TIDMTLEI TIDMTLEP

RNS Number : 2034X

ThomasLloyd Energy Impact Trust PLC

24 April 2023

LEI: 254900V23329JCBR9G82

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.

24 April 2023

ThomasLloyd Energy Impact Trust plc

Temporary share suspension

ThomasLloyd Energy Impact Trust plc (the "Company") announces a temporary suspension to the listing of its ordinary shares on the FCA's Official List and to the trading of its ordinary shares on the main market of the London Stock Exchange.

In the process of preparing its annual report and accounts for the year ended 31 December 2022 ("2022 Accounts"), the Company has been made aware of material uncertainty regarding the fair value of certain of its assets and liabilities. This uncertainty relates, in particular, to the 200 MW construction-ready asset owned by SolarArise where price rises in relation to the components and construction costs of the 200 MW plant indicate that additional equity is likely to be required in order to construct the project, potentially decreasing the project returns and its commercial viability. In addition, the Company wishes to undertake further work to assess the quantum of certain of its liabilities.

SolarArise is the Delhi-based renewable energy platform owned by the Company which, in turn, owns seven solar power projects in India with capacity totalling 434 MW, of which 234 MW is operational and 200 MW is the construction-ready asset referred to above. On the basis of the 100% interest in the project now held by the Company, the 200 MW construction-ready asset was valued as at 30 September 2022 at US$13.9m, prior to provision for any non-completion penalties. Any reduction to the fair value of the Company's assets, or any adjustments to the quantum of the Company's liabilities will affect the Company's net asset value.

F urther work involving the Company's auditors and other professional advisers is required to clarify the Company's financial position. Pending the completion of this work, the Company is not in a position to finalise the 2022 Accounts. The Company notes the requirement of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules DTR 4.1.3R to publish its annual financial report within four months after the end of its financial year, in the case of the Company this date being Friday 28 April 2023, the last business day prior to 30 April 2023. In these circumstances, the Company is unable to meet this deadline for publishing the 2022 Accounts.

Given these matters, the Company considers that an immediate suspension of listing and trading is in the best interests of the Company and shareholders as a whole and has accordingly requested the Financial Conduct Authority to suspend the listing of its ordinary shares (with a corresponding request made to the London Stock Exchange for a suspension of trading) on the grounds that it will miss the deadline for publishing the 2022 Accounts, and that, with reference to Listing Rule 5.1.2G(3), at the present time it is unable to assess accurately its financial position and inform the market accordingly. The listing of, and trading in, the Company's ordinary shares has, therefore, been temporarily suspended with effect from 7.55 a.m. on 24 April 2023.

The Company is seeking to publish its 2022 Accounts as soon as practicable and intends to request a restoration of the listing of its ordinary shares at that time. Any additional material information the Company becomes aware of in the meantime will be announced by the Company.

For the purposes of UK MAR, the identity of the person making this notification is Sue Inglis, Chair.

Enquiries:

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

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April 24, 2023 03:17 ET (07:17 GMT)

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