Maven Renovar VCT: Requisitioners' resolutions fail

Maven welcomes the outcome of today’s General Meetings, which confirms the reappointment of the current independent Board.

More than 1800 shareholders voted on the requisitioned resolutions, representing 35% of the shares issued - more than 2.3x higher than the votes cast at the AGM in June. Of those, approximately 1500 shareholders supported the Board, with around 300 voting against. Support was particularly strong among shareholders with smaller holdings: 87% of those with fewer than 50,000 shares voted with the Board. Opposition was concentrated among a small minority of shareholders with significantly larger holdings.

This result represents a clear mandate from a broad and representative group of shareholders to act decisively with the aim of turning around the VCT’s performance. It also demonstrates continued confidence in the Board’s independent oversight and commitment to acting in the long-term interests of all investors.

With this decisive outcome, the recent period of uncertainty must come to an end. This has been a challenging time for the Company, and the actions of the requisitioners have inevitably prolonged that uncertainty. We recognise that a minority of shareholders may not want to stay invested and may wish to seek liquidity in respect of their Shares. Maven and the Board remain committed to balancing the interests of all shareholders and will actively engage with requisitioners wishing to exit their holdings.

I welcome the result of today’s General Meetings and the clear expression of confidence it provides in the current Board of Maven Renovar VCT. It is positive to see such a strong turnout from shareholders, with significantly more participating than at the recent AGM.

Almost 90% of shareholders holding less than 50,000 shares supported the existing board and almost 50m votes were cast. This broader shareholder engagement has ensured a more representative outcome and clarity of shareholder wishes, and underlines the importance of having enhanced an investment capability and independence at the helm of the VCT.

The outcome also brings an end to a period of unhelpful distraction and allows the Board and Maven to now refocus fully on their shared objective, which is to deliver value recovery for all shareholders. The results of the General Meeting also reflect clear support for the current oversight framework and a desire to move forward with a new manager. Equally, we acknowledge and respect that some shareholders supported an alternative strategy, and we will be consulting with the board of the VCT to consider what options may be open should those shareholders wish to exit their investment.

Bill Nixon, Managing Partner at Maven