Transaction in own shares & Rule 2.10 announcement
January 13 2010 - 4:22AM
UK Regulatory
TIDMLEAF
RNS Number : 4726F
Leaf Clean Energy Company
13 January 2010
Leaf Clean Energy Company
("Leaf" or the "Company")
Transaction in Own Shares and announcement under Rule 2.10 of the Takeover Code
The Company announces that on 12 January 2010 it purchased for cancellation
100,000 ordinary shares at 67.5 pence per share.
Rule 2.10 Disclosure
Following the above purchase, the Company announces that it has now 183,233,773
ordinary shares of 0.01pence in issue. Leaf's ordinary shares are traded on AIM,
a market of London Stock Exchange plc, with ISIN No KYG541351014.
The above figure 183,233,773 may also be used by shareholders as the denominator
for the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, Leaf Clean Energy Company
under the FSA's Disclosure and Transparency Rules.
Impact on FAV calculation as set out in the announcement under Rule 2.5 of the
Takeover Code
The reduction in the number of shares and cash following the buyback will have
an effect on the estimated FAV ratio of share consideration for Trading
Emissions shareholders as included in the Scheme Document posted on 13 January
2010 which was calculated as at 7 January 2010. If all the other constituent
elements as set out in the appendix to the 2.5 announcement remain constant, ie
only the number of shares and level of cash have changed, and this buyback had
been conducted before that calculation of FAV ratio of share consideration then
this purchase of shares would have resulted in an increase in the illustrative
FAV of 0.03 pence, from 100.2 pence per Leaf share to approximately
100.23 pence per Leaf share.
On this basis a Trading Emissions shareholder would have been entitled to 1.4852
Leaf shares for each Trading Emissions share they own compared with the
illustrative 1.4857 ratio announced. The final ratio will be determined at the
Calculation Date as set out in the 2.5 announcement. The Closing Price of a
Leaf Clean Share on 12 January 2010 immediately prior to posting the Scheme
Document was 72.5 pence, therefore the implied offer price for each Trading
Emissions Share on 13 January 2010 would have remained unchanged at 107.7 pence
post the impact of the buyback compared to the 107.7 pence disclosed in the
Scheme Document.
All definitions are the same as those set out in the 2.5 announcement released
on 17 December 2009 and the Scheme Document.
For further enquiries, please contact:
EHM International Limited
Tel: 0871-662-9629
Ivonne Cantu /Liz Bowman
Cenkos Securities plc
Tel: 020 7397 8928
This information is provided by RNS
The company news service from the London Stock Exchange
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