9 Oct 2009 16:10
Leaf Clean Energy Company ("Leaf Clean Energy" or "the Company") 9 October 2009 Update on Asset Advisory Agreement Leaf Clean Energy CompanyThe Board of Leaf Clean Energy Company is pleased to provide an update to the announcement of 28 September 2009. The Company has been notified that Energy and Climate Advisers ("E&CA"), the 50/50 joint venture between EEA and Shaw Capital Inc. which has been responsible for performing the asset adviser's obligations under the Asset Advisory Agreement, will become a wholly-owned subsidiary of EEA following the transfer of Shaw Capital's 50 per cent shareholding in E&CA to EEA.
The Company understands that Shaw Capital wishes to pursue other fund management activities in the North American clean energy sector. Shaw Capital will work with the Company for a thirty day period to ensure a smooth transition. The Company has also deployed an experienced transitional team led by Vandana Gupta and supported by a team of professionals from PurEnergy LLC, the specialist energy management company. Vandana Gupta and PurEnergy will report to EEA. As previously announced, EEA will continue to act as investment advisor to Leaf under the terms of the existing Asset Advisory Agreement.
Peter Tom, Chairman of Leaf Clean Energy, commented: "We are pleased to continue our valued relationship with EEA and are grateful for the efforts of Shaw Capital and the good work of its professionals and wish them all well in the future."
Enquiries: Cenkos Securities plc Nicholas Wells/Ivonne Cantú +(44) 020 7397 8980