Hazel Renewable Energy VCT1's net asset value per ordinary share fell to 116.4p in the six months to the end of March from 118.1p at the end of September.
Shareholders in January voted that the company should continue as a venture capital trust for a further five years.
But shareholders of Hazel Renewable Energy VCT2 plc voted against the resolution.
Chairman Michael Cunningham told shareholders: "Your company has a close relationship with Hazel 2 and has co-invested alongside Hazel 2 in all its investments.
"A wind-up of Hazel 2 could have a significant impact on your company in that a new investment partner for the investments would need to be found.
"With this in mind, your board has been working closely with the board of Hazel 2, to identify a solution that is in the best interests of all shareholders.
"To this end, the companies have appointed a consultant to run this process and have engaged with several parties, including Hazel Capital, the investment adviser, with the objective of preparing formal proposals seeking to provide all shareholders with an outcome which meets their requirements.
"The final proposals are expected to provide some shareholders with an option to exit from their investment while maintaining viable vehicles for those shareholders that wish to continue holding their investment.
"We anticipate that these proposals will be ready to present to shareholders in the late summer."