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 Singer & Friedlander AIM venture capital trusts were selected as the third target of this campaign on the grounds of poor investment performance, poor shareholder communication and high costs.

The following letter was sent to all the shareholders in these companies in April 2005 (Mailer007 Singer & Friedlander AIM VCTs)  and anyone who responded was sent this letter: S&F AIM VCT Mailshot Response Letter.

The following letter was sent to Singer & Friedlander AIM 3 VCT shareholders prior to the Annual General Meeting (AGM) on the 27th June 2005: S&F_AIM_3_VCT_Letter_PreAGM2. A report on the AGM is given in the following document which was sent to those shareholders who supported UKSA: S&F_AIM_3_VCT_Letter_PostAGM.

The following letter was sent to Singer & Friedlander AIM 2 VCT shareholders prior to the AGM on the 7th September 2005: S&F_AIM_2_VCT_Letter_PreAGM. Note that the Singer & Friedlander AIM VCTs announced that they were considering a merger of these companies on the 31st August, which is something UKSA had been encouraging them to do. A report on the Annual General Meeting of Singer & Friedlander AIM 2 VCT is given in the following: S&F_AIM VCT2_Letter_PostAGM2005.

The following letter was sent to shareholders after the details of the merger of the three S&F AIM VCTs were published in January 2006: Merger_Letter. At the EGMs and Court Meetings on the 3rd Feb 2006, there was an overwhelming majority in favour of the merger.