ThomasLloyd Energy Impact Trust PLC Portfolio valuation update (7160F)

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RNS Number : 7160F

ThomasLloyd Energy Impact Trust PLC

12 July 2023

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT MAY CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE UK'S MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

LEI: 254900VC23329JCBR9G82

12 July 2023

ThomasLloyd Energy Impact Trust plc (the " Company " )

Portfolio valuation update

As set out in the circular to shareholders containing the Notice of AGM dated 6 June 2023, PricewaterhouseCoopers LLP ("PwC") has been appointed to assist the Company's AIFM, Adepa Asset Management S.A. ("Adepa"), and the Board with the finalisation of the valuation of the Company's portfolio as at 31 December 2022. This work includes a review of (i) the key assumptions included in the financial models provided by the Company's investment manager, ThomasLloyd Global Asset Management (Americas) LLC (the "Investment Manager"), to the Company's independent valuer, Kroll Advisory Ltd ("Kroll") and (ii) the valuation methodology used by Kroll.

PwC's draft report (the "PwC Report") has now been received by Adepa and the Board. Adepa and the Board will now work with the Investment Manager, Kroll, the Company's auditor, Deloitte LLP ("Deloitte"), and the Company's other advisers to finalise the portfolio valuation as at 31 December 2022. Given the nature and complexity of the issues the Board is considering, the Board is not currently able to provide a timetable for the publication of the Company's annual report and accounts for the year ended 31 December 2022 (the "Annual Report"). However, the Board believes that the portfolio valuation could reflect a downward movement relative to the 30 September 2022 valuation (and the draft valuations as at 31 December 2022 provided to the Board) and that this downward movement could be material. This downward movement would be in addition to the US$8.2 million expected to be written off as a result of not proceeding with construction of the 200 MW plant in Rewa Ultra Mega Solar Park (the "RUMS Project") which is held by a special purpose subsidiary of SolarArise, the Indian renewable energy platform that the Company has invested in, and an expected adjustment to the valuation of SolarArise for the fair value of potential non-completion liabilities in respect of the RUMS Project. As announced on 6 June 2023, these potential non-completion liabilities could be up to approximately INR 2,750 million (US$33.5 million), before considering any impact of mitigating actions.

As shareholders are already aware, in accordance with the FCA's Listing Rules, the temporary suspension of listing and trading in the Company's shares which became effective at 7.30 a.m. on 25 April 2023 cannot be lifted before the Company publishes its Annual Report. The publication of the Annual Report is dependent on a number of workstreams, in particular (i) the finalisation of the portfolio valuation, (ii) the completion to the satisfaction of the Board and Deloitte of an investigation into the circumstances around the RUMS Project in particular, which led to the temporary share suspension and (iii) the subsequent completion of the audit by Deloitte. Deloitte has informed the Board that it will need to perform enhanced audit procedures to reflect the change in circumstances of the Company.

The Board will provide a further update as soon as possible.

The person responsible for arranging the release of this announcement on behalf of the Company is Uloma Adighibe of JTC (UK) Limited, the Company Secretary.

Enquiries:

 
ThomasLloyd Energy Impact Trust plc                                 Tel: +4 4 (0)20 3757 1892 
 Sue Inglis, Chair 
ThomasLloyd Group (Investment Manager)                                Tel: +41 (0)44 213 6767 
 Marc Duckeck (Head of Corporate Communications) 
Shore Capital (Joint Corporate Broker)                               Tel: +44 (0)20 7408 4050 
 Robert Finlay / Rose Ramsden (Corporate) 
 Adam Gill / Matthew Kinkead / William Sanderson (Sales) 
 Fiona Conroy (Corporate Broking) 
Peel Hunt LLP (Joint Corporate Broker)                               Tel: +44 (0)20 7418 8900 
 Luke Simpson / Huw Jeremy (Investment Banking Division) 
 Alex Howe / Richard Harris / Michael Bateman / Ed Welsby (Sales) 
 
Camarco                                                              Tel: +44 (0)20 3757 4982 
 Louise Dolan                                                       thomaslloyd@camarco.co.uk 
 Eddie Livingstone-Learmonth 
 Phoebe Pugh

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July 12, 2023 02:00 ET (06:00 GMT)

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