Circular distribution

Murray VCT 3 PLC
18 November 2005

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO
AUSTRALIA, CANADA, JAPAN, OR THE UNITED STATES OF AMERICA.  THIS ANNOUNCEMENT
DOES NOT CONSTITUTE OR FORM PART OF AN OFFER TO SELL, PURCHASE, EXCHANGE OR
SUBSCRIBE FOR ANY SECURITIES OR SOLICITATION OF SUCH AN OFFER IN THE UNITED
STATES OF AMERICA OR ANY OTHER JURISDICTION.  THE SECURITIES REFERRED TO IN THIS
ANNOUNCEMENT HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, AND WILL NOT BE OFFERED OR SOLD IN THE
UNITED STATES EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM REGISTRATION





18 November 2005




RECOMMENDED MERGER BETWEEN MURRAY VCT 3 PLC, MURRAY VCT PLC AND MURRAY VCT 2 PLC
AND RELATED PROPOSALS



In connection with the announcement made on 17 November 2005 relating to the
recommended merger between Murray VCT 3 PLC, Murray VCT PLC and Murray VCT 2 PLC
(the 'Companies') and related proposals, the boards of the Companies announce
that circulars relating to each company and a prospectus for Murray VCT 3 PLC
are today being posted to shareholders. The necessary meetings to consider the
proposals are being convened for 12 December 2005.







Copies of the circulars and the prospectus have been submitted to the FSA and
will shortly be available for inspection at the UK Listing Authority's Document
Viewing Facility, which is situated at:



Document Viewing Facility
UK Listing Authority
25 The North Colonnade
Canary Wharf
London  E14 5HS
Tel. [phone]





Enquiries

Patrick Reeve                                          020 7422 7830
Emil Gigov                                             020 7422 7830
Close Venture Management Limited

Todd Nugent                                            0131 226 7011
Noble Grossart Limited, advisers to Murray VCT 3 plc

Allan Treacy                                           01223 422 396
AGM Corporate Finance LLP, advisers to Murray VCT plc

Robert Lo                                              020 7710 7400
Nabarro Wells & Co Limited, advisers to Murray VCT 2
plc

John West                                              020 7920 3150
Clemmie Carr
Tavistock Communications

Shareholder helpline                                   020 7621 1358
HQB Consulting Limited











The directors of Murray VCT 3 PLC accept responsibility for the information
relating to Murray VCT 3 PLC and its directors in this document. To the best of
the knowledge and belief of such directors (who have taken all reasonable care
to ensure that such is the case), the information relating to Murray VCT 3 PLC
and its directors contained in this document, for which they are solely
responsible, is in accordance with the facts and does not omit anything likely
to affect the import of such information.



The directors of Murray VCT PLC accept responsibility for the information
relating to Murray VCT PLC and its directors in this document. To the best of
the knowledge and belief of such directors (who have taken all reasonable care
to ensure that such is the case), the information relating to Murray VCT PLC and
its directors contained in this document, for which they are solely responsible,
is in accordance with the facts and does not omit anything likely to affect the
import of such information.



The directors of Murray VCT 2 PLC accept responsibility for the information
relating to Murray VCT 2 PLC and its directors in this document. To the best of
the knowledge and belief of such directors (who have taken all reasonable care
to ensure that such is the case), the information relating to Murray VCT 2 PLC
and its directors contained in this document, for which they are solely
responsible, is in accordance with the facts and does not omit anything likely
to affect the import of such information.



Noble Grossart Limited, AGM Corporate Finance LLP and Nabarro Wells & Co Limited
are acting exclusively for than Murray VCT 3 PLC, Murray VCT PLC and Murray VCT
2 PLC, respectively, and for no one else in connection with the matters
described herein and will not be responsible to anyone other than Murray VCT 3
PLC, Murray VCT PLC and Murray VCT 2 PLC, respectively, for providing the
protections afforded to clients of Noble Grossart Limited, AGM Corporate Finance
LLP and Nabarro Wells & Co Limited nor for providing advice in relation to the
matters described herein.






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            The company news service from the London Stock Exchange