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.
See also: Maven Renovar VCT shareholders reject proposals to replace board
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.”
