4 Jan 2019 07:00
RNS Reach
4 January 2019
Leaf Clean Energy Company
("Leaf" or the "Company")
Update on Invenergy Lawsuit and Reduction in Director and Employee Compensation
The Leaf Board would like to announce that the Delaware Supreme Court ("Court") has scheduled oral argument in Leaf's appeal of the damages awarded to it in the Invenergy lawsuit for February 13, 2019 at 10:00 a.m. EST. We anticipate the Court will issue its opinion within 90 days of oral argument.
Given the likelihood that the appeal will be resolved in the first half of calendar 2019 and desiring to reduce Leaf's expenses ahead of this pending resolution, the directors have approved a70% reduction to all directors' fees with effect from 1 January 2019. Whilst the Company has sufficient cash reserves, this reduction is made in-line with its strategy of realisation, as the Company seeks to return cash to shareholders in an orderly manner. Additionally, the employees and administrator have agreed to reduced salaries and fees.
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