Sch 1 - Leaf Clean Energy Company
January 22 2010 - 11:02AM
UK Regulatory
TIDMLEAF TIDMTRE
RNS Number : 0167G
AIM
22 January 2010
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| ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE |
| WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES") |
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| |
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| COMPANY NAME: |
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| Leaf Clean Energy Company ("Leaf Clean" or the "Company") |
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| COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS |
| (INCLUDING POSTCODES) : |
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| c/o Maples Corporate Services Limited |
| PO Box 309 |
| Ugland House |
| Grand Cayman KY1-1104 |
| Cayman Islands |
| |
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| COUNTRY OF INCORPORATION: |
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| Cayman Islands |
| |
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| COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26: |
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| www.leafcleanenergy.com |
| |
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| COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN |
| INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT |
| AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED: |
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| Leaf Clean is a closed-end investment company established to invest in clean |
| energy companies and projects primarily in North America. Following the merger |
| with Trading Emissions plc ("Trading Emissions") the Company will have a |
| balanced portfolio of carbon credits and renewable energy assets in the US, |
| Asia, Africa and Latin America. |
| Admission is being sought as a result of the merger with Trading Emissions plc |
| announced on 17 December 2009 (the "Merger") which, due to its size, constitutes |
| a reverse takeover of Leaf Clean under the AIM Rules. |
| Investing Policy: |
| Leaf Clean's objective shall be to make capital and income returns from |
| investment in renewable/clean energy technology and projects, emission reduction |
| credits and related projects or businesses. |
| Investments may be made by Leaf Clean in businesses and projects that have the |
| potential to promote sustainable development objectives in sectors such as clean |
| energy production, energy efficiency and other greenhouse gas emissions |
| abatement activities, including waste management, biofuels and forestry. |
| Investments shall be global, initially focused on the United States, China, |
| South East Asia and Latin America but extending into Europe and other regions |
| when suitable opportunities arise. Assets may include listed and private equity, |
| venture capital, debt and tradable emission credits. |
| The stage of investment may vary, for example from early stage project |
| development finance and construction equity through to the acquisition of |
| privately-held clean energy infrastructure projects which are operational. |
| Leaf Clean shall be vertically integrated, being involved throughout the supply |
| chain, investing in activities ranging from technology development and |
| commercialisation through to portfolio-based project implementation and |
| operation. |
| Investments may be actively or passively managed. The length of time that |
| investments are held will vary depending on the type of investment and may range |
| from very short term to a duration of several years. |
| Leaf Clean will seek to diversify its investments and it is expected that no |
| single investment will at the time of investment represent more than 20 per |
| cent. of Leaf Clean's gross assets. |
| Exit from investments may be organised in any way considered appropriate |
| including through trade sale or initial public offering. Emission reduction |
| credits may also be commercialised through an exchange or privately traded where |
| a premium to exchange prices may be achieved. |
| There are no specific restrictions on Leaf Clean's borrowings. The use of |
| borrowings will be in the Directors' absolute discretion. |
| Any material change to Leaf Clean's investment policy will be made only with the |
| approval of shareholders by way of an ordinary resolution. |
| |
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| DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER |
| OF THE SECURITIES (i.e. where known, number and type of shares, nominal value |
| and issue price to which it seeks admission and the number and type to be held |
| as treasury shares): |
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| Ordinary shares of GBP0.0001 each ("Shares"). |
| The final number of Shares to be admitted to trading will be determined based on |
| the relative formula asset values of Leaf Clean and Trading Emissions, |
| calculated as described in the announcement released on 17 December 2009 in |
| accordance with Rule 2.5 of the City Code on Takeovers and Mergers. |
| The estimated number of Shares to be admitted to trading based on the |
| illustrative respective formula asset values of Leaf Clean and Trading Emissions |
| as at 7 January 2010 (being the estimate used in the Admission Document |
| published by Leaf Clean in connection with the Merger) is 564,635,222. The date |
| on which the final respective formula asset values of Leaf Clean and Trading |
| Emissions will be calculated will be the date 7 days prior to the date on which |
| the Court sanctions the scheme of arrangement to effect the Merger (or, if not a |
| business day, the next business day) (the "Calculation Date"), and is currently |
| expected to be 15 February 2010. The actual number of Shares to be admitted to |
| trading will be notified to AIM and the market on or as soon as practicable |
| after such calculation date. |
| The Directors may refuse to register a transfer of a Share if it is in favour of |
| a "benefit plan investor" or a resident of the United States or a resident of |
| any other jurisdiction in which statute or regulation places restrictions on |
| transferability. |
| |
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| CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET |
| CAPITALISATION ON ADMISSION: |
+-----------------------------------------------------------------------------------------------------------------------+
| None |
| Assuming (a) a price per Share of 65 (being the price per Share as at 21 January |
| 2010, the latest practicable date prior to the date of this announcement) and |
| (b) that the total number of Shares admitted to trading will be 564,635,222, the |
| market capitalisation of Leaf Clean immediately following the Merger would be |
| GBP367,012,894. |
| |
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| PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION: |
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| The percentage of Shares not in public hands at Admission will depend on the |
| relative formula asset values of Leaf Clean and Trading Emissions as at the |
| Calculation Date. Based on the illustrative respective formula asset values of |
| Leaf Clean and Trading Emissions as at 7 January 2010 and the resulting |
| estimated number of Shares to be issued in connection with the Merger, the |
| percentage of Shares not in public hands as at Admission would be approximately |
| 48.95% |
| |
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| DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM COMPANY HAS |
| APPLIED OR AGREED TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS AIM SECURITIES) |
| ADMITTED OR TRADED: |
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| The Shares are also traded on Frankfurt Xetra |
| |
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| FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the |
| first name by which each is known or including any other name by which each is |
| known): |
+-----------------------------------------------------------------------------------------------------------------------+
| Existing Directors of Leaf Clean |
| Peter Tom* |
| Bran Keogh |
| James Curtis Moffatt |
| Peter O'Keefe* |
| Proposed Directors |
| Neil David Eckert |
| Malcolm John Gillies |
| Bertrand Rassool |
| Nigel Harley Wood |
| Charles Peter Arthur Vanderpump |
| *Peter Tom and Peter O'Keefe will retire following completion of the Merger |
| |
+-----------------------------------------------------------------------------------------------------------------------+
| FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF |
| THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name |
| by which each is known or including any other name by which each is known): |
+-----------------------------------------------------------------------------------------------------------------------+
| Prior to admission | Percentage interest |
| Shareholder | |
+--------------------------------------+---------------------------------------------------------------------------+
| Invesco Asset Management Limited | 32.39 |
+--------------------------------------+---------------------------------------------------------------------------+
| Lansdowne Partners Limited | 10.70 |
+--------------------------------------+---------------------------------------------------------------------------+
| AEGON Asset Management UK plc | 10.49 |
+--------------------------------------+---------------------------------------------------------------------------+
| Stark Investments (UK) Limited | 6.86 |
+--------------------------------------+---------------------------------------------------------------------------+
| F&C Asset Management plc | 5.63 |
+--------------------------------------+---------------------------------------------------------------------------+
| Jupiter Asset Management Limited | 5.49 |
+--------------------------------------+---------------------------------------------------------------------------+
| Aviva Investors Global Services | 5.39 |
| Limited | |
+--------------------------------------+---------------------------------------------------------------------------+
| UBS Global Asset Management (UK) | 5.30 |
| Limited | |
+--------------------------------------+---------------------------------------------------------------------------+
| Moore Capital Management Inc | 3.30 |
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| JP Morgan Asset Management UK | 3.29 |
| Limited | |
+--------------------------------------+---------------------------------------------------------------------------+
| Artemis Investment Management | 3.23 |
| Limited | |
+--------------------------------------+---------------------------------------------------------------------------+
| | |
+--------------------------------------+---------------------------------------------------------------------------+
| Post Admission* | |
+--------------------------------------+---------------------------------------------------------------------------+
| Invesco Asset Management Limited | 32.52 |
+--------------------------------------+---------------------------------------------------------------------------+
| Moore Capital Management Inc | 11.91 |
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| Jupiter Asset Management | 5.84 |
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| Scottish Widows Investment | 4.48 |
| Partnership Ltd | |
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| F&C Asset Management plc | 4.76 |
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| Aviva Investors Global Services | 4.15 |
| Limited | |
+--------------------------------------+---------------------------------------------------------------------------+
| Lansdowne Partners Limited | 3.45 |
+--------------------------------------+---------------------------------------------------------------------------+
| AEGON Asset Management UK plc | 3.38 |
+--------------------------------------+---------------------------------------------------------------------------+
| | |
| | |
| | |
| | |
| | |
| | |
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| *Post Admission shareholdings are based on the estimated number of Shares |
| which will be in issue following the Merger based on the illustrative |
| respective formula asset values of Leaf Clean and Trading Emissions as at 7 |
| January 2010, as described above. |
| |
+------------------------------------------------------------------------------------------------------------------+
| NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH |
| (H) OF THE AIM RULES: |
+-----------------------------------------------------------------------------------------------------------------------+
| N/A |
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| * ANTICIPATED ACCOUNTING REFERENCE DATE * |
| DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN |
| PREPARED (this may be represented by unaudited interim financial information)* |
| DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 |
| AND 19: |
+-----------------------------------------------------------------------------------------------------------------------+
| * 30th June* |
| 30th June 2009* |
| 31st March 2010, 31st December 2010, 31st March 2011 |
| |
+-----------------------------------------------------------------------------------------------------------------------+
| EXPECTED ADMISSION DATE: |
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| 23 February 2010 |
| |
+-----------------------------------------------------------------------------------------------------------------------+
| NAME AND ADDRESS OF NOMINATED ADVISER: |
+-----------------------------------------------------------------------------------------------------------------------+
| Cenkos Securities plc |
| 6.7.8 Tokenhouse Yard |
| London EC2R 7AS |
| |
+-----------------------------------------------------------------------------------------------------------------------+
| NAME AND ADDRESS OF BROKER: |
+-----------------------------------------------------------------------------------------------------------------------+
| Cenkos Securities plc |
| 6.7.8 Tokenhouse Yard |
| London EC2R 7AS |
| |
+-----------------------------------------------------------------------------------------------------------------------+
| OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR |
| INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A |
| STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE |
| ADMISSION OF ITS SECURITIES: |
+-----------------------------------------------------------------------------------------------------------------------+
| The admission document will be available on the following website |
| www.leafcleanenergy.com |
| |
+-----------------------------------------------------------------------------------------------------------------------+
| DATE OF NOTIFICATION: |
+-----------------------------------------------------------------------------------------------------------------------+
| 22 January 2010 |
| |
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| NEW/ UPDATE: |
+-----------------------------------------------------------------------------------------------------------------------+
| New |
| |
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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