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

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 Votes	No. of Votes	No. of Votes	No. of Votes	Total 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 Votes	No. of Votes	No. of Votes	No. of Votes	Total 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