Following ThomasLloyd Energy Impact Trust’s (TEIL) adjourned AGM, it has been announced that the company has failed its continuation resolution.
Shareholders representing approximately 58% of the votes cast voted against the continuation resolution, in line with the board’s recommendation. Of the total votes cast by shareholders that are independent of the company’s investment manager, ThomasLloyd Global Asset Management and other entities and funds affiliated with it, approximately 69% were cast against the continuation resolution.
Sue Inglis, Chair of ThomasLloyd Energy Impact Trust plc, said: “Shareholders representing a notable majority of the company’s issued share capital, and independent shareholders by a majority of more than two to one (based on shares held), have supported the Board by voting against continuation at today’s shareholder meetings. The Board would like to thank shareholders for their support and giving the Board a clear mandate for the way forward. In addition to completing the key workstreams required for lifting the share trading suspension, the Board will also now develop proposals for the Company’s future, consulting and updating shareholders at key stages during this process.”
Next steps
The board is commencing an immediate review of the options, with the board required to bring forward proposals for the future of the company within the next four months. which will include proposals for a relaunch of the company. The board will consult and update shareholders at key stages of the review process.
In addition to the review of options for the company’s future, the board’s immediate priorities include:
- completing the re-evaluation of the RUMS Project, consulting shareholders with regard to the outcome of the re-evaluation and, subject to shareholder feedback, implementing the outcome;
- ensuring the ongoing management of the company’s operating assets and providing shareholders with an update on the performance of those assets;
- finalising the 31 December 2022 and 30 June 2023 valuations, 2022 accounts and audit and 2023 interim report; and
- lifting the suspension.
The board will now finalise its plans for progressing these important workstreams, including setting out a timescale for delivering its immediate priorities, and will make a further announcement shortly. The board intends to provide shareholders with regular updates as the workstreams progress.
[QD comment: This announcement finally provides some clarity on the direction of the trust, although for investors it marks the end of the beginning rather than any real closure as we await the board’s review. As we have said previously, a vote against continuation appeared to be the only real option for investors, and the almost two thirds majority is a clear reflection of that, particularly given the fund’s future fundraising ambitions are likely dead in the water in its current form. Despite the controversy surrounding the RUMS Project, the original investment idea remains a good one and we hope for the sake of its investors that it can be salvaged in some way following the review.]
TLEI :ThomasLloyd Energy Impact Trust fails continuation vote
previous story | next story