Investors vote against ThomasLloyd Energy Impact continuation

investmentweek.co.uk:

At today’s requisitioned general meeting and adjourned AGM, 58% of investors voted against the continuation resolution, supporting the board’s stance over the manager.

At today's requisitioned general meeting and adjourned AGM, 58% of investors voted against the continuation resolution, supporting the board's stance over the manager.

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Chair of the trust Sue Inglis said: «Shareholders representing a notable majority of the company's issued share capital, and independent shareholders by a majority of more than two to one (based on shares held), have supported the board by voting against continuation at today's shareholder meetings.

»The board would like to thank shareholders for their support and giving the board a clear mandate for the way forward.

«In addition to completing the key workstreams required for lifting the share trading suspension, the board will also now develop proposals for the company's future, consulting and updating shareholders at key stages during this process.»

As a result of the failed continuation vote, the board is required to bring forward proposals for the trust's future within four months of the date of the vote (24 August).

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The board noted that recent shareholder engagement has «reiterated the importance… of the impact strategy», and will be inviting proposals for a relaunch of the trust as part of its options.

In addition, the board's immediate priorities will include the completion of a re-evaluation of its ‘RUMS' solar park construction project in India, including consulting shareholders on its outcome and implementing said