Maven Renovar VCT has launched a tender offer for up to 12% of the issued shares.
The offer is priced at a 3.5% discount to the NAV per share, as at a calculation date of 22 May 2026.
Shareholders may tender up to 100% of their shares, but the offer will only be filled up to 12% of the total of the outstanding shares.
The deal going ahead is subject to shareholder approval at a general meeting on 20 May 2026.
The move comes following a protracted tussle over the make-up of the board and the investment strategy, with some shareholders opposed to the VCT beginning to target private companies as well as AIM stocks.
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Last year shareholders blocked proposed appointments to the board, and Maven Capital Partners replaced Amati Global Investors as investment managers after a strategic review, without consulting shareholders.
A proportion of shareholders remain dissatisfied, therefore the tender offer gives them an opportunity to exit in an orderly manner.
In the stock exchange announcement the Maven board said: “While the board continues to believe that the adoption of an ‘AIM Plus’ strategy is in the best interests of shareholders as a whole, the board recognises that some shareholders may wish to sell some, or all, of their shares prior to the strategy being put to shareholders for approval at the 2026 AGM.”
This story was written by our sister-title, Portfolio Adviser
