Maven Income and Growth VCT 3 PLC (the Company)
Result of General Meeting - 20 October 2021
This Announcement is made by the Company in connection with the offer for subscription (Offer) of new ordinary shares of 10p each in the capital of the Company (New Shares).
The Board is pleased to announce that, at the General Meeting of the Company held on 20 October 2021, the resolutions proposed, as set out in the Notice of General Meeting in the Circular to Shareholders dated 20 September 2021, were duly passed on a poll as follows:
Resolution 1 - to authorise the Directors to allot New Shares;
Resolution 2 - to approve the IMA Deed of Variation;
Resolution 3 - to authorise the disapplication of pre-emption rights;
Resolution 4 - to approve the cancellation of the share premium account; and
Resolution 5 - to approve the cancellation of the capital redemption reserve.
At the record date for the General Meeting, being 18 October 2021, the total number of voting rights in the Company stood at 79,151,967 and the total number of ordinary shares in issue was 79,151,967.
The Company advises that, for the General Meeting, valid proxy appointments were made in respect of
4,338,028 ordinary shares and that the number of proxy votes lodged for each Resolution were as follows:
| Resolution | For | Discretion | Against | Withheld | Total |
| 1 | 3,732,586 | 171,875 | 433,567 | 0 | 4,338,028 |
| 2* | 2,092,351 | 178,348 | 649,333 | 1,417,996 | 4,338,028 |
| 3 | 3,684,329 | 171,875 | 471,524 | 10,300 | 4,338,028 |
| 4 | 4,113,462 | 171,875 | 23,279 | 29,412 | 4,338,028 |
| 5 | 4,111,802 | 171,875 | 24,939 | 29,412 | 4,338,028 |
A vote withheld is not a vote in law and any such votes have not been included in the votes for or against the respective Resolutions.
*The Board acknowledges that a small number of significant Shareholders have voted against Resolution 2 but would emphasise that, as stated in the Circular dated 20 September 2021, the Directors believe that it is in the best interests of the Company to remove the cap on any performance fee payable to Maven Capital Partners UK LLP (Maven) as it will incentivise and reward Maven appropriately when an exceptional return is achieved, and only when the Shareholders of the Company have also derived a significant benefit. The removal of this cap will also align the Company with the approach taken by the VCT sector in general, where such incentive payments are not subject to a monetary limit.
Passing of Resolutions
A copy of the Resolutions passed at the General Meeting held on 20 October 2021 have been submitted to the National Storage Mechanism and will shortly be available for inspection at:
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
Issued on behalf of the Board
Maven Capital Partners UK LLP
Secretary
20 October 2021
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