Hazel Renewable Energy VCT 2 plc : Interim Mana...

Hazel Renewable Energy VCT2 plc
Interim Management Statement

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, Hazel Renewable Energy VCT2 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
	Unaudited	Audited	Unaudited	Unaudited
	Pence	Pence	Pence	Pence
Net Asset Value per Ordinary Share	123.3	98.8	86.3	89.2
Net Asset Value per 'A' Share	0.1	0.1	0.1	0.1
Cumulative distributions per Ordinary Share	8.5	8.5	8.5	8.5
Total return per Ordinary Share and 'A' Share	131.9	107.4	94.9	97.8

Investment portfolio summary at 31 December 2013

	Cost	Valuation	Valuation Movement from 1 Oct 2013 to  31 Dec 2013
	£'000	£'000	£'000
Venture capital investments	16,812	25,656	5,600

On 18 December 2013, along with its sister company Hazel Renewable Energy VCT1 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 Limited	2,125
Ayshford Solar (Holding) Limited	326
Beechgrove Solar Limited	3
	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 2013	22,793,330	23	34,189,992	34
Shares issued during the period	-	-	-	-
At 31 December 2013	22,793,330	23	34,189,992	34

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.

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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 2 plc via Globenewswire

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