Result of EGM
09 April 2010 - 1:51AM
UK Regulatory
TIDMLEAF
RNS Number : 9260J
Leaf Clean Energy Company
08 April 2010
Leaf Clean Energy Company ("Leaf Clean Energy" or the "Company")
08 April 2010
Results of Extraordinary General Meeting and Tender Offer
Leaf Clean Energy Company (the "Company") is pleased to announce that all of the
resolutions were passed at the extraordinary general meeting of the Company held
today to approve the reverse auction tender offer (the "Reverse Auction Tender
Offer") for the Company to acquire ordinary shares in the capital of the Company
("Ordinary Shares") for an aggregate purchase price of up to US$27million and
the general buy-back (the "General Buy-Back") of additional Ordinary Shares for
up to a further US$20m, in each case as set out in a circular to the Company's
shareholders dated 15 March 2010 (the "Circular").
Reverse Auction Tender Offer
Under the Reverse Auction Tender Offer, valid tenders were received in respect
of 43,963,597 Ordinary Shares at the following tender prices:
8,171,834 shares at 65p
26,537,863 shares at 60p
3,825,392 shares at 55p
1,865,059 shares at 50p
3,563,449 shares at 45p
Tenders of Ordinary Shares will be accepted by the Company in accordance with
the terms of the Reverse Auction Tender Offer in ascending order of tender
price, starting with the lowest tender price validly tendered until tenders of
Ordinary Shares of a maximum aggregate purchase price of US$27million (in pounds
Sterling at the applicable exchange rate) have been accepted, as follows:
3,563,449 shares at 45p
1,865,059 shares at 50p
3,825,392 shares at 55p
21,794,147 shares at 60p
0 shares at 65p
As a result, the total number of Ordinary Shares purchased by the Company
pursuant to the Reverse Auction Tender Offer will be 31,048,047, representing
17% of the Company's issued share capital as at today's date. The average
purchase price of Ordinary Shares under the Reverse Auction Tender Offer will be
57.06p per Ordinary Share. Following the purchase and cancellation of the
Ordinary Shares under the Reverse Auction Tender Offer, the Company will have
151,125,726 Ordinary Shares in issue and the net asset value of the Company
("NAV") per Ordinary Share will be US$171.7cents, an uplift of 10% to the NAV
per Ordinary Share of US$156.1 cents as of 31 December 2009, being the latest
published NAV.
It is expected that settlement in respect of the tendered Ordinary Shares, by
despatch of cheques or crediting of payments through CREST, will take place on
or around 13 April 2010.
General Buy-Back
Depending upon asset realisations and general market conditions, the Company
intends to return cash of up to a further US$20million, through the General
Buy-Back or other distributions.
Enquiries:
Leaf Clean Energy Company
Bran Keogh via Cenkos
Cenkos Securities plc
Ivonne CantĂș/Oli Goad 0207 397 8900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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