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Leaf Clean Energy Co (LEAF)

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Thursday 19 September, 2019

Leaf Clean Energy Co

Update re. Invenergy Lawsuit Appeal

RNS Number : 0344N
Leaf Clean Energy Company
19 September 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.

 

19 September 2019

 

Leaf Clean Energy Company
Invenergy Lawsuit Appeal Update

As previously announced, on July 9, 2019, Invenergy Renewables, LLC ("Invenergy") filed a notice of appeal with the Delaware Supreme Court ("Supreme Court") to contest the Final Order and Judgement issued by the Chancery Court of Delaware ("Chancery Court") in Leaf Invenergy Company, LLC v. Invenergy Wind LLC, C.A. No. 308, 2018 (the "Invenergy Lawsuit") on June 14, 2019.  On July 10, 2019, Leaf filed a motion to expedite with the Supreme Court in order to accelerate the appeal proceedings.  In its opposition to the motion, Invenergy clarified that it is only appealing the Chancery Court's award of prejudgment interest to Leaf.  On July 24, 2019, the Supreme Court issued an order granting Leaf's motion to expedite the aforementioned proceedings.  On July 25, 2019, the Supreme Court issued a notice stating the Supreme Court would consider the appeal, without oral argument, on September 18, 2019. 

 

UPDATE

 

On September 19, 2019 the Supreme Court issued its opinion in Invenergy's appeal of the Chancery Court's award of interest to Leaf, affirming the Chancery Court's award. As a result of this opinion, Leaf will retain the US$30.0 million of interest already received from Invenergy which had been reserved by Leaf pending Invenergy's appeal. The Supreme Court's opinion will be posted on Leaf's website at www.leafcleanenergy.com/media-relations/download-centre.

 

The Leaf Board will revert to the shareholders with additional details regarding the wind down of the Company, including the process and timing of any further compulsory partial redemptions of shares in due course.

 

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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