REG - Maven Renovar VCT - ISS recommends vote "AGAINST" Requisition

Maven Renovar VCTAnnouncement

01/08/2025 07:00

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RNS Number : 5063T  Maven Renovar VCT PLC  01 August 2025

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 (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
(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
(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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