What were the key events leading up to the crunch vote?
Former manager of the venture capital trust Paul Jourdan, of Amati, along with other shareholders requisitioned a general meeting and put forward resolutions to oust the existing board and appoint four replacement directors, one of whom would be himself.
The board of the venture capital trust moved the management contract from Amati to private equity firm Maven Capital Partners, which is headed by Bill Nixon, in May.
Where are the key players based?
Amati is based in Edinburgh. Maven has its head office in Glasgow.
How many investors are there in Maven Renovar VCT?
The trust has around 8,000 shareholders.
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What happened today?
The resolutions to oust the board were defeated.
How close was the vote?
Announcing the outcome of the meeting today, Maven Renovar VCT said: “Approximately 60% of the total votes cast were voted against the requisitioned resolutions. The votes against totalled approximately 29 million and were cast by approximately 1,500 shareholders. This represents a voting margin of over 8.6 million shares and approximately five times the number of shareholders voting against the requisitioned resolutions than those who voted for the requisitioned resolutions.”
