ThomasLloyd Energy Impact’s (TLEI) board has announced that following the failed continuation vote, it will terminate its arrangement with its current investment manager on 31 October 2023. The board has begun the search for a transitional investment manager to replace the outgoing one, with the intention being that this 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 allow TLEI’s shares to resume trading.
This newly appointed manager will provide continuity of investment management during the expected construction of the company’s 200 MW DC solar PV project in Rewa Ultra Mega Solar Park in India and ensure effective oversight of the existing operating portfolio while the board works with its advisers to carry out a wide-ranging review of options for the company’s future. One proposed possibility, which has already received shareholder support, is for TLEI to be re launched as an Asian-focused impact strategy.
Shareholders close to ThomasLloyd, the outgoing investment manager, have made a second requisition notice, which will require a second general meeting, in which resolutions will be put forward to shareholders to remove all four current directors and for the appointment of four new directors proposed by the requisitioning shareholders. The board believes that the best path is for shareholders to act in a unified manner, and unanimously recommend shareholders vote against all the resolutions to be proposed at the second requisitioned General Meeting.