Hazel Ren Egy VCT2 Hazel Renewable Energy Vct 2 Plc : Shareholder Update
April 28 2017 - 11:35AM
UK Regulatory
TIDMHR2O
Hazel Renewable Energy VCT2 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, at the General
Meeting held by the Company on 19 January 2017, Shareholders voted
against the Company continuing as a Venture Capital Trust for a further
five years. In accordance with the Company's Articles of Association,
the Directors of your Company are now working on proposals "for the
voluntary liquidation, reconstruction or other reorganisation of the
Company".
At a similar shareholder meeting held by the Company's sister company,
Hazel Renewable Energy VCT1 plc ("Hazel 1"), shareholders of that
company voted the opposite way i.e. to continue as a Venture Capital
Trust for the next five years. By way of background, your Company holds
an identical investment portfolio to that of Hazel 1.
The differing outcomes of the shareholder votes has presented a
significant challenge to the Board in developing proposals which both
maintain Shareholder value and offer a satisfactory way forward for all
Shareholders. The Board has 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. The Board has also
appointed a consultant to assist with this process. It is however clear
to the Board that fully developing these plans will take some time.
The Board had hoped to be in a position to call a further Shareholder
meeting in mid-May. It now appears that this is an unrealistic deadline
and further time will be needed to ensure that a flexible solution can
be offered that meets the requirements of and maximises value for all
Shareholders.
The Board envisages that it will be in a position to present such
proposals to Shareholders by August.
I will, of course, update Shareholders with any significant developments
as they arise and look forward to presenting proposals as soon as they
are finalised.
Yours sincerely
Peter Wisher
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 2 plc via Globenewswire
http://www.hazelcapital.com
(END) Dow Jones Newswires
April 28, 2017 11:35 ET (15:35 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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