Merger Update

    For immediate release 14 OCTOBER 2008

                                SPARK VCT 3 plc                                

                                (the "Company")                                

           Posting of Scheme of Arrangement Document and Prospectus            

Further to the announcement made on 13 October 2008 of the recommended
proposals by SPARK VCT 2 plc for a merger by way of a scheme of arrangement
with the Company (the "Merger") the Company announces that it has today posted
a circular in connection with the scheme of arrangement dated 13 October 2008
(the "Scheme Circular") and a prospectus issued by SPARK VCT 2 plc ("SVC2")
dated 13 October 2008 (the "Prospectus") to shareholders of the Company.

The Scheme Circular seeks shareholder approval for the Merger and contains a
notice convening a meeting of shareholders at the direction of the Court (the
"Court Meeting") to be held on 12 November 2008 at 10.30 a.m. and a notice
convening a general meeting of the Company to be held on 12 November 2008 at
10.45 a.m. (or as soon thereafter as the Court Meeting shall have concluded or
adjourned).

The Prospectus has been issued by SVC2 in relation to the issue of up to
40,000,000 new ordinary shares in SVC2 in connection with the Merger and
contains information on SVC2 and SVC2 as enlarged after implementation of the
Merger.

Enquiries:

SPARK VCT 3 plc +44 (20) 7851 7777

Nghi Tran, Company Secretary

Daniel Stewart & Company plc (financial adviser to SPARK VCT 3 plc) +44 (20)
7776 6550

Paul Shackleton/Charlotte Stranner

SPARK Venture Management Limited (Manager of SPARK VCT 2 plc and SPARK VCT 3 plc)
+44 (20) 7851 7777

Andrew Carruthers/Martin Williams



END

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