ThomasLloyd Energy Impact shareholders have voted against a continuation of the trust’s current model after weeks of uncertainty surrounding its future.
Some 58% of investors voted against continuation at a requisitioned meeting and adjourned AGM today (24 August), and as a result the board is commencing an immediate review into the trust’s future. It has four months to present options to shareholders.
Trust chair Sue Inglis said: “Shareholders representing a notable majority of the company’s issued share capital, and independent shareholders by a majority of more than two to one – based on shares held – have supported the board by voting against continuation at today’s shareholder meetings.
“The board would like to thank shareholders for their support and giving the board a clear mandate for the way forward. In addition to completing the key workstreams required for lifting the share trading suspension, the board will also now develop proposals for the company’s future, consulting and updating shareholders at key stages during this process.”
The vote follows recent unrest between the board and the trust’s investment manager, ThomasLloyd Global Asset Management.
See also: ThomasLloyd Energy Impact board hits back against manager’s claims
The board had recommended shareholders vote against the continuation resolution after losing confidence in its investment manager.
Earlier in August, a whistleblower claimed the investment manager withheld material information relating to the ‘RUMS’ solar project in India from its board.
The project ran into trouble, leading to a sequence of events which caused the trust’s shares to be suspended.
The investment manager ‘vehemently denied’ the claims, before the board hit back by stating the whistleblower’s claims were not false and were supported by ‘verified documentary evidence’.
Despite voting against continuation, the board noted that shareholder engagement had emphasised “the importance to many shareholders” of the impact strategy and stressed that the board’s review will include inviting proposals for a relaunch of the company.
See also: Whistleblower claims TLEI manager withheld ‘material information’ from board
