Publication of Circular and Notice of AGM

For immediate release

7 May 2025

Maven Renovar VCT PLC

(formerly Amati AIM VCT plc)

Publication of Circular and Notice of Annual General Meeting

Publication of Circular

The board of directors (the "Board") of Maven Renovar VCT PLC (formerly Amati AIM VCT plc) (the "Company") announces that it has today published a circular (the "Circular") which contains notice of the Company's forthcoming annual general meeting (the "AGM"), which will be held at Ironmongers' Hall, Shaftesbury Place, Barbican, London EC2Y 8AA on Thursday, 19 June 2025 at 12 noon.

Recognising that the AGM will represent an important forum for the Company's shareholders ("Shareholders") to ask questions about the Company and to become fully informed about matters relating to the AGM resolutions, the Circular provides an update on recent Company developments (including the recent change of manager, change of name and new director appointment, details of which were announced on 1 May 2025) and contains details of recommended proposals to:

§broaden the Company's investment objectives and policy to enable a greater degree of investment in unquoted UK companies with strong growth potential, alongside continued investment in companies quoted on AIM and Aquis (an "AIM Plus" strategy) (the "New Investment Objectives and Policy"); and

§amend the Company's dividend policy by increasing the target dividend amount to 6% of the Company's Net Asset Value at its immediately preceding financial year end, subject to distributable reserves, cash resources and other relevant factors such as realisations and VCT qualifying levels, and with the authority to increase or decrease this level at the Directors' discretion (the "New Dividend Policy").

An overview of the recommended proposals in relation to the New Investment Objectives and Policy and the New Dividend Policy is set out below. Further details of these proposals, and details of the other resolutions to be voted on at the AGM, are set out in the Circular and the Notice of AGM. The overview set out below provides an overview of selected resolutions to be voted on at the AGM only and is not a summary of the full contents of the Circular and Notice of AGM. It should not be regarded as a substitute for reading the Circular and Notice of AGM. Shareholders should read the Circular and the Notice of AGM contained therein in full before making any decision.

Capitalised terms used in this announcement shall have the meanings ascribed to them in the Circular, unless the context otherwise requires.

Proposed change of investment objectives and investment policy

In the light of the ongoing challenges facing the AIM market and the access to investment opportunities in private companies that Maven's appointment as the Company's investment manager is expected to bring, the Board believes that an expansion of the Company's investment policy to reflect an "AIM Plus" strategy and facilitate investment in a broader range of securities (while continuing to comply with the rules applicable to VCTs) would offer a more attractive investment opportunity for Shareholders and has the potential to improve the Company's performance and increase Shareholder returns.

Accordingly, it is proposed that, subject to Shareholder approval at the AGM, the Company's investment objectives and investment policy be amended by adopting the New Investment Objectives and Policy. Further details on the New Investment Objectives and Policy, including an explanation of the rationale behind the proposed changes and an explanation of the changes themselves, are set out in the Circular. The full text of the New Investment Objectives and Policy is set out in Part 3 of the Circular.

Shareholders will be asked to approve the New Investment Objectives and Policy by voting in favour of Resolution 11 at the AGM. If Shareholder approval is obtained, the New Investment Objectives and Policy will take effect from the date following the AGM.

Proposed change of dividend policy

Following consultation with Maven and an assessment of the Company's portfolio and revenue forecasts, the Board is proposing to adopt the New Dividend Policy, which provides that:

"The Board aims to pay annual dividends of 6% of the Company's Net Asset Value at its immediately preceding financial year end, subject to distributable reserves, cash resources and other relevant factors such as realisations and VCT qualifying levels, and with the authority to increase or decrease this level at the Directors' discretion."

Shareholders will be asked to approve the New Dividend Policy by voting in favour of Resolution 3 at the AGM. Resolution 3 is an advisory vote only.

Annual General Meeting

The AGM will be held at Ironmongers' Hall, Shaftesbury Place, Barbican, London EC2Y 8AA on Thursday, 19 June 2025 at 12 noon. The Board looks forward to welcoming Shareholders to the AGM and will be available to meet with Shareholders and answer any questions in person from 11.15 a.m. Maven will also be in attendance and will be available to answer questions from Shareholders who are unable to attend the Maven Meet the Manager event on 12 June 2025 (details of which will be set out in a separate invitation to be sent to Shareholders alongside the Circular and Notice of AGM).

If you have questions for the Board and/or Maven in advance of the AGM, please submit these by email to [email protected] by no later than 12 noon on 17 June 2025. The Company will endeavour to publish responses to questions received in advance on its website ahead of the proxy voting deadline.

Resolutions 1 to 11 (inclusive) will be proposed as ordinary resolutions and in order to be passed will each require more than 50 per cent. of the votes cast in person or by proxy on the relevant resolution to be in favour.

Resolutions 12 to 14 (inclusive) will be proposed as special resolutions and in order to be passed will each require at least 75 per cent. of the votes cast in person or by proxy on the relevant resolution to be in favour.

Voting on each resolution will be conducted by way of a poll vote.

The full text of the resolutions is contained in the Notice of AGM. The Notice of AGM is available for viewing on the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism and on the Company's website at https://www.mavencp.com/renovarvct. 

Action to be taken

Shareholders are strongly encouraged to VOTE IN FAVOUR of each of the resolutions to be proposed at the AGM and, if shareholders do not hold their shares directly, to arrange for their investment platform provider or nominee to VOTE IN FAVOUR of each of the resolutions on their behalf.

Shareholders are requested to complete and return proxy appointments to the Company's registrar, The City Partnership (UK) Limited (the "Registrar"), by one of the following means:

§ by completing and returning the form of proxy in line with the instructions printed thereon and returning it by post, courier or (during normal business hours only) by hand;

§ electronically by visiting https://maven-renovar-agm.city-proxyvoting.uk and following the instructions (please also see the notes to the Notice of AGM); or

§ in the case of CREST members, by using the CREST electronic voting service in accordance with the procedures set out in the CREST Manual (please also see the notes to the Notice of AGM).

Completed proxy appointments must be received by the Registrar no later than 12 noon on Tuesday, 17 June 2025. Further details can be found in the Notice of AGM.

Recommendation

The Board considers that each of the Resolutions to be proposed at the AGM are in the best interests of the Company and its shareholders as a whole. Accordingly, the Board unanimously recommends that shareholders VOTE IN FAVOUR of the Resolutions.

Enquiries:

Fiona Wollocombe, Chair

Maven Renovar VCT plc

Email: [email protected]

Douglas Armstrong

Dickson Minto Advisers

Financial Adviser to the Company

Telephone: 020 7649 6823

Legal Entity Identifier (LEI): 213800HAEDBBK9RWCD25