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LONDON - Maven Renovar VCT PLC shareholders overwhelmingly rejected a requisitioned attempt to replace the company’s board at a general meeting held Wednesday, with approximately 60% of votes cast against the proposed changes.
The requisitioned resolutions, which would have appointed Paul Jourdan and other proposed directors, were defeated by a margin of over 8.6 million shares. Approximately 1,500 shareholders voted against the changes, about five times the number who supported the requisition.
The meeting saw record participation with turnout more than double that of the company’s recent annual general meeting, according to a company statement. Concurrently, shareholders approved resolutions to reappoint the existing board members.
"Despite representing only 5.19 per cent. of Shareholders... the Requisitioners have consistently claimed to speak on behalf of a majority. Today it was made clear that that is not the case," said Fiona Wollocombe, Chair of Maven Renovar VCT.
Following the vote, the company’s four independent non-executive directors will remain on the board and continue working with investment manager Maven Capital Partners UK LLP.
The board indicated it plans to engage further with shareholders, including consulting on a potential tender offer later this year to provide liquidity options for investors who wish to sell their shares.
The company noted that some original signatories to the requisition ultimately voted against certain of the proposed resolutions or abstained following discussions with the board and its advisers.
Based on the press release statement, the board is exploring whether it may be possible to recover costs incurred during this process, including a £1.1 million termination fee paid to former manager Amati shortly before the requisition was lodged.
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