ThomasLloyd Energy Impact board reiterates recommendation against continuation

investmentweek.co.uk:

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

TLEI's board recommended shareholders vote against the continuation of the company on 31 July after losing confidence in investment manager ThomasLloyd Global Asset Management, owned by ThomasLloyd Group.

The investment manager has since repeatedly called for the board to immediately withdraw its shareholder recommendation to vote against continuation. In a statement on Friday (11 August), it said this would «immediately and permanently» destroy shareholder value.

ThomasLloyd Energy Impact manager urges continuation to prevent destruction of shareholder value

Also on Friday, the board responded, arguing the manager's announcement «still fails to address the concerns raised by the board» and reiterated its recommendation to vote against continuation on 24 August.

"[The announcement] contains a number of general statements about what it expects would be the investment manager's proposals for the future of the company, on which it proposes only to provide further details following a shareholder vote in favour of continuation," it said.

In its capacity as a shareholder of the trust, ThomasLloyd Group also requisitioned another general meeting of TLEI shareholders to consider resolutions for the removal of the current board with four new proposed independent directors.

ThomasLloyd Energy Impact trust manager calls for board to withdraw wind-up recommendation

The board noted the requisition notice and said it will respond «in due course». 

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