7 Nov 2019 09:38
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 £21.5 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 £6.5 million against its best estimate of further costs and liabilities, including: £2.7 million for incentives plans payments to employees and directors relating to the Redemption, £1.9 million for additional tax liability in respect of the gain on the court-ordered redemption of Leaf's stake in Invenergy, £0.6 million for running costs through completion of the wind down, and £1.3 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