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Guns and roses for VCT

Close Venture Management is issuing a C-share class on behalf of the Close Brothers Development venture capital trust in a bid to raise £20m of new funding.

The VCT, which was set up in January 1999 and has raised £14.8m to date, invests in smaller unquoted companies such as military vehicle manufacturer Automotive Technik and garden centre management firm Q Gardens Company.

Close wants to broaden its current investment portfolio with the issue.

There is no minimum subscription and the issue offers investors the choice of investing for the tax year to April 2003 or April 2004 or a combination of both tax years.

Maximum individual invest ment is £200,000 – £100,000 for each tax year – assuming that no other VCT investment is made in that time.

Minimum investment is £1,000 for one year or £2,000 for both years. Commission is 2.5 per cent.

CVM managing director Patrick Reeve says: “By doing this, we will be in a position to broaden our current investment portfolio substantially, therefore maximising value for new and existing shareholders.”

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