By ThomasLloyd Energy Impact Trust has recently received a notice from ThomasLloyd Cleantech Infrastructure Fund SICAV and ThomasLloyd SICAV – Energy Impact Credit Fund. This notice requires the convening of a shareholder meeting to vote on three resolutions, one of which involves the continuation of the company.
In its June 30 annual general meeting, the London-listed renewable energy investment trust was unable to address these three resolutions as it was adjourned. The management believed that shareholders should have access to the complete information presented in the company’s annual report for 2022 before making a fully-informed decision about the future of the company. To address these outstanding resolutions, another meeting has been scheduled for August 24.
While the management unanimously recommends voting against the continuation resolution, they have legitimate concerns regarding the valuation of investments and the approach taken by the investment manager. There are significant and unanswered questions in these areas.
The company’s shares have been suspended since April 25 at its own request due to material uncertainty surrounding the valuation of the RUMS solar project in India. Delays in the project’s progress and resulting cost overruns prompted the postponement of annual results and the suspension of share trading.
Considering the significant loss incurred from the RUMS project, an expected downward adjustment in the valuation of other investments, and the lack of a forward-looking plan from the investment manager, Chair Sue Inglis states that their only recommendation is to vote against continuation.
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