Leaf Clean Energy Company Update re. Invenergy Lawsuit Appeal (0344N)
September 19 2019 - 1:16PM
UK Regulatory
TIDMLEAF
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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END
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