Takeover (?)3 Jan 2020 06:51
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.