LEAF.L Regulatory News (LEAF)

14 Jan 2010 16:24



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 14 January 2010 it purchased for cancellation 380,000 ordinary shares at 67.5 pence per share. 

Rule 2.10 Disclosure

Following the above purchase, the Company announces that it has now 182,553,773 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 182,553,773 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 at 7 January 2010 included in the Scheme Document

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 included in the Scheme Document posted on 13 January 2010 which was calculated as at 7 January 2010. If all the other constituent elements as set out in the appendix to the 2.5 announcement and Scheme Document remain constant, ie only the number of shares and level of cash have changed, and this buyback had been conducted before that calculation of FAV ratio of share consideration then this purchase of shares would have resulted in an increase in the illustrative FAV of 0.09 pence, from 100.2 pence per Leaf share to approximately 100.36 pence per Leaf share.

On this basis a Trading Emissions shareholder would have been entitled to 1.4833 Leaf shares for each Trading Emissions share they own compared with the illustrative 1.4857 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 12 January 2010, the day immediately prior to posting the Scheme Document was 72.5 pence, therefore the implied offer price for each Trading Emissions Share on 14 January 2010 would be 107.5 pence post the impact of the buyback compared to the 107.7 pence disclosed in the Scheme Document. 

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

For further enquiries, please contact: 

EHM International Limited 

Tel: 0871-662-9629 

Ivonne Cantu /Liz Bowman

Cenkos Securities plc

Tel: 020 7397 8928