Raised net of costs in January / February 2014 Performance Summary As at As at Capital return 31 March 2014 31 Dec 2013 Movement Total net assets £82.82m £74.88m Net asset value per share 118.53p* 113.40p 4.5% Share price 103.75p 106.25p (2.4%) Discount to NAV (6.1%) (6.3%) * Adjusted for 8.0p (£5.3m) interim dividend paid on 7 March 2014 forcomparative purposes. Actual NAV at 31 March 2014 including the interim dividend paid7 March 2014 was 110.53p per share. Total Return 3 month (%) 1 year (%) 5 years (%) 10 years (%) Net asset value total return (1) 4.63 13.21 70.13 120.51 Key: (1) NAV total return = NAV + reinvested dividends; Source: ISIS EP LLP These total returns are stated before the inclusion of VCT taxreliefs which are designed to mitigate the higher risks and costs associatedwith investing in smaller companies and the constraints of the VCT legislation.The front end income tax reliefs available at the time of subscription were 20%prior to the end of the 2003/04 tax year, 40% in the 2004/05 and 2005/06 taxyears and 30% since then, so any adjusted performance measure including thisrelief will vary depending on the date of subscription. There is theadditional benefit of receiving VCT dividends tax free. Investment Performance The net asset value of the company increased by 4.5% during the quarterexcluding the interim dividend paid during the period. The unquoted portfoliovaluation stayed broadly flat in the quarter and the AIM portfolio increased by7.7%. The Company's net assets as at 31 March 2014 were £82.8 million. This figuretakes account of the valuation of the Company's investments as at 31 March 2014and takes account of the payment of the interim dividend of 8.0p per share paidon 7 March 2014 (£5.3 million) and the £9.7m (net of costs) raised during theperiod under review. Top Ten Investment Holdings Percentage of NAVPosition at Position at as at31 Mar 2014 31 Dec 2013 Company 31 Mar 2014 1 1 Nexus Vehicle Holdings Limited 5.7 2 2 Netcall plc 3.4 3 4 Vectura Group plc 3.0 4 5 IDOX plc 3.0 5 3 Crew Clothing Holdings Limited 2.9 6 7 Valldata Group Limited 2.2 7 9 ICCM 2.1 8 10 Murgitroyd Group plc 2.0 9 8 Tasty plc 1.9 10 20 Jelf Group plc 1.7 Total 27.9 Analysis of Total Assets Percentage of total Percentage of total assets assets 31 March 2014 31 Dec 2013 Unquoted investments 32 38 AIM, listed, ISDX & 48 47collective investmentsvehicle Listed interest bearing 0 5securities Net current assets 20 10 Total cash portfolio 20 15 Total Assets 100 100 Analysis of Investment Portfolio by Sector (excluding cash and interest bearing securities) Percentage of total Percentage of total investments at investments at 31 March 2014 31 Dec 2013 Business Services 43 45 Consumer Markets 12 13 Healthcare & Education 17 16 Technology, Media &Telecommunications 28 26 Total 100 100 Investment Activity One new unquoted investment of £952,000 was made during the period in Kingsbridge a specialist insurance broker. A total of £508,000 was invested in one new and two follow on investments in AIM traded companies Investments made Company Date Cost (£'000) Daily Internet plc Jan 2014 25 Kingsbridge Limited Jan 2014 952 EG Solutions plc Loan note Feb 2014 33 Scholium Group plc Mar 2014 450 Total investments 1,460 Realisations During the period under review Baronsmead VCT 3 realised proceeds of £2.3m from the sale of two unquoted investments (Empire World Trade and Inspired Thinking Group). Arcas Investments was dissolved in the period and the funds returned to the VCT. The sale of Baronsmead VCT 3's holding in Inspired Thinking Group in March 2014realised a return of 3.4 times its original cost including interest income. Cost Proceeds MultipleCompany Date (£'000) (£'000) (X) Inspired Thinking Group Mar 2014 796 2315 3.4*Limited Mar 2014 1,000 998 1.0Arcas World Trade Limited Jan 2014 1,297 25 0.0Empire World Trade Limited Total realisations 3,093 3,338 *Includes interest/ dividends received, loan note redemptions and partialrealisations accounted for in prior periods Dividend paid on 7 March 2014 Following recent profitable sales of investments, the Directors declared aninterim dividend of 8.0p per share with respect to the year to 31 December2014. The dividend was paid on 7 March 2014 to shareholders on the register asof 21 February 2014. It is the Board's current expectation that this interimdividend will be in lieu of the dividend that would normally be declared on thepublication of the Company's results for the six months to 30 June 2014. Fundraising An offer for subscription to raise gross proceeds of up to £10 million waslaunched on 22 January 2014. The Company's offer was fully subscribed by 19February 2014, raising £9.7 million net of expenses. As a result, on 14 March2014 the Company allotted 8,896,261 shares at a price of 112.40p per share. TheBoard would like to thank the 482 existing shareholders and extend a very warmwelcome to 576 new shareholders who invested in the Company through thisfundraising. The Company had 4,084 shareholders as at 31 March 2014. Events after the period end Other than the events described above, the Board is not aware of anysignificant events or transactions which have occurred between 1 April 2014 andthe date of publication of this statement which would have a material impact onthe financial position of the Company. Investment objective Baronsmead VCT 3 plc is a tax efficient listed company which aims to achievelong-term investment returns for private investors. Further information Further information regarding the Company, including net asset values publishedsince the end of the period and quarterly factsheets, can be found at theCompany's website www.baronsmeadvct3.co.uk Contact For further information please contact: The Company's Investment Manager, ISIS EP LLP as follows: Email: baronsmeadvcts@isisep.com Telephone: 020 7506 5717 Facsimile: 020 7506 5718 Post: 100 Wood Street, London, EC2V 7AN Neither the contents of the Company's website nor the contents of any websiteaccessible from hyperlinks on this announcement (or any other website) isincorporated into, or forms part of, this announcement.