ThomasLloyd Energy impact to appoint new investment manager
'These changes to the company's investment management arrangements will expedite the completion of the 2022 accounts and 2023 interim accounts and lifting of the suspension of trading in the company's shares.'
The investment manager gave notice to the trust signalling it would end its appointment from 14 December 2026, however the trust has sent a notice to the asset manager terminating their agreement from 31 October 2023, following the «failure of the continuation resolution at the requisitioned general meeting and adjourned annual general meeting held on 24 August 2023», it said in a regulatory filing today (15 September).
Investors vote against ThomasLloyd Energy Impact continuation
As a result, ThomasLloyd Energy Impact will appoint a transitional investment manager, as it deemed it the «most effective way» to finalise the trust's 31 December 2022 and 30 June 2023 valuations, as well as its 2022 audit and accounts and 2023 interim report, in a bid to lift its share suspension «as soon as possible».
The trust explained it has already engaged with a number of experienced candidates for the transitional investment manager mandate, and it is in advanced discussions with some parties as it aims to appoint the successful candidate on a short-term contract.
The trust's board added it expects to confirm the agreement of heads of terms shortly.
Following the appointment, the trust will also bring forward proposals for its future for consideration by shareholders, as decided at its general meeting on 24 August — it will have four months from the AGM date to do so.
ThomasLloyd Energy Impact board faces removal vote at second general meeting
A second requisitioned general meeting will also take place on 25 September, at the
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