On 24 April 2023, the Company announced that, in the process of preparing its annual report and accounts for the year ended 31 December 2022 (the “2022 Annual Report and Accounts”), the Company had been made aware of material uncertainty regarding the fair value of certain of its assets and liabilities. This uncertainty relates, in particular, to the 200 MW construction-ready asset in Rewa Ultra Mega Solar Park (the “RUMS Project”) held by a wholly-owned special purpose subsidiary, Talettutayi Solar Projects Nine Private Limited (the “SPV”), of the Indian renewable energy platform that the Company has invested in (“SolarArise”). The RUMS Project is the sole sustainable energy infrastructure asset of the SPV and the sole construction asset in the Company’s portfolio. Accordingly, the Company announced that further work was required involving the Company’s auditors and other professional advisers to clarify the Company’s financial position and that, pending the completion of that work, the Company was not in a position to publish the 2022 Annual Report and Accounts within the deadline prescribed by the Disclosure Guidance and Transparency Rules. Consequently, the Company sought an immediate suspension of listing and trading which became effective at 7.30 a.m. on 25 April 2023 (the “Suspension”).
As explained in more detail below, the Company is not yet in a position to finalise its 2022 Annual Report and Accounts. Notwithstanding this, under the UK Companies Act 2006 (the “Companies Act”), the Company is obliged to hold an annual general meeting on or before 30 June 2023. The Company will therefore hold its 2023 annual general meeting (the “Annual General Meeting” or “AGM”) at the offices of JTC (UK) Limited, The Scalpel, 18th Floor, 52 Lime Street, London EC3M 7AF at 10.00 a.m. on Friday, 30 June 2023. The notice of the Annual General Meeting (the “Notice of AGM”) will be posted to shareholders today, and copies will shortly be available for inspection on the Company’s website, www.tlenergyimpact.com, and at the National Storage Mechanism, which is located at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.