Hazel Renewable Energy VCT 1 plc : Interim Mana...

Hazel Renewable Energy VCT 1 plc : Interim Management Statement

Hazel Renewable Energy VCT1 plc
Interim Management Statement

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, Hazel Renewable Energy VCT1 plc presents an Interim Management Statement for the quarter ended 31 December 2013. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

As at
31 December
2013
As at
30 September
2013
As at
30 June
2013
As at
31 March
2013
UnauditedAuditedUnauditedUnaudited
PencePencePencePence
Net Asset Value per Ordinary Share 123.598.886.389.2
Net Asset Value per 'A' Share0.10.10.10.1
Cumulative distributions per Ordinary Share8.58.58.58.5
Total return per Ordinary Share and 'A' Share132.1107.494.997.8

Investment portfolio summary at 31 December 2013

CostValuationValuation
Movement
from
1 Oct 2013 to
 31 Dec 2013
£'000£'000£'000
Venture capital investments16,81225,6565,600

On 18 December 2013, along with its sister company Hazel Renewable Energy VCT2 plc, the Company undertook a reorganisation of six of its investee companies (AEE Renewables UK 26 Limited, AEE Renewables UK 3 Limited, Beechgrove Solar Limited, New Era Energy Limited, South Marston Solar Limited and Vicarage Solar Limited), whereby additional stakes in each company were acquired from third parties and two holding companies, Lunar 1 Limited and Lunar 2 Limited were put in place. This allowed the drawdown of borrowings from a third party of £66 million which has the potential to substantially enhance cash flows attributable to the Company over the life of the underlying projects. The transaction resulted in an uplift in value of these investments totalling £5.6 million, equivalent to 24.6p per Ordinary Share.

Investment activity during the three month period ended 31 Dec 2013

Other than as described above, there were no investment additions from 1 October 2013 to 31 December 2013.

Disposals

£'000
AEE Renewables UK 3 Limited2,125
Ayshford Solar (Holding) Limited326
Beechgrove Solar Limited3
2,454

Investment activity from 1 January 2014 to the date of this report
There were no investment additions or disposals from 1 January 2014 to the date of this report.

Share capital
Share capital and movements in the period are summarised as follows:

Ordinary Shares'A' Shares
No. of
Shares
Nominal
value
£'000
No. of
Shares
Nominal
value
 £'000
At 1 October 201322,728,0532334,092,07634
Shares issued during the period----
At 31 December 201322,728,0532334,092,07634

There were no changes to the share capital from 1 January 2014 to the date of this announcement.

Dividends paid or declared in the period
A special dividend was proposed on 31 January for the year ended 30 September 2013 of 7.3p per Ordinary Share and 3.7p per 'A' Share. These dividends will be paid on 28 February 2014 to Shareholders on the register at 14 February 2014.

Additionally a final dividend was proposed on 31 January 2014 for the year end 30 September 2013 of 5.0p per Ordinary Share. The final dividends will be subject to Shareholder approval at the AGM on 25 March 2014 and will be paid on 28 March 2014 to Shareholders on the register at 7 March 2014.

Material events
Other than described above, there were no material events during the period from 1 October 2013 to the date of this announcement.




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

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