Hazel Renewable Energy VCT 1 plc : Result of AG...

Hazel Renewable Energy VCT1 plc
7 March 2016
AGM Results and Statement

The Annual General Meeting of Hazel Renewable Energy VCT1 plc took place earlier today.  The meeting was adjourned from the original venue and relocated to a larger venue and commenced at 2:20pm.

At the start of meeting the Chairman, Michael Cunningham, announced that, in view of a large number of proxy votes that had been submitted against existing directors, the Company had taken legal advice and had agreed to take steps to ensure that the Company did not end up breaching the Company Act 2006 by virtue of having less that two directors.

Accordingly, it was announced that Michael Cunningham and Stephen Hay had withdrawn their offer to resign as non-executive directors at the AGM and were not required to do so under the Company's Articles of Association. Resolutions 4 & 5 seeking re-election for Michael Cunningham and Stephen Hay were therefore withdrawn.

It was further announced that Ben Guest had withdrawn his offer to stand for re-election and would therefore cease to be a non-executive director at the end of the AGM. Resolution 6 was therefore also withdrawn.

Resolutions 1, 2, 3 and 7 were carried on a show of hand but Resolution 8 to change the Articles of Association was defeated.

Details of the proxy votes in respect of the Annual General Meeting resolutions received as at 2:00pm on 3 March 2015, 48 hours before the scheduled time of the meeting (excluding weekends), at Downing LLP are set out below:

		For	Discretionary	Against	Total	Withheld
Res. No.		No. of	No. of	No. of	No. of	No. of
		Votes Cast	Votes Cast	Votes Cast	Votes Cast	Votes
		% of votes	% of votes	% of votes	% of votes
1		18,962,858,915	-	-	18,962,858,915	-
		100.00%	0.00%	0.00%	100.00%
2		18,962,858,915	-	-	18,962,858,915	-
		100.00%	0.00%	0.00%	100.00%
3		18,962,858,915	-	-	18,962,858,915	-
		100.00%	0.00%	0.00%	100.00%
4	WITHDRAWN	659,674,015	204,204,000	18,098,980,900	18,962,858,915	-
		3.48%	1.08%	95.44%	100.00%
5	WITHDRAWN	8,042,371,337	10,920,487,578	-	18,962,858,915	-
		42.41%	57.59%	0.00%	100.00%
6	WITHDRAWN	659,674,015	204,204,000	18,098,980,900	18,962,858,915	-
		3.48%	1.08%	95.44%	100.00%
7		18,710,988,296	204,204,000	47,666,619	18,962,858,915	-
		98.67%	1.08%	0.25%	100.00%
8		21,917,896	204,204,000	18,736,737,019	18,962,858,915	-
		0.12%	1.08%	98.80%	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 completion of the formal business, the Chairman announced that the Company had erroneously omitted to propose a resolution to Shareholders seeking that the Company continue as a VCT at this AGM and would therefore be taking steps in due course to call a further General Meeting to put such a resolution.

The Chairman also announced that the Company had received correspondence in the last week from a party representing a group of shareholders and, after taking professional advice, the Company is now consulting The Panel on Takeovers and Mergers.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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

HUG#1992506