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Leaf Clean Energy Co (LEAF)

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Friday 03 May, 2019

Leaf Clean Energy Co

Update on Invenergy Judgement

RNS Number : 0194Y
Leaf Clean Energy Company
03 May 2019
 

This announcement contains inside information defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

 

3 May 2019                        

 

Leaf Clean Energy Company 

 

Delaware Supreme Court Decision on Appeal of Invenergy Lawsuit Damages Award

 

On 2 May, 2019, the Delaware Supreme Court issued its opinion in Leaf Invenergy Company, LLC v. Invenergy Wind LLC, C.A. No. 308, 2018 (the "Invenergy Lawsuit"), reversing the Court of Chancery's prior award of $1 in nominal damages to Leaf as a result of Invenergy Renewables LLC's (formerly known as Invenergy Wind LLC) ("Invenergy") breach of the parties' limited liability company agreement.   The Supreme Court held that Leaf was entitled to damages in the full amount of its contractually defined Target Multiple and, therefore, remanded the matter back to the Court of Chancery to enter judgment consistent with its decision.  The forthcoming final judgement to be issued by the Court of Chancery upon remand will also factor in pre- and post-judgment interest, to the extent applicable, on the amount of the Target Multiple amount less amounts that were previously paid to Leaf.   

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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