AAVC Chairman Richard Glover invited ShareSoc to a meeting to discuss our concerns as part of his process to engage with Shareholders, following the 30% vote against the new management agreement voted on at the EGM in August 2019 and the very extensive questioning at the AGM (see the AGM write up by Tim Grattan https://www.sharesoc.org/agm-reports/albion-venture-vct-aavc-agm-2019/ and my own report https://www.sharesoc.org/blog/vcts/albion-venture-capital-vct-aavc-agm-result-and-actions/ .
AAVC is engaging with a broad range of shareholders and has written to about 50% of the larger shareholders who voted against the proposals and asked them to feedback their concerns in writing.
Tim Grattan and I, representing ShareSoc, met with AAVC Chairman Richard Glover and Jeff Warren, Senior Independent Director on 14 October and had a pleasant, useful meeting. Richard and Jeff appeared open and receptive and keen to understand our points. They also gave us further background to their thinking and the research they had done.
They asked us what we wanted and both Tim and I said we wanted the directors to go back to the investment manager and negotiate a better agreement. I am hopeful they will do this. Watch this space.
If you have not yet joined the Sharesoc VCT Investors Group then please join now, goto Sharesoc VCT Investors Group
PS Albion has just written to me inviting me to their Shareholder Seminar on 8 November and letting me know they will raising more funds shortly (details not yet available). I hope to see many of you at the Albion Shareholder Seminar.
Cliff Weight, Director, ShareSoc and ShareSoc Albion Campaign Manager
Disclaimer: I own shares in AAVC.