ISS recommends vote "AGAINST" Requisition
For immediate release
1 August 2025
Maven Renovar VCT PLC
Legal Entity Identifier: 213800HAEDBBK9RWCD25
ISS recommends Shareholders vote "AGAINST" the Requisitioned Resolutions
The Board of Maven Renovar VCT PLC (the "Company") notes the publication of the voting recommendation from ISS, the independent proxy adviser, in relation the Company's forthcoming Requisitioned General Meeting and Articles General Meeting.
ISS recommends that Shareholders vote "AGAINST" the Requisitioned Resolutions at the Requisitioned General Meeting on 13 August 2025. ISS also recommends that Shareholders vote "FOR" the Re-appointment Resolutions at the Articles General Meeting on 13 August 2025.
These recommendations are in line with the unanimous recommendations of the Company's Board, which has previously outlined its recommendations to VOTE AGAINST the Requisitioned Resolutions to be proposed at the Requisitioned General Meeting and IN FAVOUR of the Re-appointment Resolutions to be proposed at the Articles General Meeting for the reasons set out in the Circular posted to Shareholders on 21 July 2025 and available on the Company's website: https://www.mavencp.com/renovarvct.
Fiona Wollocombe, Chair, said:
"The Board welcomes the recommendation from ISS for Shareholders to vote against the Requisitioned Resolutions proposed by the Company's former manager and a small group of other Shareholders on 30 June 2025. ISS assessed the Requisitioned Resolutions against their published voting guidelines - specifically whether Board change is required and whether the Requisitioners have shown they can deliver positive change - but agreed with your Board that Shareholders should reject all of the Requisitioned Resolutions. We hope this reiterates the importance that Shareholders must vote to prevent the Requisitioners' proposed directors taking control of your Company."
How to Vote
YOUR VOTE IS VERY IMPORTANT. The Requisitioned Resolutions and the Re-appointment Resolutions are each being proposed as ordinary resolutions. This means that they only require more than 50 per cent. of the votes cast to be voted in favour in order to pass. The low turnout at the AGM allowed the former manager and a small group of Shareholders to impact the voting outcome. VOTE NOW TO ENSURE THAT THE WIDER SHAREHOLDER BASE DETERMINES THE FUTURE OF YOUR COMPANY.
All Shareholders are strongly encouraged to:
1. VOTE AGAINST each of the Requisitioned Resolutions to be proposed at the Requisitioned General Meeting; and
2. VOTE IN FAVOUR of each of the Re-appointment Resolutions to be proposed at the Articles General Meeting.
Details on the action to be taken by Shareholders are set out on pages 6 and 7 of the Circular. Practical guidance on how to vote is separately available on the Company's website: https://www.mavencp.com/renovarvct.
Proxy votes must be completed in accordance with the relevant instructions and transmitted so as to be received by the Registrar as soon as possible and, in any event, by no later than:
1. 9.00 a.m. on 11 August 2025 in respect of the Articles General Meeting; and
2. 9.15 a.m. on 11 August 2025 in respect of the Requisitioned General Meeting.
Investment platforms will likely have earlier deadlines for Shareholders to transmit their proxy voting instructions. Shareholders who hold their Shares through an investment platform or nominee are encouraged to contact their investment platform provider or nominee as soon as possible to arrange for votes to be lodged on their behalf. Information on how to vote through platforms can be found at the following link: https://www.theaic.co.uk/how-to-vote-your-shares.
If Shareholders have any queries relating to proxy voting, please contact the Company's Registrar, The City Partnership (UK) Limited, at the following contact details:
· Telephone: 01484 240 910*.
· Email: registrars@city.uk.com.
If Shareholders have general queries about the Requisitioned General Meeting or the Articles General Meeting, please contact the Company via Maven at the following contact details:
· Telephone: 0141 306 7400*.
· Email: CoSec@mavencp.com.
* Please note that lines are open Mon - Fri, 9.00 a.m. to 5.30 p.m. (excluding public holidays). Calls from within the UK will be charged at the standard national rate and calls from outside the UK will be charged at the applicable international rate.
ENQUIRIES:
For further information please contact:
Gavin Davis / Luke Roberts
Nepean
Telephone: +44 791 010 4660 / +44 740 329 7251
Douglas Armstrong
Dickson Minto Advisers
Financial Adviser to the Company
Telephone: +44 (0)20 7628 4455
Notes
Capitalised terms used in this announcement shall have the meanings ascribed to them in the Circular published by the Company on 21 July 2025 (the "Circular"), unless the context otherwise requires.
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