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Maven Renovar VCT PLC on Monday recommended shareholders vote against a proposal to remove its board at a meeting requisitioned by its former fund manager. The London-based investment firm, previously known as Amati AIM VCT, targets junior market companies to generate tax free capital gains. Maven Renovar has shown concern that shareholders who requisitioned the meeting may be looking to reappoint Amati Global Investors Ltd as fund manager. Back in May, the firm changed its name and replaced Amati with Maven Capital Partners UK LLP. Neeta Patel, who serves on the boards of Allianz Technology Trust PLC and European Opportunities Trust PLC, was recruited as Maven Renovar’s new director. However, Patel’s appointment failed to secure shareholder approval at a meeting in June. Maven Renovar noted low turnout representing only 14.58% of voting shares. Around 100 shareholders with a combine 10% stake voted against resolutions such as Patel’s appointment, while 400 shareholders with a combined 5% stake were in favour. The firm said: ‘Of the total votes cast against these resolutions,a significant proportion were cast by persons employed by the company’s former investment manager, Amati.’ In July, a group of shareholders requisitioned a meeting to remove the board, and replace it with four directors, including, Paul Jourdan, who was ex-fund manager under Amati. Maven Renovar noted ‘underperformance’ under Jourdan’s leadership. Additionally, Maven Renovar said the directors proposed to serve alongside Jourdan lack the necessary experience, and that their strategy would ‘result in the company shrinking to an unsustainable size’, with a possible wind-down at risk of being seen as a ‘fire sale’, Maven Renovar warned. The firm has recommended shareholders vote against the proposal to remove the board, and is considering a possible tender offer. It noted interest from some requisitioners, not Jourdan. Maven Renovar plans to consult shareholders before such an offer is made, which would likely be at or around the end of 2025. Maven Renovar has convened an additional meeting, directly after the requisitioned meeting on August 13, where shareholders will vote on the re-appointments that failed to pass in June. ‘Despite engaging with the requisitioners and proposed new directors over recent weeks, the board has been unable to find a constructive route forward,’ the firm said on Monday. ‘A number of conflicting themes have been raised in our discussions to date, which the board is seeking to clarify. Our dialogue remains open.’ Maven Renovar VCT shares were up 0.8% at 62.49 pence each. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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