Valeria Martinez, Investment Week, 15 August 2023:
TLEI’s shares have been suspended since 25 April due to uncertainty over the valuation of its ‘RUMS’ solar park construction project in India, in which 8% of the portfolio was invested.
Image: TLEI’s shares have been suspended since 25 April due to uncertainty over the valuation of its ‘RUMS’ solar park construction project in India, in which 8% of the portfolio was invested…
TLEI’s shares have been suspended since 25 April due to uncertainty over the valuation of its RUMS solar park construction project in India, in which 8% of the portfolio was invested, which prevented the audit of the 2022 accounts.
The board said the manager was aware a year ago of substantial increases in the costs and capital requirements associated with the RUMS project, which meant it would not be commercially viable.
According to the board, the manager did not inform it about this, including being told at a board meeting in December that no additional capital would be needed. It was not until February that suggestions were made a capital injection may be needed…
In a research note, QuotedData analyst Andrew Courtney said legal action could be easily envisaged following the release of this “incriminating” information, either by the board against the manager or by shareholders against the manager.
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