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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.”


Royal Bank of Scotland International – Bonus Builder Account

Monday, 23 September, 2002 Type: Guaranteed equity bond Aim: Growth linked to the performance of the FTSE 100, S&P 500 and Dow Jones Eurostoxx 50 indices Minimum investment: £5,000, $10,000, euros 10,000 Place of registration: Isle of Man Investment split: 100% linked to the FTSE 100, S&P 500 and Dow Jones Eurostoxx 50 indices Guarantee: […]

N&P waits for ruling on Tessa pricing

Norwich & Peterborough says it is still waiting for the High Court&#39s judgement on the judicial review it is seeking against the Financial Ombudsman&#39s ruling on its Tessa pricing. It had hoped for a decision last week but the High Court reserved its judgement indefinitely without providing a reason. The complaint against N&P concerns a […]

Euro rules posing a threat to UK banks

Smaller UK banks face being snapped up by bigger players in Europe because of new capital adequacy requirements, according to UK lenders.The Basel Accords, or Basel II, set to be finalised at the end of next year and implemented in 2007, may cut the level of funds that organisations have to hold, based on their […]

Price of independence

Offering financial advice was not an obvious career choice for Fiona Price who claims on graduating from university she was still relatively non-numerate and “scared” of figures despite a degree in psychology and an MBA.She was forced to overcome her fear of statistics when she “fell into the financial sector” but says she only ended […]


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