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Leaf Clean Energy Co (LEAF)

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Friday 01 July, 2016

Leaf Clean Energy Co

Update on Invenergy Wind LLC

RNS Number : 0303D
Leaf Clean Energy Company
01 July 2016
 

1 July 2016

 

Leaf Clean Energy Company

 

Update on Invenergy Wind LLC

 

In December 2015, as previously announced, Leaf Clean Energy ("Leaf") filed a lawsuit in Delaware Court of Chancery against Invenergy Wind LLC ("Invenergy") alleging, in part, that Invenergy breached the Third Amended and Restated Limited Liability Company Agreement governing the membership interests in Invenergy (the "Operating Agreement").  Leaf alleged that Invenergy was required to either obtain Leaf's consent to a sale of assets in December 2015 or, absent such consent, make a payment to Leaf upon the closing date of the sale.

 

In April 2016, Leaf filed a motion for partial judgment on the pleadings with respect to its claim that Invenergy breached the Operating Agreement.  On June 30, 2016, the court granted the motion.  The court's ruling does not determine the amount of damages to which Leaf is entitled, which will require further proceedings.  Leaf will now work with its advisers to determine damages and pursue its claims.

 

The court's ruling can be found at http://www.leafcleanenergy.com/media-relations/download-centre/. 

 

The court has not entered judgment and, if it does, Invenergy will have the right to appeal.  Leaf cannot predict the timing of future proceedings or the ultimate resolution of this matter.

 

Enquiries:

 

Leaf Clean Energy Company

 

Mark Lerdal                                                                 +1(415)264 5096

 

Cenkos Securities plc

 

Ivonne Cantú                                                               +44(0)207 397 8980

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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