Asian Energy Impact Trust (AEIT) announced its annual results for the 12 month period to December 2023. The company’s NAV total return was -3.6%, after falling 49.2% the previous year. Shares fell a total of 84% following a long period of suspended trading after issues with the release of the company’s annual report, being readmitted on 8 March 2024. Shares were again suspended on 30 April 2024 due to further issues related to the release of its 2023 annual report. Upon today’s release, the company can apply to the FCA for a restoration of its listing.
After a series of issues over the past 18 months, most notably the controversial RUMS project, the company conducted a strategic review which resulted in a proposal for the orderly realisation of AEIT’s assets. The proposal will seek to achieve a balance between maximising the value of AEIT’s investments and progressively returning cash to shareholders in a timely manner. Details of this proposal, which is subject to shareholder approval at a general meeting of the company expected to be held in Q2 2024, will be set out in due course.
Regarding the outlook, chair Sue Ingils commented:
“Subject to shareholders approving the proposal for the realisation of AEIT’s assets, the company’s focus will be to conduct an orderly realisation of the company’s assets in a manner that seeks to achieve a balance between maximising the value of its investments and progressively returning cash to shareholders in a timely manner. In the meantime, our transitional investment manager will continue to provide the active management needed, including pursuing portfolio optimisation opportunities. In addition, the company will continue to investigate its right to seek compensation for the material asset value loss that is has suffered and the additional professional fees that it has incurred over the last 12 months whilst reserving all the company’s other rights. On behalf of the board, I thank shareholders for their continued support of the board throughout the numerous general meetings held in 2023 and also for their levels of engagement with the board during the last 12 months.”
AEIT : Asian Energy Impact Trust heads towards wind up