REG-Hazel Renewable Energy VCT 1 plc : Shareholder Update <Origin Href="QuoteRef">HR1O.L</Origin>

Gresham House Renewable Energy VCT 1Announcement

17/10/2017 07:00

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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.
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