Hazel Renewable Energy VCT 1 plc : Directorate ...

Hazel Renewable Energy VCT1 plc
Directorate Change
LEI: 213800IVQHJXUQBAAC06
30 April 2018

The Board announces that Stephen Hay has decided to resign as Chairman and non-executive director with effect from 30 April 2018 in order to focus on his other business interests.

Stephen has been a non-executive director of the Company since its launch in 2010. He has acted as Chairman since July 2017 and oversaw the completion of a reorganisation of the Company which saw Gresham House Asset Management appointed as Investment Adviser in October 2017. The remaining director, Stuart Knight, commented "It has been a pleasure working with Stephen since I joined the Board and I am grateful for the commitment he has made of over the full tenure of his appointment in helping to deliver the Company to the position it is in today. On behalf of myself and the Directors of Hazel Renewable Energy VCT2, who have worked closely with the Company, I thank Stephen for his contribution and wish him every success with his other business interests."

The Board is also pleased to announce the appointment of Gill Nott to the Board of Directors with effect from 1 May 2018. Gill will also take over from Stephen Hay as Chairman.

Gill spent the majority of the first 27 years of her career working in the energy sector. In 1994 she became CEO of ProShare. Due to her work in the retail savings sector, she spent six years on the Board of the Financial Services Authority from 1998 to 2004. Gill has held a portfolio of non-executive positions, including roles with a number of VCTs and other the closed-end funds, over the last 15 years.
She was also a board member of the AIC from 2004 until 2014. She is currently chairman of JP Morgan Russian Securities plc and a non-executive director of Premier Global Infrastructure Trust plc and PGIT Securities 2020 plc.

Stuart Knight further commented "The Company undertook a formal process to identify candidates suitable to take over the role of chair of the Company, a process which yielded many high quality candidates and resulted in an offer being made to Gill. I am very pleased that Gill has agreed to join the Board and am looking forward to working with her. I am sure that her extensive experience in the VCT and closed-end funds sector generally will bring a new dimension to the Board."

Following Gill's appointment, the Board will still comprise two non-executive directors. A further process is underway to identify candidates for a third non-executive director. A further announcement will be made in due course, once this process is complete.

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Source: Hazel Renewable Energy VCT 1 plc via Globenewswire