Receipt of Requisition Request
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
For immediate release
1 July 2025
Maven Renovar VCT PLC (the "Company")
Legal Entity Identifier: 213800HAEDBBK9RWCD25
Receipt of Requisition Request
The board of directors (the "Board") of the Company announces that it has received a letter from Paul Jourdan, shareholder and former manager of the Company's portfolio, and a group of other shareholders seeking to convene a general meeting of the Company (the "Requisition") to consider ordinary resolutions to remove the current Board and appoint four replacement directors, including Paul Jourdan, in their place.
Following the Company's annual general meeting on 19 June 2025, the Board is undertaking a process to understand shareholder concerns and make recommendations to shareholders. This process is led by Robert Legget, a recently appointed independent non-executive director of the Company and chair of the Board's nomination committee. The Board is reviewing the legal validity of the Requisition with its advisers and will make further announcements regarding the convening of a general meeting in due course.
The Board remains committed to acting in the best interests of all Shareholders and, having undertaken a thorough and independent assessment of the Company's management arrangements as part of the strategic review process, the Board is confident that the Company's new investment manager, Maven Capital Partners UK LLP ("Maven") has the skills and resources required to support the management of the Company's portfolio going forward. Maven has an experienced and competent team who focus on AIM investments and, having taken over the management of the portfolio on 1 May 2025, the team has carried out extensive due diligence on the Company's portfolio and is familiar with each investment in the portfolio and the performance/risks associated therewith. Maven will continue to manage the portfolio in accordance with the Company's current investment objectives and policy throughout the Requisition process.
With respect to the Requisition, the Board recommends that Shareholders take no action at this time and await further announcement from the Company which will be made in due course.
Enquiries:
Douglas Armstrong
Dickson Minto Advisers
Financial Adviser to the Company
Telephone: 020 7649 6823
Important Information
This announcement is released by the Company and the information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Article 7 of the UK version of the EU Market Abuse Regulation (Regulation (EU) No.596/2014) which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a Regulatory Information Service, such information is now considered to be in the public domain.
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