Thomas Lloyd Energy Impact trust fails to provide timeline for publication of results

investmentweek.co.uk:

The trust’s shares have been suspended since 25 April due to uncertainty over the valuation of its Indian construction project.

In a stock exchange notice today (12 July), the board said it had received a draft report from PwC reviewing the key assumptions included in the manager's financial models and the methodology used by independent valuer Kroll Advisory. 

The board is now working with the manager, Thomas Lloyd Global Asset Management, Kroll and auditor Deloitte to complete the 31 December 2022 valuation, which it said could reflect a «material downward movement» relative to the 30 September 2022 valuation. 

ThomasLloyd Energy Impact shares temporarily suspended over fair value 'uncertainty'

This could be in addition to the $8.2m expected to be written off as a result of not proceeding with the 200MW plant in its RUMS project, held by a special purpose subsidiary of SolarArise, the Indian renewable energy platform the trust is invested in. 

The December 2022 valuation write-downs would also be on top of an expected adjustment to the value of SolarArise for potential non-completion liabilities in respect of the RUMS project, which could be up to $33.5m, it said.

The trust's shares have been suspended since 25 April due to uncertainty over the valuation of its Indian construction project, which it has since walked away from. This suspension will only be lifted once the audited results have been published. 

The board said the publication of the annual report depends on a number of «workstreams», including the finalisation of portfolio valuation, the completion of an investigation into the circumstances of the RUMS project and the completion of the audit by Deloitte.

Given the «nature and complexity» of the issues