Leaf Clean Energy Company Invenergy Update
January 04 2019 - 1:00AM
RNS Non-Regulatory
TIDMLEAF
Leaf Clean Energy Company
04 January 2019
RNS Reach
4 January 2019
Leaf Clean Energy Company
("Leaf" or the "Company")
Update on Invenergy Lawsuit and Reduction in Director and
Employee Compensation
The Leaf Board would like to announce that the Delaware Supreme
Court ("Court") has scheduled oral argument in Leaf's appeal of the
damages awarded to it in the Invenergy lawsuit for February 13,
2019 at 10:00 a.m. EST. We anticipate the Court will issue its
opinion within 90 days of oral argument.
Given the likelihood that the appeal will be resolved in the
first half of calendar 2019 and desiring to reduce Leaf's expenses
ahead of this pending resolution, the directors have approved a70%
reduction to all directors' fees with effect from 1 January 2019.
Whilst the Company has sufficient cash reserves, this reduction is
made in-line with its strategy of realisation, as the Company seeks
to return cash to shareholders in an orderly manner. Additionally,
the employees and administrator have agreed to reduced salaries and
fees.
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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