Baronsmead 2vt Regulatory News (BMD)

Baronsmead VCT 3 plc Interim Management Statement For the three month period from 1 July 2013 to 30 September 2013. Headlines * 4.5p second interim dividend declared, payable on 20 December to shareholders on the register on 6 December 2013 * +5.1 per cent increase in Net Asset Value per share * £1.1 million invested in two unquoted and two quoted investments Performance Summary Capital return As at As at Movement 30 Sep 2013 30 Jun 2013 Total net assets £74.61m £73.00m Net asset value per share 112.99p 107.55p* 5.1% Share price 105.50p 105.88p (0.4%) Discount to NAV (6.6%) (1.5%) Total Return 3 month (%) 1 year (%) 5 years (%) 10 years (%) Net asset value total return 4.9 13.0 51.3 112.8(1) * Adjusted for 3p interim dividend for comparative purposes paid on 20September 2013. NAV at 30 June 2013 excluding effect of dividend was 110.55p per share. Key: (1) NAV total return = NAV + reinvested dividends; Source: ISIS EP LLP These total returns are stated before the inclusion of VCT tax reliefs whichare designed to mitigate the higher risks and costs associated with investingin smaller companies and the constraints of the VCT legislation. The front endincome tax reliefs available at the time of subscription were 20 per cent priorto the end of the 2003/04 tax year, 40 per cent in the 2004/05 and 2005/06 taxyears and 30 per cent since then, so any adjusted performance measure includingthis relief will vary depending on the date of subscription. There is theadditional benefit of receiving VCT dividends tax free. Investment Performance In the three months to 30 September 2013, Baronsmead VCT 3's net asset valueper share increased by 5.1 per cent. During the quarter, the unquoted portfoliovaluation increased by 0.4 per cent and the AIM portfolio increased by 11.8 percent. The Company's net assets as at 30 September 2013 were £74.61 million. Thisfigure takes account of the valuation of the Company's investments as at 30September 2013 and is stated after the payment of the interim dividend of 3.0pper share paid on 20 September 2013 (£1.98 million). Top Ten Investment Holdings Position at Position at Company Percentage30 Sep 2013 30 Jun 2013 of NAV as at 30 Sep 2013 1 1 CableCom Networking Holdings Limited 7.3 2 2 Nexus Vehicle Holdings Limited 6.4 3 3 CSC (World) Limited 3.8 4 4 Kafevend Holdings Limited 3.4 5 6 IDOX plc 3.3 6 5 Crew Clothing Holdings Limited 2.7 7 8 Netcall plc 2.6 8 9 Inspired Thinking Group Limited 2.5 9 12 Vectura Group plc 2.4 10 10 Fisher Outdoor Leisure Holdings 2.3 Limited Total 36.7 Analysis of Total Assets Percentage of total Percentage of total assets assets 30 Sep 2013 30 Jun 2013 Unquoted investments 49 50 AIM, listed & collective 41 37investments vehicle Listed interest bearing 4 7securities Net current assets 6 6 Total cash portfolio 10 13 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 30 Sep 2013 30 Jun 2013 Business Services 35 35 Consumer Markets 18 18 Financial Services 2 2 Healthcare & Education 13 13 Technology, Media & 32 32 Telecommunications Total 100 100 Investment Activity During the three months to 30 September 2013, Baronsmead VCT 3 invested a totalof approximately £1.13 million in one new and three follow on investments asset out in the table below: Investments made Company Date Cost (£'000) EG Solutions plc Jul 2013 78 Key Travel Limited Jul 2013 954 Paragon Entertainment Limited Jul 2013 45 Valldata Group Limited Aug 2013 54 Total investments 1,131 During the quarter, a new unquoted investment of £0.95 million was made in KeyTravel, a travel management company focused on the not-for profit sector.Follow-on investments were made in one unquoted company, Valldata GroupLimited, and two quoted companies, EG Solutions plc and Paragon EntertainmentLimited, totalling £0.2 million. After the end of the period, Baronsmead VCT 3 invested £1.0 million in anunquoted investment, Carousel Logistics Limited, a provider of bespokelogistics and supply chain solutions. Realisations During the period under review Baronsmead VCT 3 received a total of £0.71million in proceeds as set out in the table below: Company Date Cost Proceeds Multiple (£'000) (£'000) (X) Consumer Investment Jul 2013 45 45 1.0Partners Limited Valldata Group Limited Aug 2013 450 540 1.2 Active Risk Group plc Sept 2013 159 126 0.8 Total realisations 654 711 Since the period end, there has been a further significant realisation.Cablecom has been in the portfolio since 2007 and manages internet services tohigh density accommodation such as student accommodation. The business hasbeen sold via a secondary management buy-out and the realisation has delivered4.8 times the original cost of investment which is an excellent result. Inaddition, a £5m investment (£1.25k for BVCT 3) has been negotiated in the newtransaction on the same terms as the lead private equity buyer as ISIS believesthere is an opportunity for further growth. Dividend Declaration Following recent profitable sales of investments, the Directors have declared asecond interim dividend of 4.5p per share in lieu of a final dividend for theyear to 31 December 2013. This dividend will be paid on 20 December toshareholders on the register as of 6 December 2013. Dividends totalling 7.5pper share for the year to 31 December 2013 have either been paid or declared. Net Asset Value as at 31 October 2013 The net asset value as at 31 October 2013 was 115.52p per share. This is statedbefore taking account of the second interim dividend of 4.5p per share payableon 20 December 2013. Fundraising Update An offer for subscription is currently expected to be launched in early 2014 toraise gross proceeds of up to £10 million. The securities note, which willcontain the subscription form and the full terms and conditions, will be sentto existing shareholders as soon as it is published. 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 July 2013 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.comTelephone: 020 7506 5717Facsimile: 020 7506 5718Post: 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.