REG - Maven Renovar VCT - Receipt of Requisition Request

Maven Renovar VCTAnnouncement

01/07/2025 07:00

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RNS Number : 1607P  Maven Renovar VCT PLC  01 July 2025

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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