Close VCT expects to raise AGBP45m in 3 years.

Investment Adviser, August, 2004

A new VCT from Close Venture Management is expected to raise AGBP45m over three years.

The Close Income & Growth venture capital trust is seeking to raise AGBP45m and intends to pay an annual dividend of 3.5p a share.

The fund will also have a one-off deal with a leading researcher at Brunel University. The university will have engineering and technology funding from the trust.

Up to 10 per cent will be invested in projects at the university. Close will get first refusal on any opportunities to invest in ideas that could lead to project development, sales and revenue.

Patrick Reeve, managing director of Close, said: "Owing to changes in the tax regime, the incentives for investing in a VCT could not be better."

The minimum...

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