Hazel Ren Egy VCT2 Hazel Renewable Energy Vct 2 Plc : Shareholder Update

 
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)

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