Downing THREE VCT PLC is a venture capital trust. Its investment objective is to maintain VCT status to enable Shareholders to benefit from tax reliefs available on an investment in a VCT; reduce the risks normally associated with VCT investments; target a tax-free return to investors of at least 9% per annum (based on a cost of 70p per share net of income tax relief) over the life of the shares (expected to be approximately six years); and target an annual dividend of at least 5p per share.