Hazel Renewable Energy VCTs 1 & 2
Hazel Renewable Energy VCT 1 plc (“Hazel 1”) and Hazel Renewable Energy VCT 2 plc (“Hazel 2”) are twin VCTs that were launched in 2010 by Hazel Capital. Their initial offer for subscription raised £41.6 million. They have since raised a further £8.2 million in two top-up offers in 2012 and 2014.
Hazel Capital has since been acquired by Gresham House plc and renamed Gresham House New Energy. The VCTs are now managed by Gresham House Asset Management.
The VCTs’ current portfolio comprises 19 investments in renewable energy companies, including those benefitting from contract-backed and index-linked revenues such as Feed-In Tariffs (FiT) and Renewables Obligation Certificates (ROC).
Since 2015, investment in renewable energy generation projects has not been permitted in VCTs. The remit has widened to investments in broader renewable energy technology, such as battery storage systems and electrical vehicle charging.
In January 2017, Hazel 1 shareholders voted in favour of continuation as a VCT for 5 years whereas shareholders of Hazel 2 did not. This has been addressed by a number of proposals made by the board of Hazel 2, including reductions in fees paid to the investment advisor and charged to the investee companies and an improved share buyback policy. These were accepted in November 2017 and Hazel 2 will continue as a VCT. The next winding-up votes will be at the AGMs of both VCTs in 2021.
The offer seeks to raise up to £4.4 million across both VCTs. The minimum investment is £10,000. The deadline for allotment in 2017/18 is noon on 3 April 2018 and the closing date is 26 April 2018, unless the offer is fully subscribed beforehand.
Please read and understand the provider documents before investing.
- Target dividend
- Initial charge
- Initial saving via Wealth Club
- Net initial charge
- Annual rebate
- Funds raised / sought
- 26 Apr 2018