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Is this a good investment?
I've taken a look at why there hasn't been a mandatory bid for the 44% of shares not owned by Res Privata and found the following:
Takeover regulations
The Company is incorporated in the Cayman Islands and, accordingly, transactions in shares of the Company are not subject to, and shareholders in the Company will not have the protection afforded by, the provisions of the UK’s City Code on Takeovers and Mergers. However, the Articles contain provisions that are similar to elements of Rule 9 of the UK’s City Code.
Last Updated: 08.08.14
My interpretation of this is that the company, whilst registered in the Cayman Islands, will follow the UK Takeover Code. Well, they'll follow the code until such time as there's actually a requirement to follow the code!
On a separate note, I read elsewhere that a shell company is worth about £500,000 . That's about £4.36 for each current Leaf share.
It strikes me that Res Privata will have a couple of ways to make money:
They may be able to sell VREC and Escalona where Leaf has failed
The losses from VREC, Escalona, and others may have value to other clean energy to use to reduce their tax liability
They could be creating a shell to either sell on or reverse an enterprise of their own into
They may be able to trim some of the windup costs and retain the remaining cash.
There's only 114,600 shares and Res Privata has 56% of them. If they can save/make £1 million then £560,000 goes to them, or £8.72 a share.
They'll probably have to make an offer for the 44% of shares they don't currently own.
The board need 75% of shareholders to vote to delist. I don't think RP will be voting for a windup.
I think I'll hang on to the few shares I have and see what happens.
I've not been able to trade the shares since the last payout.
Worth a punt then. A few hundred quid maybe for a chance at 10 bags? What do you think Teela?
Well, this is interesting.
VREC and Escalona have been marked down to zero.
The annual report still hasn't been published.
We're being extolled to sell our remaining shares in the market.
And…
Res Privata NV, a hedge fund has popped up with a TR1 stating they now own 56.1639% of the shares. I guess they see value somewhere.
Now that they own over 30%, will they bid for the remainder?
If they can pick up the whole company for £250,000 then scrap the management bonuses they could make around 10x their investment.
We might be going to get a few interesting days.
So, the BOD are going to award themselves a bonus of £2.6m. That's around 14p per share at the 17.6m share buy back.
I've looked through earlier RNS's and company reports but haven't found any reference to this proposed payment.
It looks as though the company will now have no value. This means that the holdings in VREC and Escalona will be getting written down to zero when the annual financial report is published. That's $1m down from December 2018 and that was already down from $2m the year before.
Why not include this value destruction in any awards to the BOD?
A lot of buying going on....is there further value in the company other than the recent 124p judgement?
Still another 30% left to rise.
May jump in.
Any idea of when compensation will be paid??
Supreme Court held that leaf we’re entitled to damages in the full amount , as per the link you shared 124p per share ?
Implied sp of 124 https://www.investorschronicle.co.uk/comment/2019/04/01/leaf-s-day-of-judgement-approaches/
No longer allow Investment in this stock @ Halifax .
Ah well . one expects there to be about £1 worth of value here as we stride towards realisation and closure.
Best of
Today is the redemption date for the repayment to shareholders so it’s a bit like an ex-dividend date.
as above, whats prompted the sp drop?
80% spread! Crazy
(-64.29%)
Leafs
This clean energy specialist is standing at a 50 percent discount to its last published net asset value , so states Numis , looks interesting as does Riverstone Energy ,
trades,,,????.....?...?......
Outlook Leaf continues to perform well and is strongly positioned to grow and develop. The broader outlook for markets continues to be positive. Our priorities for the second half of the year are to continue to commit significant resources to managing the investments we have made in our portfolio companies. Our intention remains to deliver growth and value for our shareholders and your Board believes that there are grounds for confidence in both the short- and medium term. I look forward to reporting further progress at the end of the fiscal year. The Interim Report and Accounts set out below incorporate both financial statements for the Company and consolidated financial statements for the wider Leaf Group. References to NAV in my report and the Management Report reflect the Company's NAV.
The board of Leaf Clean Energy Company ("Leaf" or "the Company") are pleased to announce the Company's interim results for the period ended 31 December 2010 Highlights of the period are: · Leaf made an additional US$25 million of direct equity and debt investments into existing portfolio businesses. · The Company earned US$2.0 million of interest income from debt investments in the portfolio companies. This income has been recorded in the intermediate holding companies and included in the assessment of valuations for the relevant subsidiaries. · The Company repurchased 5.9 million shares at an average price of 70.64p, taking advantage of the weakness in the Company's share price to deliver value to shareholders. · NAV per share for the Leaf portfolio was 169.11 cents or 108.0 pence at US$1.5657 to the £1. This was an increase of 0.9% for the six month period from 30 June 2010 and 6.9% for the one year period from 31 December 2009.
http://www.investegate.co.uk/Article.aspx?id=201103280700066777D
should see some action here soon