Reasons why to support the Requisitioners & Voting recommendations for both General Meetings on 13 August 2025

Shareholders will be aware that the Company’s directors decided to change the manager from Amati Global Investors to Maven Capital Partners (“Maven”) without allowing shareholders a vote on the matter. Integral to this move was their recommended change of strategy which would result in the majority of new investments being made in unquoted companies. This change was put to shareholders at the Company’s AGM in June, when shareholders decisively rejected the current Board’s proposal. In addition, shareholders voted against the re-election of the current directors. 

Reasons why to support the Requisitioners
  • We believe that the current Board’s proposal to make new qualifying investments in unquoted companies, which are usually illiquid for 3-10 years, is not in shareholders’ best interests. It does not reflect the degree to which shareholders in the Company have passed the five-year holding period for their investment. This risks creating a classic liquidity mismatch in the long run. It also fails to take adequate account of the desire for shareholders to receive their capital back via dividends and share buybacks. 
  • We estimate that by November 2025, 71% of the shares outstanding in the Company will have been held for more than 5 years, all of which could be sold without any adverse tax consequences. As things stand, by November 2026, this will have risen to 88% of shares outstanding, and by March 2027 over 96%. Against this backdrop it is better for shareholders to have surplus capital returned than to tie it up for long periods and at significant risk in making new qualifying investments in unquoted companies. 
  • Shareholders who wish to gain exposure to Maven’s unquoted investments are likely to be better off receiving the money back from the Company and deploying it as a new investment into one of Maven’s existing VCTs, with the benefit of a 30% income tax relief and a new five-year holding period. Proposed Strategy 
  • Making capital return a priority over new investment, as the Company has no requirement to make any new qualifying investments having already fulfilled its obligations from past fund raisings.
  • Running all of the current investments which have the potential to make strong returns from this low point in the market, recognising the attractions of holding these investments in the tax efficient form of a VCT for the long term, but being willing to exit them if attractive opportunities appear over the next few years. 
  • Selling the weaker qualifying holdings which remain high risk and are held primarily for their qualifying value. 
  • Keeping some capital available for follow-on qualifying investments in existing holdings, where these allow the Company to maximise its gains from current positions. 
  • Keeping sources of liquidity to fund demand for share buybacks. 
  • If the AIM market has a resurgence over the next 2-3 years and if attractive deal flow on AIM starts up again, then the viability of raising money again will be considered.
Please note that you should vote at both General Meetings as below.  When voting online please check that you have assigned all your shares to vote before proceeding. 

Recommended vote at First meeting in respect of the Articles General Meeting (voting deadline 9.00 a.m. on 11 August 2025)

Recommended vote at Second meeting in respect of the Requisitioned General Meeting (voting deadline 9.15a.m. on 11 August 2025)

Should you have any queries on the above please contact us by email at amativctinvestors@gmail.com




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