Leaf Clean Energy Company Proposed Cancellation (6384S)
November 07 2019 - 4:38AM
UK Regulatory
TIDMLEAF
RNS Number : 6384S
Leaf Clean Energy Company
07 November 2019
6 November 2019
LEAF CLEAN ENERGY COMPANY
("Leaf Clean" or the "Company")
Proposed cancellation from Admission to trading on AIM
Further to the Company's announcement on 28 October 2018
regarding the return of GBP21.5 million cash to shareholders by way
of compulsory redemption of shares, effective from today, the
Company announces that it is now in a position to commence formal
wind down proceedings, with substantially all remaining assets
having been distributed to shareholders.
As per this morning's announcement, the Company has reserved
GBP6.5 million against its best estimate of further costs and
liabilities, including: GBP2.7 million for incentives plans
payments to employees and directors relating to the Redemption,
GBP1.9 million for additional tax liability in respect of the gain
on the court-ordered redemption of Leaf's stake in Invenergy,
GBP0.6 million for running costs through completion of the wind
down, and GBP1.3 million for costs relating to preparing for and
completing the liquidation of the Company.
Whilst there remains some uncertainty regarding the quantum of
the tax liability at this stage, the board has concluded that it is
unlikely any further significant distributions will be made to
shareholders by way of compulsory redemption and, as such, intend
to apply to the London Stock Exchange for cancellation of admission
to trading of the Company's ordinary shares on AIM
("Cancellation").
A further announcement will be made in due course detailing the
Cancellation timetable once the formal notification has been made
and an explanatory circular will be posted to shareholders,
together with a notice convening a general meeting to seek
shareholder approval for Cancellation.
For further information, please contact:
Mark Lerdal +1 (415) 264 5096
Leaf Clean Energy Company
Nicholas Wells/Callum Davidson +44 (0) 207 397 8980
Cenkos Securities plc
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END
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