Whistleblower implies ThomasLloyd Energy Impact board was misled by manager

investmentweek.co.uk:

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 portfolio was invested.

In its response to the manager's announcement on Friday (11 August), the board said new information brought to light under the trust's whistleblowing policy suggests the manager may have withheld «highly material» information from it over an extended period of time.

The new information reveals that ThomasLloyd Global Asset Management was aware of problems related to the ‘RUMS' solar power project by August 2022, and deliberately withheld this from the board. 

«Whilst the board continues to investigate these matters urgently, it appears that key information was withheld from it, and misleading information given to it, over a protracted period of time,» it said. 

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

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 portfolio was invested, which prevented the audit of the 2022 accounts.

The board said the manager was aware a year ago of substantial increases in the costs and capital requirements associated with the RUMS project, which meant it would not be commercially viable. 

According to the board, the manager did not inform it about this, including being told at a board meeting in December that no additional capital would be needed. It was not until February that suggestions were made a capital injection may be needed.

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

However, the scale of this was