28 Sep 2015 16:45
28 September 2015
LEAF CLEAN ENERGY COMPANY
REDEMPTION ANNOUNCEMENT
Further to the passing of the Special Resolution by the requisite majority at the Extraordinary General Meeting held on 1 July 2014 and the powers therein granted to the Board, the Company will return approximately £6.437 million to Shareholders, equivalent to 5 pence per Share by way of a compulsory redemption of a proportion of all Shareholders' holdings of Shares (the "Redemption").
Words and expressions defined in the Circular posted to shareholders on 11 June 2014 (the "Circular") shall, save where the context requires otherwise, have the same meaning where they are used in this announcement.
The Redemption Price per Share shall be 60.82 pence (by reference to the NAV per Share as at 30 June 2015). The Redemption will be effected pro rata to holdings of Shares on the register at the close of business on the Record Date. Around 8.22 % of the Company's issued share capital will be redeemed on the Redemption Date (that is 8.22 Shares for every 100 Shares held (the "Relevant Percentage")). Fractions of Shares will not be redeemed and so the number of Shares to be redeemed for each Shareholder will be rounded down to the nearest whole number of Shares.
As a result of the Company's managed and orderly realisation programme as described in the Circular, the Company currently has approximately £10.14 million in uncommitted cash. Following the redemption the Company will have £3.70 million in uncommitted cash. The Board intends to maintain sufficient cash balance to meet its costs throughout the realisation programme and will consider further returns of capital as it achieves further disposals.
The Company currently has 128,746,726 Shares in issue of which none are held in treasury. All of the Shares redeemed on the Redemption Date will be cancelled. A further announcement will be released following the Redemption Date to confirm the new number of Shares in issue.
The Shares will be disabled in CREST on the Redemption Date and the existing ISIN, KYG541351014 (the "Old ISIN"), will expire. A new ISIN, KYG541351196, in respect of the remaining Shares which have not been redeemed (the "New ISIN") will be enabled and available for transactions from and including the first Business Day following the Redemption Date. Up to and including the Redemption Date, Shares will be traded under the Old ISIN and as such, a purchaser of such Shares will have a market claim for a proportion of the redemption proceeds. CREST will automatically transfer any open transactions as at the Redemption Date (which is the record date for the purposes of the Redemption) to the New ISIN.
Payments of redemption proceeds are expected to be effected either through CREST (in the case of Shares held in uncertificated form) or by cheque (in the case of Shares held in certificated form) by 9 October 2015. Shareholders will be paid their redemption proceeds in Sterling.
EXPECTED TIMETABLE
Redemption Announcement date 28 September 2015
Redemption Date 5 October 2015
Redemption Record Date 5 October 2015
expiry of Old ISIN 5 October 2015
New ISIN enabled, CREST Accounts credited 6 October 2015
Payment of proceeds date 9 October 2015
For further information, please contact:
Mark Lerdal +1 (415) 264 5096
Leaf Clean Energy Company
Ivonne Cantu +44 (0) 207 397 8980
Cenkos Securities plc