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No relief for VCTs

Managers of Venture Capital Trusts (VCTs) were disappointed that the Pre-Budget Report failed to spell out future plans for the tax reliefs the trusts currently enjoy.
   
Close claims £16 million

Close Venture Management, which last tax year raised the maximum £45 million it had sought for its Close Income & Growth VCT, claims that investors have already said they will invest £16 million in its latest fundraising – a £35 million C share offer for Close Technology & General VCT.
 
Murray merger

Plans have been published to merge the three Murray VCTs managed by Close Venture Management.
   
IPCC looks for £4.5m

Pharmacy and healthcare sector aspirant Independent Pharmacy Care Centres (IPCC) intends to raise a net £4.5 million through a private placing, with the aid of business angel network Beer & Partners.
 
Noble buys Sitka

Specialist healthcare investor Sitka, founded by former Schroders venture capitalist Gerard Tardy and Dr Louis Nisbet, who built up quoted biotech Xenova, has been bought by Noble Fund Managers.
   
Downing dismisses managers

Downing Classic VCTs 1, 2 and 3 have severed all links with Classic Fund Management Ltd, the company run by ex-Baronsmead boss Richard Hargreaves and Graham Spooner, earlier than expected.
 

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