ThomasLloyd Energy Impact trust manager calls for board to withdraw wind-up recommendation
The firm also said it will release a statement setting out its “serious concerns” about the actions of the board of the company “in due course”.
On Monday (31 July), the board of the trust urged shareholders to vote against the continuation resolution after losing confidence in its investment manager, ThomasLloyd Global Asset Management. This comes after affiliates of the manager called for a continuation vote on 11 July.
In a statement written on Monday but released publicly today (1 August), the firm said it «vigorously» refutes the allegations contained in the board's announcement.
«TL believes that the current actions of the board of the company and in particular, the recommendation to vote against the continuation of the company, are fundamentally detrimental to shareholder value and to the best interests of shareholders,» it said.
«TL remains committed to the bright future of the company. TL fails to see how the board of the company can claim it had no alternative but to recommend that shareholders vote against the continuation resolution. TL considers the actions of the board of the company to be self-serving.»
ThomasLloyd Energy Impact board urges shareholders to vote in favour of wind-up
TLEI's shares have been suspended since 25 April due to uncertainty over the valuation of its ‘RUMS' solar park construction project in India, in which 8% of the £138m portfolio was invested.
Chair Sue Inglis said the board had lost confidence in ThomasLloyd over the financial problems arising from the project, with several issues raising questions about the «quality and reliability» of the information being given to them by the manager.
For example, the board noted the liabilities relating to non-completion of the RUMS
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