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Edge VCT Campaign Update

This article represents the views of its author and not necessarily those of Sharesoc.

Members of the ShareSoc Edge VCT Campaign have, on 2 December 2021, submitted new resolutions to Edge to close the company and return its funds to shareholders and to elect and remove directors.

Our cover letter to Edge company secretary Robin Smeaton said:

Requisition of General Meeting and Notice to circulate resolutions for that meeting

Dear Robin

I am sure you will not be at all surprised that shareholders continue to be shocked at what is happening, and more crucially what is not happening, at Edge Performance VCT Plc. The latest antics of the Board have annoyed shareholders even more.

We have still not received clarity on the grounds our previous requisition was rejected by the Board, but we are undeterred. The Board incurred shareholders’ money to get Counsel’s opinion, but have not even indicated what the issue was.

Please find attached requisition notices from at least 5% of the shareholder base, together with associated documents, once again seeking to make changes on the Board, as well as giving shareholders the chance to vote on the future of the company.

The Requisition requires Edge to hold an extraordinary general meeting and to put to the vote these resolutions:

  1. THAT Richard Anthony Roth, having consented to act, be and is hereby appointed as a director of the Company.
  2. THAT Robin Magnus Goodfellow, having consented to act, be and is hereby appointed as a director of the Company.
  3. THAT the Company’s assets shall be sold and the Company shall discontinue as a venture capital trust.
  4. THAT Terence Alan James Back be and is hereby removed as a director of the Company.
  5. THAT Sir Aubrey Thomas Brocklebank be and is hereby removed as a director of the Company.
  6. THAT Sir Peter Lytton Bazalgette be and is hereby removed as a director of the Company.
  7. THAT, in accordance with the provisions of section 316(2)(a) of the Companies Act 2006, the expenses of the company in complying with sections 304 and 315 of the Companies Act 2006 in respect of the above resolutions and accompanying statement be paid by the Company and, to the extent that any sum has been paid by those members to the company in accordance with sections 316(2)(b) of the Companies Act 2006, such sum shall be reimbursed to those members.

Pursuant to Section 314 of the Act, we require the company to circulate to the members of the Company entitled to receive notice of the next general meeting the statement contained in the Appendix to this notice. The statement is here: https://www.sharesoc.org/wp-content/uploads/2021/12/Appendix-Supporting-statement-from-Requisitioning-Shareholders.pdf

It is the intention to write to all shareholders to make sure they are aware of the opportunity to vote on the future of their company, to give them the background about what has occurred and the reasons why they should vote for all the resolutions.

Cliff Weight, ShareSoc Director and one of the leaders of the ShareSoc Edge VCT Campaign.

DISCLOSURE: I own shares in Edge. I did not before the campaign started. I bought some so that I was aligned with other shareholders and had some skin in the game.

One comment
  1. Cliff Weight says:

    I spoke to Edge Company Secretary on mobile phone and said I expect a response within 5 days. I expect a positive response.

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