Leaf gets payment from Invenergy – On June 14, 2018, the Delaware Court of Chancery entered its final order and judgment.
The trial court’s final order entered judgment in Leaf‘s favor on Invenergy’s counterclaim seeking a declaration that Leaf had breached certain provisions governing Leaf’s ability to put its shares, and Invenergy’s ability to call those shares, thereby establishing the redemption price to be paid to Leaf in connection with that put/call process at US$50,669,000. The final order and judgment contemplates that, in the event Leaf appeals the trial court’s award of nominal damages in its final order and judgment, Invenergy intends to cross-appeal the trial court’s determination with respect to its counterclaim and therefore would be obligated to pay Leaf US $36,432,000, representing an amount that Invenergy does not contest is owed to Leaf, within 5 business days of Leaf’s notice of appeal and that the remainder of the redemption price would be paid into an interest bearing account controlled by the trial court to be distributed following, and depending on, the appeal.
Also on June 14, 2018, following entry of the trial court’s final order and judgment, Leaf filed its notice of appeal to the Delaware Supreme Court. It is anticipated that, consistent with the trial court’s final order and judgment, Invenergy will file a notice of cross-appeal. As a result of Leaf’s filing of its notice of appeal, Invenergy is obligated to pay Leaf US$36,432,000 on or before June 21, 2018.
Following receipt of this payment from Invenergy, the Leaf Board plans to announce a compulsory redemption of shares with details to be provided at that time.
Update 25 June
The company will return approximately GBP19.497 million to shareholders, equivalent to 16.50 pence per share by way of a compulsory redemption of a proportion of all shareholders’ holdings of shares. The redemption price per share shall be 29.72 pence (by reference to the Leaf Board’s estimate of the NAV per Share as at 31 May 2018). The redemption will be effected pro rata to holdings of shares on the register at the close of business on 4 July 2018. Approximately 55.51% of the company’s issued share capital will be redeemed on the redemption date .
LEAF : Leaf gets payment from Invenergy