(Alliance News) - Shares in ThomasLloyd Energy Impact Trust PLC were suspended from trading in Londonon on Monday, due to "material uncertainty" that will prevent the company from publishing last year's accounts.

The London-headquartered company, which invests in sustainable energy infrastructure projects in Asia, said that it had been made aware of material uncertainty regarding the fair value of some assets and liabilities. The issue was discovered while ThomasLloyd was preparing its 2022 annual report and accounts.

ThomasLloyd said that the uncertainty primarily relates to a 200 megawatt construction-ready asset owned by SolarArise, a Delhi-based renewable energy platform owned by ThomasLloyd. It said that price rises related to the plant's components and construction costs mean that additional equity is likely to be needed for construction, which could reduce its returns and commercial viability.

ThomasLloyd, which holds a 100% interest in the construction-ready asset, said that it was valued on September 30 at USD13.9 million.

ThomasLloyd said it will undertake further assessments regarding the quantum of some of its liabilities and that any adjustments to this would affect ThomasLloyd's net asset value, as would any reduction to the fair value of its assets.

ThomasLloyd said that because further work was required to clarify its financial position, it was not currently able to finalise its 2022 accounts and would miss its April 28 deadline for publishing them.

Consequently, ThomasLloyd said it had requested a suspension of listing and trading on the UK Financial Conduct Authority's Official List and the London Stock Exchange's main market, respectively. The suspension was effective from Monday morning.

ThomasLloyd said that it intended to publish its 2022 accounts as soon as practicable, at which time it will request a restoration of the listing of its shares.

ThomasLloyd were last quoted at 84.00 pence prior to suspension, down 9.7% over the past 12 months.

By Emma Curzon, Alliance News reporter

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