In 2004, UKSA commenced a campaign to improve the performance and corporate governance of Venture Capital Trusts - see the following web page for more information including a Report and set of Guidelines for the management of such trusts: VCTs. The Murray venture capital trusts (Murray VCT Plc, VCT2 Plc, VCT3 Plc and VCT4 Plc) were selected as the second target of this campaign on the grounds of very poor investment performance, poor information disclosure and high costs.

The following letter was sent to all the shareholders in these companies in February 2005 (Mailer005_Murray_VCTs)  and anyone who responded was sent this letter: MurrayVCT_Response.

A subsequent letter was sent to shareholders in Murray VCT4 in May 2005, as follows: Murray_VCT4_Letter_May2005.

In late May 2005, a Mr Charles Clark circulated a letter to shareholders calling for the removal of all the existing directors of Murray VCT, Murray VCT2 and Murray VCT3. Our response is in the enclosed file: Murray_VCT123_Letter_May2005 .

In early July 2005, Mr Clark circulated another letter to shareholders calling for the requisitioning of Extraordinary General Meetings for these companies. Our response is in the enclosed file: Murray_VCT123_Letter_July2005 .

The following letter was sent to all shareholders in the Murray VCT, Murray VCT2 and Murray VCT3 companies prior to the EGMs: Murray_VCT123_Letter_PreEGM.  A report on those meetings, at which Mr Clark's resolutions were defeated, is present at Murray_VCTs_Letter_PostEGMs.

At meetings on the 12th December 2005, shareholders in Murray VCT, Murray VCT2 and Murray VCT3 overwhelmingly voted to merge the companies. The merged entity is now called Crown Place VCT.