Leaf Clean Energy Share Discussion Threads

[skyship] 08/7/2014 08:13

jlo10 - thnx for that.

While not quite inventing energy, Invenergy is pulling it out of thin air. The energy generation company operates about a dozen wind energy generating facilities in the US, Europe, and Canada. It builds, develops, and buys energy producing properties and more than 2,200 MW of wind energy capacity in operation. While wind is the focus, Invenergy also uses natural gas to produce more than 2,200 MW of energy from facilities in the US and Canada and has plans to enter the solar energy market (100 MW of capacity) as well. The company has offices in the US, Poland, and the UK. CEO and president Michael Polsky founded Invenergy in 2001

[jlo10] 08/7/2014 07:37

What Crystal Amber say about Leaf today

Leaf Clean Energy Company ("Leaf")

Mark Lerdal, the Executive Chairman proposed by the Fund, has carried out his
first review of Leaf Clean's portfolio. As a result, in June, Leaf Clean
announced that MaxWest would not receive additional funding and that its value
would be written down to nil. Having met with the board of MaxWest as part of
our due diligence, we were unsurprised at this outcome. However, we remain
confident in the realisable value of several of Leaf's assets, including
Invenergy. Moreover, we note the new board's decisiveness and are confident in
its ability to realise Leaf's investments in an orderly manner and return all
proceeds to shareholders.

Over the quarter, Leaf's share price declined by 29.2%.

[envirovision] 03/7/2014 09:13

what 15p ?

[badtime] 03/7/2014 09:06

bit lower and i might take a nibble

[skyship] 03/7/2014 07:47

Indeed, that's the $64,000 question. Good news, but still nearly 3months to wait for the Review circular.

[tiltonboy] 02/7/2014 23:34

Crystal Amber increasing their holding is reassuring news, but what did they pay!

[skyship] 02/7/2014 14:15

An interesting RNS, which, if it is to be believed rather than an amendment issued, states that Jupiter have placed their entire holding of 9.1m (7.0%).

There should be a further RNS telling us where that tranche ended up...

[skyship] 26/6/2014 11:56

Undeclared - but 50p at the time, so, allowing for a reasonable discount, c45p-46p would be my guess.

[flyfisher] 26/6/2014 09:35

Crystal Amber bought the Aviva stake last year via a share swap which effectively valued their entry at 46.5p.

Would anyone know what price Woodford paid to acquire his stake from invesco?

[skyship] 22/6/2014 15:38

Bizarrely, when I bought these, two new liquidation plays presented themselves on the same day - LEAF & BGBL. I bought both; but perhaps as with others here, my LEAF investment was the larger of the two - should have been the other way around as the latter is now UP some 15%!

Anyway, we are where we are; and obviously the critical sentence from the recent LEAF Circular is:

"The Company is currently reviewing the portfolio to determine realisation plans for each investment. As part of the Company's 30 June year-end process the value of investments will be assessed. Except where commercial considerations would be disadvantaged, the Board will provide detail regarding the valuation of investments and realisation strategy. This information will be included in the year-end financial statements which are expected to be released by the end of September 2014."

That means we are likely to remain in limbo for another 3months before we can make serious assessments as to future returns.

The difficulty for the new Management team is juggling the prospective values and marketability of an unlisted portfolio. I still take the positive view that Crystal Amber and Neil Woodford must have some inside track on elements of the portfolio; or why would they have invested in a stock that could only be exited via a successful liquidation!

My guess at the moment is that from a current offer price of 40p we might see 65p by 30th Jun'17; that would provide a GRY of 17.4%; and a still reasonable GRY of c10% from my average entry price of 49p.

So, perhaps best just to hold tight and, in the absence of further news, reassess in 3 months time.

[stemis] 11/6/2014 16:00

Looks like we are going to have to wait till September for any detailed information.

[skyship] 07/6/2014 12:22

True! Seems as though there will be an impairment to the NAV in next week's Circular - but hopefully of the transient type as per LSR (up 20% since the mark down on their impairment) rather than the Fundamental type as per GFIR...

[tiltonboy] 06/6/2014 18:19

Unless somebody knew more and sold them at 39.5p!

[skyship] 06/6/2014 17:46

Sorry Sue et al - With hindsight should I have taken Crystal Amber's view and Woodford's view with such equanimity. Likewise not a large allocation, but still knocked over 0.5% off the portfolio today. I wonder whether any further bad news will be revealed in the Circular...

What was interesting however is that someone knew enough to buy 350k @ 40p today.

[smarm] 06/6/2014 13:36

jaws - you can't win 'em all.

S

[jaws6] 06/6/2014 12:19

smarm
Not good news agree,lucky only had small as mm size was small,and did say on that post too.

[smarm] 06/6/2014 12:04

Skyship - I bought a few the other day...who could have known! Seems a bit odd to me as there wasn't a clue anywhere that anything was wrong with that investment. I sold on the bell this morning...a small but perfectly formed loss. A case of if it looks too good to be true.

S

[simon gordon] 06/6/2014 08:44

I've sold. Just lost confidence. The margin of safety is now too unknown for me. I based my buy on Crystal, Woodie and the NAV. Today that has been questioned by too much for my nerves.

Good luck to holders.

[skyship] 06/6/2014 08:06

Certainly not a good start to this investment; and the NAV doubters have been proved correct. Won't add, but certainly hope the Circular paints a better picture.

[spectoacc] 06/6/2014 08:03

10% of NAV down the toilet - surprised they didn't invest more to try to recoup the $17m, co must have looked in a dire state.

[hugepants] 06/6/2014 07:45

NAV about 75p now. Its pretty dire when an investment is written down to squat!



It doesnt look great for the director when he sells just before this news.

[tiltonboy] 06/6/2014 07:37

Hope we haven't got another GFIR on our hands!

[gary1966] 06/6/2014 07:17

Looks like the NAV is going to re-rate to the share price rather than the hoped for other way around.