Letter to the Maven Renovar VCT Board

It is with some disappointment  that we note you have not published the responses to the questions sent to myself and the other proposed Directors on 27 July to which we responded in full and timeously. Likewise, you have chosen not to publish our response to the Circular which as we have stated before we believe to be unfair and not in the Shareholders best interests.

We would request that you show the same courtesy we afforded you in responding to our questions and  respond to the undernoted four questions without delay

i)          How much shareholder money have you spent on fighting the requisitioners, and do you not see a conflict of interest here, given that your campaign is seeking your own re-instatement as directors when you were voted off at the Annual General Meeting?

ii)         Why do you think it is so important for the VCT to make further qualifying investments when it has no requirement under the VCT rules to do so, even though these carry high risk (which is why VCT investors receive a 30% tax relief when investing in a VCT)?

iii)        Why did you ask the Requisitioners six questions in the Circular, saying the answers “are important for Shareholders to understand before being asked to vote at the Requisitioned General Meeting” and then refuse to circulate the answers provided?

iv)        Why have the disputed statements in the Circular, as well as the obscuring of the statement from the Requisitioners by placing it on page 29 of a 39 page document, not been at least in part addressed by circulating the response document provided by the Requisitioners so that shareholders have full and fair disclosure of all matters relevant to the voting?

Please acknowledge receipt of this email.

Yours sincerely,

Kathleen McLeay
On behalf of the proposed directors.

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