Hazel Ren Egy VCT1 Hazel Renewable Energy Vct 1 Plc : Shareholder Update
April 28 2017 - 11:34AM
UK Regulatory
TIDMHR1O
Hazel Renewable Energy VCT1 plc
Shareholder Update
28 April 2017
The Company has today sent letters to all Shareholders updating them on
the progress in respect of plans following the result of the General
Meeting in January. The text of the letter is as follows:
"Dear Shareholder
As you will be aware from previous correspondence, on 19 January 2017,
the Company ("Hazel 1") and its sister company, Hazel Renewable Energy
VCT2 plc ("Hazel 2") held General Meetings for Shareholders to vote on
resolutions for the companies to continue as Venture Capital Trusts for
the next five years.
Shareholders in your Company voted in favour of continuation, however
shareholders of Hazel 2 voted against the resolution. The Board of Hazel
2 are therefore now obliged to produce proposals "for the voluntary
liquidation, reconstruction or other reorganisation" of Hazel 2. As the
two companies operate closely together and hold an identical investment
portfolio, your Board has been working closely with the Hazel 2 Board,
seeking to ensure that any Hazel 2 proposals do not have a negative
impact on Hazel 1 Shareholders.
The differing outcomes of the shareholder votes has presented a
significant challenge to the Boards in developing proposals which both
maintain Shareholder value and offer a satisfactory way forward for all
Shareholders. The two Boards have so far engaged with a number of
parties, including Hazel Capital, the Investment Advisor, who may be
able to help to provide a satisfactory solution and work is ongoing with
these parties to allow them to produce formal proposals. A consultant
has been appointed to assist with this process, which is expected to
take some time.
The Board believes that this work is likely to result in some proposals
for Hazel 1 Shareholders in addition to those for Hazel 2 shareholders.
We estimate that such proposals will be ready to be presented to
Shareholders by August.
I look forward to updating you on the developments as they arise.
Yours sincerely
Michael Cunningham
Chairman"
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Hazel Renewable Energy VCT 1 plc via Globenewswire
http://www.hazelcapital.com
(END) Dow Jones Newswires
April 28, 2017 11:34 ET (15:34 GMT)
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