(Alliance News) - ThomasLloyd Energy Impact Trust PLC on Thursday said that 58% of the votes cast at its requisitioned general meeting and adjourned annual general meeting were against the so-called "continuation resolution", in line with its recommendation.

The continuation resolution sought for TLEI to continue in its present form as an investment trust company focused on sustainable energy infrastructure projects in Asia.

TLEI recommended that its shareholders vote against this resolution, saying at the end of July that it did not believe a vote in favour would be "prudent" when the future direction and prospective financial returns of the company were "unclear".

Instead, it sought the reconstruction, reorganisation or winding up of TLEI by December 24.

Chair Sue Inglis said at the time: "The board is extremely disappointed that the investment manager has failed to explain who knew what and when about the economic unviability of the RUMS Project. The investment manager's approach is forcing us to commission due diligence reports to ensure we have complete and reliable information on the company's investments, further delaying publication of the annual report and lifting the suspension. Combined with the significant loss arising from the RUMS Project, an expected material downward adjustment to the valuation of other investments, and the lack of a forward-looking plan from the investment manager, this leaves us with no option but to recommend voting against continuation."

The company's investment manager is ThomasLloyd Global Asset Management (Americas) LLC.

As the continuation resolution has not passed, TLEI is now required to bring forward proposals for the future of the company within four months. Consequently, TLEI said on Thursday it is beginning an immediate review of the options for the company's future.

Chair Inglis said: "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."

Shares in TLEI were suspended in April at 84.00 pence.

By Heather Rydings, Alliance News senior economics reporter

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