(Correcting that the board succeeded in terminating the appointment of its previous investment manager.)

(Alliance News) - Asian Energy Impact Trust PLC shareholders voted against voluntarily winding up the company at a general meeting on Tuesday, as the board intended.

The investment company focused on sustainable energy infrastructure projects said 83% of those who voted were against winding up the company, while 17% voted for the resolution. Turnout was 88%.

It follows announcing the general meeting last month, citing continued uncertainty around the its valuations and financial position, alongside material uncertainty on the Rewa Ultra Mega Solar Park in India.

Asian Energy Impact at the time also cited the lack of a plan from the previous investment manager to assist in a potential relaunch of the company. Th board terminated the investment manager's appointment.

But the board recommended that shareholders vote against the resolution, in order to have additional time to complete a strategic review, which it hopes for by the end of the first quarter of 2023, alongside keeping the company's portfolio in the management of an investment manager prioritising shareholder value rather than with a liquidator with a realisation-focused mandate.

Shares in Asian Energy Impact are currently suspended.

On Wednesday last week, Asian Energy Impact reported a net asset value per share at September 30 was 50.4 cents, halved from 100.8 cents the year prior.

It said the reduction reflects the negative net present value associated with completing the 200 megawatt direct currennt solar construction project in Rewa Ultra Mega Solar Park; a reduction in the Philippines wholesale electricity spot market price forecasts; updated generation, operating cost and tax assumptions; methodology and modelling updates; removal of carbon credits; and higher discount rates across the portfolio.

By Greg Rosenvinge, Alliance News senior reporter

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