Glasgow-run Maven Renovar VCT reveals result of bid to oust board
The management contract for the venture capital trust, formerly known as Amati AIM VCT, was moved by the board from Amati to Glasgow-based private equity house Maven Capital Partners with effect from May.
The board of Maven Renovar VCT then faced shareholder opposition at the trust's annual meeting on June 19.
Bill Nixon, managing partner of Maven, said last month in an interview with The Herald that the private equity house had 'a proven track record to turning round a VCT in a near-identical situation'.
He said then: 'It is clear that the last time there was a disproportionately small number of shareholders - about 100 - voted against the board at the AGM which arguably created a distorted outcome relative to the [total] number of shareholders.
'All we would say is whatever way you vote, get out and vote.'
Speaking to The Herald, Mr Jourdan said last month: 'There are a significant group of shareholders who were upset at what happened and they want a capital return strategy.
'This is not about me. It is not about trying to get the contract back. It is just about what is the best strategy to pursue from here for the shareholders.'
He highlighted his view that the situation 'shouldn't have got as heated as it has'.
Announcing the outcome of the meeting today, Maven Renovar VCT said: 'Approximately 60% of the total votes cast were voted against the requisitioned resolutions. The votes against totalled approximately 29 million and were cast by approximately 1,500 shareholders. This represents a voting margin of over 8.6 million shares and approximately five times the number of shareholders voting against the requisitioned resolutions than those who voted for the requisitioned resolutions.
'The total number of votes cast in respect of each requisitioned resolution was more than double the number of votes cast in respect of the resolutions proposed at the company's recent annual general meeting. As far as the board is aware, this represents the highest turnout at any general meeting of the company and is among the highest for general meetings held by AIM VCTs with comparable shareholders numbers in recent years.'
The trust added: 'The board is pleased that so many shareholders, both large and small, have taken the opportunity to protect their interests by exercising their right to vote and that they have done so to support the board and defeat the requisition. It is particularly pleasing that the voices of many smaller shareholders have been reflected in the voting results, the combined effect of which has helped to prevent the requisitioners from taking control of the company.'
Maven Renovar VCT declared it was 'noteworthy that, following constructive engagement with the board and its advisers, some signatories to the requisition ultimately voted against certain of the requisitioned resolutions or abstained'.
The trust said the board 'recognises that some shareholders, including the requisitioners, may not want to stay invested and may wish to seek liquidity in respect of their shares.'
It added: 'In this respect, the board re-confirms its commitment to continuing to buy back shares and to exploring other options which may enable those shareholders who wish to sell their shares to do so.'
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