By Elena Vardon
ThomasLloyd Energy Impact Trust has announced that it will appoint a transitional investment manager to oversee the future of the company and lift its trading suspension. This strategic decision will streamline the finalization of the company’s outstanding accounts and audits. The candidate for this role is expected to be confirmed in the near future.
As part of this transition, ThomasLloyd Energy Impact Trust will terminate its agreements with existing investment managers, including ThomasLloyd Global Asset Management (Americas), effective from October 31. The company is focused on addressing the material uncertainty surrounding the valuation of the Rewa Ultra Mega Solar Park project in India, which led to the suspension of its shares on April 25. The project’s costs exceeded expectations, resulting in the delay of annual results and the subsequent share suspension.
The company’s board has until December 24, four months from the adjourned annual general meeting held on August 24, to present proposals for the future of the company to shareholders who voted against its continuation. Management has advised shareholders to vote against continuation due to unresolved concerns and questions regarding investment valuation.