Leaf Clean Energy Company Redemption Announcement (4520A)
September 28 2015 - 11:45AM
UK Regulatory
TIDMLEAF
RNS Number : 4520A
Leaf Clean Energy Company
28 September 2015
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 GBP6.437 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 GBP10.14 million in uncommitted cash. Following the
redemption the Company will have GBP3.70 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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