A campaign to remove the directors of the three Murray VCTs, which earlier this year broke away from Murray Johnstone, has failed. Earlier this year, former money manager and executive director of Panmure Gordon Investments, Charles Clark asked for support from shareholders in each of the three VCTs to remove the directors of each fund, (see EVCJ June page 9.)
Following Extraordinary General Meetings for all three funds and Annual General Meetings for Murray VCT 2 and Murray VCT 3, Clark’s proposal to remove all the directors of the companies and to replace them with his proposed directors were defeated by a substantial majority. The votes against Clarks’ resolutions were over 70% of the votes cast in each case. The boards hope this is an end to Clark’s campaign.
The majority of the board members will stand down at the time of the proposed fund merger by Close Venture Management, which is expected to take place by the end of the year.