25th Jul 2025 15:07
(Alliance News) - Maven Renovar VCT PLC on Monday advised shareholders against a proposal to replace its board with four new directors, including ex-fund manager Paul Jourdan.
Jourdan and his proposed co-directors responded this week to questions from Maven Renovar as to their motives.
The London-based investment firm, previously known as Amati AIM VCT, targets junior market companies to generate tax-free capital gains. It was previously managed by Amati Global Investors Ltd, of which Jourdan is co-founder and chief executive, but switched to Maven Capital Partners UK LLP back in May.
Maven Renovar suggested that Jourdan resuming leadership could lead to Amati being reappointed as fund manager, and was critical of "underperformance" during Amati's run.
Jourdan's camp has disputed these claims, suggesting that performance was in line with other VCTs during the period.
"There was significant pressure from existing shareholders not to change manager," a statement from the group read.
Their response also specified that "Jourdan has offered to stand as a director on the basis that he does not foresee the management of the VCT reverting to Amati".
"We expect that the current manager, in combination with the experience and knowledge of the proposed directors will be able to implement the proposed strategy effectively and that no further change would be needed.
"In the unlikely event of this not being the case, we will not rule out another AIM VCT manager. We will commit to consulting widely with shareholders before taking any such action," they noted.
Additionally, Jourdan does not plan to return the termination fee paid to Amati if he returns to the board, saying: "The payment in lieu of notice was a contractual obligation."
Jourdan is proposed as a non-independent director. Two of the three independent directors who were proposed alongside him signed the requisition for their appointment to the board, but said this was only due to their dissatisfaction with the current board.
The proposed co-directors are investment manager Charles McMicking, solicitor and Social Investment Scotland Director Kathleen McLeay and Hector Kilpatrick, a manager at Brooks Macdonald Group PLC.
The requisitioners opposed Maven Renovar's suggestion of a possible tender offer, saying: "In pushing the idea of a tender offer so heavily, the present board is tacitly accepting the fact that the strategy they wish to pursue will provoke a significant number of shareholders to want to sell their shares."
Maven Renovar shareholders will meet on August 13 to vote on the proposal for new directors. The firm has convened an additional meeting directly after the requisitioned meeting, where shareholders will vote on board reappointments that failed to pass in June.
"A number of conflicting themes have been raised in our discussions to date, which the board is seeking to clarify. Our dialogue remains open," the firm said on Monday.
Maven Renovar VCT shares were down 0.8% at 60.50 pence each. The stock has fallen 27% over the past 12 months.
By Holly Munks, Alliance News reporter
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