TLIT
The Laxey Investment Trust
TLIT’s portfolio comprises several positions in listed equities and a number of minority investments in Sri Lankan tea plantation companies.
At the time of the acquisition by DouglasBay, TLIT was listed on the Official List of the London Stock Exchange. Initially the trust had the mandate to invest in tea plantations in South East Asia. In 2006 shareholders voted to change the strategy to mirror the active value approach of other funds managed by Laxey Partners.
It is DouglasBay’s intention to realise the assets of TLIT as soon as possible and use the proceeds to pay the TLIT put option holders. The remaining cash will then to be invested according to the investment strategy of DouglasBay.
Four of the former TLIT directors have joined the board of DouglasBay contributing a wealth of experience and a network of global contacts that DouglasBay can utilise going forward. Colin Kingsnorth, TLIT Director and founder of Laxey Partners, continues to be closely involved with DouglasBay’s investment strategy as Chairman of the Investment Committee.