Maven Renovar in turmoil after AGM sees strategy and board rejected

Maven Renovar VCT’s annual general meeting (19 June) has left the future of the company up in the air as seven resolutions, including the approval of investment strategy and the selection of the board, were not passed. (Source Investment Week)

Resolutions six through twelve comprising half of the total proposals did not achieve the required majority of votes and thus were not passed.

However, a “significant proportion” of the votes opposing these resolutions came from Amati Global Investors (AGI), Maven Renovar’s former investment manager, along with individuals identified as spouses or “close friends and family” of AGI.

The board stated that these voters had been encouraged to align with AGI’s position and, without their influence, resolutions six through twelve would have been approved.

As a result of the voting outcome, the firm’s investment objectives and policy will remain unchanged, and the portfolio will continue to be managed in line with the current objectives.

Additionally, Fiona Wollocombe, Julia Henderson, and Brian Scouler were not re-elected to the board, and Neeta Patel was not appointed.

Wollocombe, the current chair, stated: “Throughout the strategic review and in the lead-up to the AGM, the board engaged with a number of shareholders. It is the board’s view that, excluding AGI employees, their close friends and family, and other shareholders known to have been actively encouraged to vote in line with AGI, many shareholders expressed support for the board and the AGM resolutions. In terms of shareholder count, a clear majority voted in favour of the proposals.”

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