BY JAMIE COLVIN, Citywire Investment Trust Insider, 15 August 2023:
Update: The row between ThomasLloyd Energy Impact (TLEI) and its fund manager has escalated with the board of the renewables fund saying it has been told by a whistleblower that Thomas Lloyd Global Asset Management knew about problems in its ‘Rums’ solar project a year ago…
The board said that, contrary to Thomas Lloyd’s portrayal, the continuation vote on 24 August was not a ‘binary outcome’, noting that if it failed, proposals for TLEI’s future will be put to shareholders that may include a relaunch with a new fund manager.
The board again urged shareholders, which include the Foreign Office with an 18% stake, to vote against the continuation resolution…
‘The delay in full disclosure to the board, including with regard to potential non-completion liabilities, resulted in material financial uncertainty such that the 2022 accounts and resulting audit could not be completed by 30 April 2023 and trading in the shares had to be suspended,’ Inglis said.
QuotedData analyst Andrew Courtney said it appears ‘particularity incriminating’ that TLG told the board SolarArise held sufficient cash for the RUMS project when asked during the December board meeting, implying a deliberate decision was made by the investment manager not to inform the board.
‘We could easily envisage legal action here, by the board against the manager or by shareholders against the manager,’ he said.
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