LEAF.L Regulatory News (LEAF)

8 Jan 2010 07:00



Leaf Clean Energy Company 

("Leaf" or the "Company")

Transaction in Own Shares and announcement under Rule 2.10 of the Takeover Code

The Company announces that on 7 January 2010 it purchased for cancellation 100,000 ordinary shares at 70 pence per share. 

Rule 2.10 Disclosure

Following the above purchase, the Company announces that it has now 183,433,773 ordinary shares of 0.01pence in issue. Leaf's ordinary shares are traded on AIM, a market of London Stock Exchange plc, with ISIN No KYG541351014.

The above figure 183,433,773 may also be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Leaf Clean Energy Company under the FSA's Disclosure and Transparency Rules. 

Impact on FAV calculation as set out in the announcement under Rule 2.5 of the Takeover Code

The reduction in the number of shares and cash following the buyback will have an effect on the estimated FAV ratio of share consideration for Trading Emissions shareholders as announced on 17 December 2009 in the 2.5 announcement. If all the other constituent elements as set out in the appendix to the 2.5 announcement remain constant, ie only the number of shares and level of cash have changed, and this buyback had been conducted before that 2.5 announcement then this purchase of shares would have resulted in an increase in the illustrative FAV of 0.04 pence, from 98.39 pence per Leaf share to 98.43 pence per Leaf share.

On this basis a Trading Emissions shareholder would have been entitled to 1.6418 Leaf shares for each Trading Emissions share they own compared with the illustrative 1.6424 ratio announced. The final ratio will be determined at the Calculation Date as set out in the 2.5 announcement.  The Closing Price of a Leaf Clean Share on 16 December 2009 immediately prior to the 2.5 announcement was 77.5 pence, therefore the implied offer price for each Trading Emissions Share on 16 December 2009 would have been 127.24 pence post the impact of the buyback compared to the 127.3 pence disclosed in the 2.5 announcement. 

All definitions are the same as those set out in the 2.5 announcement released on 17 December 2009.

For further enquiries, please contact: 

EHM International Limited 

Tel: 0871-662-9629 

Ivonne Cantu /Liz Bowman

Cenkos Securities plc

Tel: 020 7397 8928