REG-Hazel Renewable Energy VCT 1 plc : Result of AGM and Statement <Origin Href="QuoteRef">HR1O.L</Origin>

Gresham House Renewable Energy VCT 1Announcement

07/03/2016 18:30

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withdrawn their offer to resign as non-executive directors at the AGM and were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therefore withdrawn. 
 
 It was further announced that Ben Guest had withdrawn his offer to stand for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 Resolution 6 was therefore also withdrawn.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. 
 

 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