Board of former ThomasLloyd Energy Impact expects delayed reports before year-end
The board unanimously recommened shareholders vote against the wind-up of the trust.
According to a regulatory filing today (24 November), the board expects the delayed reports, along with the audited December 2022 NAV and unaudited June 2023 NAV, to be published by 29 December 2023, which will be accompanied by an immediate application for the lifting of the current trading suspension.
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Prior to this, the board expects to publish an unaudited NAV for 30 September 2023 by 13 December.
As a result of the failed continuation vote, the board is required to put forward proposals for the reconstruction, reorganisation or winding-up of the trust to be voted on by 24 December 2023, four months since the original vote was taken.
The board has concluded that neither a reorganisation nor reconstruction is viable given the «concentrated and illiquid nature» of the portfolio and current size of the company, so must put forward proposals for a wind-up of the trust.
However, the board unanimously recommended shareholders vote against this proposal, in order to allow the company to conclude its strategic review and lift the share suspension, which has been in place since 25 April 2023.
As part of the review, the board is welcoming proposals from investment managers in the UK and abroad for a potential relaunch of the company with a «clean energy-focused impact strategy», with a view to take final proposals from shortlisted candidates early next year.
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The strategic review is anticipated to complete by the end of Q1 2024, with either a relaunch or managed wind-up as the most likely outcome.
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