Maven Renovar VCT’s board says it has received a letter from Paul Jourdan, shareholder and former manager of the portfolio, and a group of other shareholders seeking to convene a general meeting of the company to consider ordinary resolutions to remove the current board and appoint four replacement directors, including Paul Jourdan, in their place.

Following the AGM 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 says that it 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 has the skills and resources required to support the management of the portfolio going forward.

It says that 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 portfolio and is familiar with each investment 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.

[As far as we can recall, this is the first time that we have seen this sort of corporate activity in the world of VCTs. One to watch with interest.]

MRV : Attempt to kick out Maven Renovar VCT board