Hazel Ren Egy VCT1 Hazel Renewable Energy Vct 1 Plc : Result Of General Meetings
20 January 2017 - 5:47AM
UK Regulatory
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)
Copyright (c) 2017 Dow Jones & Company, Inc.
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