Hazel Ren Egy VCT1 Hazel Renewable Energy Vct 1 Plc : Result Of General Meetings

 
TIDMHR1O 
 
   Hazel Renewable Energy VCT1 plc 
 
   Hazel Renewable Energy VCT2 plc 
 
   19 January 2017 
 
   Result of GMs 
 
   Hazel Renewable Energy VCT1 plc ("Hazel 1") and Hazel Renewable Energy 
VCT 2 ("Hazel 2") held General Meetings earlier today to seek 
shareholder approval for the Companies to continue as Venture Capital 
Trusts for a further five years. 
 
   The resolution in respect of Hazel 1 was passed. The resolution in 
respect of Hazel 2 was defeated. 
 
   Details of the proxy votes in respect of the resolution passed at the 
Hazel 1 General Meeting received as at 3:15pm on 17 January 2017, 48 
hours before the time of the meeting (excluding weekends), at Downing 
LLP are set out below: 
 
 
 
 
     For        Discretionary     Against     Withheld 
    No. of         No. of         No. of       No. of       Total 
     Votes          Votes          Votes        Votes        Votes 
  % of votes     % of votes     % of votes                % of votes 
10,025,827,030        -        6,757,734,954     -      16,786,561,984 
    59.74%          0.00%         40.26%                   100.00% 
 
 
   Details of the proxy votes in respect of the resolution for the Hazel 2 
General Meeting received as at 3:20pm on 17 January 2017, 48 hours 
before the time of the meeting (excluding weekends), at Downing LLP are 
set out below: 
 
 
 
 
     For       Discretionary     Against      Withheld 
   No. of         No. of          No. of       No. of       Total 
    Votes          Votes           Votes        Votes        Votes 
 % of votes     % of votes      % of votes                % of votes 
7,690,117,326   578,490,913   11,725,654,941     -      19,994,263,180 
   38.46%          2.89%          58.65%                    100.00 
 
 
   A copy of the resolutions passed will be submitted to the National 
Storage Mechanism and will shortly be available for inspection at 
www.hemscott.com/nsm.do. 
 
   After the meetings, the Boards of Hazel 1 and Hazel 2 issued a joint 
statement as follows: 
 
   "At the General Meeting that took place earlier today, Hazel 1 
Shareholders voted in favour of continuing as a VCT for a further five 
years and Hazel 2 Shareholders have voted against the same resolution. 
 
   As indicated in the Circular dated 22 December 2016, the Boards will now 
explore what options might be available to satisfy the wishes of both 
groups of Shareholders. It should however be noted that it may be 
challenging to secure a route whereby one VCT can continue by itself. 
Shareholders should therefore note that it is possible that the final 
outcome may be a recommendation from the Boards that both VCTs commence 
plans to wind up the VCTs over a two to three year period. 
 
   The Boards will seek to ensure that the initial VCT Income Tax reliefs 
are retained and that value is maximised for all Shareholders. 
 
   The Articles of Association now require that Hazel 2 put formal 
proposals to its Shareholders for a "voluntary liquidation, 
reconstruction or other reorganisation of the Company" to be considered 
at a General Meeting to be convened by 19 May 2017.  The Boards of both 
VCTs will endeavour to present formal plans to Shareholders in line with 
this timetable. 
 
   The Boards of both Companies also announce that neither Company will 
undertake any further share buybacks while the options for the future 
are under review." 
 
   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

January 19, 2017 13:47 ET (18:47 GMT)

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