LEAF Leaf Clean Energy Company

TIDMLEAF

RNS Number : 6384S

Leaf Clean Energy Company

07 November 2019

6 November 2019

LEAF CLEAN ENERGY COMPANY

("Leaf Clean" or the "Company")

Proposed cancellation from Admission to trading on AIM

Further to the Company's announcement on 28 October 2018 regarding the return of GBP21.5 million cash to shareholders by way of compulsory redemption of shares, effective from today, the Company announces that it is now in a position to commence formal wind down proceedings, with substantially all remaining assets having been distributed to shareholders.

As per this morning's announcement, the Company has reserved GBP6.5 million against its best estimate of further costs and liabilities, including: GBP2.7 million for incentives plans payments to employees and directors relating to the Redemption, GBP1.9 million for additional tax liability in respect of the gain on the court-ordered redemption of Leaf's stake in Invenergy, GBP0.6 million for running costs through completion of the wind down, and GBP1.3 million for costs relating to preparing for and completing the liquidation of the Company.

Whilst there remains some uncertainty regarding the quantum of the tax liability at this stage, the board has concluded that it is unlikely any further significant distributions will be made to shareholders by way of compulsory redemption and, as such, intend to apply to the London Stock Exchange for cancellation of admission to trading of the Company's ordinary shares on AIM ("Cancellation").

A further announcement will be made in due course detailing the Cancellation timetable once the formal notification has been made and an explanatory circular will be posted to shareholders, together with a notice convening a general meeting to seek shareholder approval for Cancellation.

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.

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November 07, 2019 04:38 ET (09:38 GMT)

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