Hazel Renewable Energy VCT 1 plc : Shareholder Upd
Post# of 301275
Hazel Renewable Energy VCT1 plc Legal Entity Identifier: 213800IVQHJXUQBAAC06 Shareholder Update 17 October 2017
The Board of Hazel Renewable Energy VCT1 plc ("Company") announces that, along with its sister company, Hazel Renewable Energy VCT2 plc ("Hazel 2"), it has provisionally agreed proposals for reorganisation of the two companies ("The Proposals").
The Proposals include:
- Transfer of the Company's Investment Advisory Agreement to Gresham House Asset Management Limited
- A reduced Investment Advisory fee
- A commitment to enhance the Investment Advisory team resources
- Enhanced dealflow prospects
- A commitment to support share buybacks at a price equivalent to approximately a 2% discount to latest published net asset value
Hazel 2 will seek shareholder approval from its shareholders at a general meeting of Hazel 2 scheduled for 7 November 2017. (Shareholder approval is required by Hazel 2 as the resolution for Hazel 2 to continue as a VCT was not passed by shareholders in January 2017). Adoption of the Proposals by the Company is conditional on Hazel 2 obtaining shareholder approval for the Proposals, such that the two companies can continue to operate closely together under a joint investment advisory agreement.
A copy of a letter that will be sent to Shareholders providing more detail on the Proposals will be available shortly on the website of the Administration Manager, Downing LLP, at https://www.downing.co.uk/hazel1
Neither the contents of the Downing website nor the contents of any website accessible from hyperlinks on the Downing website (or any other website) is incorporated into, or forms part of, this announcement.
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