Disclosure – Non-Independent Marketing Communication
This is a non-independent marketing communication commissioned by ThomasLloyd Energy Impact. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.
ThomasLloyd Energy Impact Trust (TLEI) announced a temporary suspension to the listing of its ordinary shares on 24/04/2023. In the process of preparing its annual report and accounts for the year ended 31 December 2022, the company has been made aware of material uncertainty regarding the fair value of certain of its assets and liabilities. This uncertainty relates in particular to SolarArise, the 200 MW construction-ready asset owned by TLEI. The board originally stated that further work involving the company's auditors and other professional advisers is required to clarify the company's financial position. Pending the completion of this work, the company is not in a position to finalise the 2022 accounts, and hence the reason for the suspension of the shares.
On 15/09/2023, TLEI’s board announced that the company has served notice on the investment manager and others to terminate the investment management agreement with effect from 31 October 2023 following the failure of the continuation vote.
Further to this, following discussions with a range of stakeholders, the board has concluded that the appointment of a transitional investment manager will be the most effective way to finalise the 31 December 2022 and 30 June 2023 valuations, 2022 audit and accounts and 2023 interim report and ensure the suspension of admission to listing and trading of the company's shares is lifted as soon as possible. Accordingly, the board and its advisers have engaged with a number of experienced candidates for the transitional investment manager role and are in advanced discussions with short-listed parties with a view to appointing the successful party as investment manager on a short-term contract. The board expects to confirm the agreement of heads of terms shortly.
The board say that in light of shareholders' strongly expressed support for an Asian-focused impact strategy, they will be assessing proposals for a re-launch of the company which maintains the strategy from a wide range of investment managers, including a number of experienced managers who have already approached the company.
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