Leaf Clean Energy Company Redemption and Invenergy Update (9485G)
29 Luglio 2019 - 8:01AM
UK Regulatory
TIDMLEAF
RNS Number : 9485G
Leaf Clean Energy Company
29 July 2019
This announcement contains inside information defined in Article
7 of the EU Market Abuse Regulation No 596/2014 and has been
announced in accordance with the Company's obligations under
Article 17 of that Regulation.
29 July 2019
Leaf Clean Energy Company
Redemption Announcement and Invenergy Update
In accordance with the Special Resolution passed by the
requisite majority at the Extraordinary General Meeting held on 1
July 2014 and the powers therein granted to the Board, the Company
will return approximately GBP53.1 million to Shareholders,
equivalent to 101.00 pence per Share by way of a compulsory
redemption of a proportion of all Shareholders' holdings of Shares
(the "Redemption").
Words and expressions defined in the Circular posted to
shareholders on 11 June 2014 (the "Circular") shall, save where the
context requires otherwise, have the same meaning where they are
used in this announcement. The Circular is available to view on the
Company's website at
www.leafcleanenergy.com/media-relations/download-centre.
The Company expects to announce a detailed timetable of
principal events in connection with the Redemption later this
week.
The Company's current cash balance is GBP83.6 million, following
receipt of US$107.2 million from Invenergy in relation to the
Delaware Court of Chancery's ("Chancery Court") Final Order and
Judgement, as previously announced on 27 June 2019. Invenergy has
appealed the prejudgment interest award of US$30.0 million.
Accordingly, the Company is reserving an equivalent cash amount to
the interest award together with its best estimate of further costs
and potential liabilities until final resolution of Invenergy's
appeal filed in the Delaware Supreme Court ("Supreme Court"), in
case such sums are payable. We believe that the appeals process
will be concluded during September 2019. As a result, the amount
available for distribution is GBP53.1 million.
Following the Redemption, and net of the aforementioned payments
and reserves, the Company will have GBP1.9 million in uncommitted
cash.
Update Regarding Invenergy's Appeal of the Final Order and
Judgment Issued by the Chancery Court
On July 9, 2019, Invenergy filed a notice of appeal with the
Supreme Court to contest the Final Order and Judgement issued by
the Chancery Court on June 14, 2019. On July 10, 2019, Leaf filed a
motion to expedite with the Supreme Court in order to accelerate
the appeal proceedings. In its opposition to the motion, Invenergy
clarified that it is only appealing the Chancery Court's award of
prejudgment interest to Leaf. On July 24, 2019, the Supreme Court
issued an order granting Leaf's motion to expedite the
aforementioned proceedings. On July 25, 2019, the Supreme Court
issued a notice stating the Supreme Court will consider the appeal,
without oral argument, on September 18, 2019. As a consequence, the
Leaf Board anticipates the Supreme Court will issue a written
decision soon after considering the appeal but no later than the
end of 2019.
For further information please contact:
Mark Lerdal +1 (415) 264-5096
Leaf Clean Energy Company
Nicholas Wells/Callum Davidson +44 (0) 207 397 8980
Cenkos Securities plc
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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