Interim Management Statement

    RNS Number : 7538H
  Singer & Friedlander AIM 3 VCT PLC
  07 November 2008
   
    






    Introduction

    This is the Interim Management Statement from the Board under the Disclosure and Transparency Rules. 
    .

    Material Events plus financial implications

    Shareholders may be aware that Kaupthing Singer & Friedlander Limited, the parent company of the Trust's Manager, Singer & Friedlander
Investment Management Limited (SFIM) was placed into Administration on 8 October 2008. Subsequently, as announced on 21 October 2008,
Williams de Bro?imited, a subsidiary of Evolution Group plc, acquired the business of SFIM. The Board has received assurances that as a
consequence the security of the cash and other assets of the Trust has been unaffected. Whilst Williams de Bro?imited are currently
fulfilling SFIM's management obligations to the Trust the Board continues to keep the management of the Trust under review and will make a
further announcement if any decision to change manager is made.

    The Board does not consider that there are any other material events giving rise to financial implications that are not covered in the
following sections.

    Material transactions plus financial implications

    Since our Interim Results for the period to 31 July 2008 the market, in particular the AIM, has become even more illiquid. Activity has
therefore been limited although we have seen the successful takeover of IT training company Xpertise at a significant premium to the
previously prevailing price and providing a further boost to our cash balances which at 31 October stood at some £2 million (inclusive of
the benefit of the VAT refund as mentioned in the Interim Results of approximately £700,000). Additionally, we have approximately £5.6m
invested in UK government securities providing further liquid resource should it be required. We have also made two modest follow on
investments in Avingtrans and Tasty during the period.

    We have not purchased any more of the Trust's own shares during this period. The current discount at which we are prepared to repurchase
shares is set at 20%.

    Change in Net Asset Value

    Since our Interim Report for the 6 months to 31 July 2008 announced on 17 September 2008 the company's NAV has declined from 62.51p to
50.95p as at 31 October. This reflects the fall in markets, particularly the AIM, over that period as well as the adjustment due to the 0.5
pence per share Interim Dividend. The decline as a percentage is 18.5% whilst the AIM Index has fallen by 46%, albeit that the latter
included natural resources companies in which we are unable to invest.

    The Trust's NAV is calculated weekly and reported in the Financial Times.



    Portfolio Movements

    Top ten equity holdings

                     Percentage of Portfolio
 Aero Inventory               6.5%
 Synergy Healthcare           4.6%
 U4EA Pref Shares             4.3%
 Tikit Group                  3.0%
 Glisten                      2.9%
 Mediwatch                    2.7%
 Connaught                    2.6%
 Flexbenefits Group           2.3%
 Tanfield Group               2.3%
 Expertise Group              2.0%



    Significant additions during the period                    Significant disposals during the period

                               
 AIM Quoted Companies  £000's    AIM Quoted Companies  £000's
 Avingtrans            85        Xpertise              1,303
 Tasty                 75      
                               
                               
                               


    For further information contact:
    Andrew Banks on 020 3205 5703

This information is provided by RNS
The company news service from the London Stock Exchange
 
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