Hazel Renewable Energy VCT 2 plc : Interim Mana...

Hazel Renewable Energy VCT2 plc
Interim Management Statement

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, Hazel Renewable Energy VCT2 plc presents an Interim Management Statement for the quarter ended 30 June 2013. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	As at 30 June 2013	As at 31 March 2013	As at 31 December 2012	As at 30 September 2012
	Unaudited	Unaudited	Unaudited	Audited
	Pence	Pence	Pence	Pence
Net Asset Value per Ordinary Share	86.3	89.2	94.5	94.6
Net Asset Value per 'A' Share	0.1	0.1	0.1	0.1
Cumulative distributions per Ordinary Share	8.5	8.5	3.5	3.5
Total return per Ordinary Share and 'A' Share	94.9	97.8	98.1	98.2

Investment portfolio summary at 30 June 2013

	Cost	Valuation	Valuation Movement from 1 Apr 2013 to  30 Jun 2013
	£'000	£'000	£'000
AEE Renewables UK 3 Limited	3,250	3,250	-
Ayshford Solar (Holding) Limited	2,716	2,716	-
AEE Renewables UK 26 Limited	1,145	1,489	-
Hewas Solar Limited	1,175	1,282	-
St Columb Solar Limited	810	1,061	-
South Marston Solar Limited	1,022	1,022	-
Gloucester Wind Limited	1,000	1,000	-
New Energy Era Limited	884	976	-
Minsmere Power Limited	975	975	-
Small Wind Generation Limited	975	975	-
Other investments	5,741	5,141
Total	19,693	19,887	(600)

The valuation movement of £600,000 relates to a full provision against the loan to Quiet Revolution Limited ("QR").  QR is a developer and distributer of wind turbines which has, so far, been unable to progress towards profitability in line with its plan.  As a result, QR required a further funding round in which the Company chose not to participate but converted the outstanding loan into equity.  Whilst QR is optimistic about its future profitability the Board concluded that it was appropriate to make a full provision against the investment at this time and will monitor QR's trading performance with a view to reassessing the provision in order to reflect future positive updates.

All other investments are generally performing in line with expectations.

Investment activity during the three month period ended 30 June 2013
Additions

	£'000
Ayshford Solar (Holding) Limited	250
	250

Disposals

	£'000
South Marston Solar Limited	36
	36

Investment activity from 1 July 2013 to the date of this report

There were no investment additions from 1 July 2013 to the date of this report.

Disposals

	£'000
AEE Renewables UK 3 Limited	125
	125

Share capital
Share capital and movements in the period are summarised as follows:

	Ordinary Shares		'A' Shares
	No. of Shares	Nominal value £'000	No. of Shares	Nominal value  £'000
At 1 April 2013	22,793,330	23	34,189,992	34
Shares issued during the period	-	-	-	-
At 30 June 2013	22,793,330	23	34,189,992	34

There were no changes to the share capital from 1 July 2013 to the date of this announcement.

Dividends paid or declared in the period
There were no dividends paid or declared in the period from 1 April 2013 to the date of this announcement.

Material events
Other than described above, there were no material events during the period from 1 April 2013 to the date of this announcement.

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This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Hazel Renewable Energy VCT 2 plc via Thomson Reuters ONE

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