Leaf Clean Energy Share Discussion Threads

[flyfisher] 28/6/2019 20:15

From the amount transferred into sterling, it looks something like a 95% redemption at about 152p nav.

[pvb] 27/6/2019 17:16

Update:



On June 20, 2019, pursuant to the Chancery Court's nal order and judgement, Leaf received a payment from Invenergy in the amount of US$107.2 million, representing the US$114.5 million amount owed on 2 May 2019, plus US$1.3 million of additional interest through 20 June 2019, less US$8.6 million of mandatory tax withholding.
...
Invenergy has until 15 July to file any appeal. While the timing for resolving an appeal by Invenergy is uncertain, the board will earnestly endeavor to return capital to shareholders as soon as is practical. The board hopes this will be achieved by the end of 2019.

[hpcg] 18/6/2019 11:23

I am assuming they'll be able to make some payment in a few months. They'll get a 'no more than' tax estimate, plus other costs at the top end, and distribute a clear surplus. One would anticipate 3 or 4 payments based on the usual winding up process.

[pvb] 17/6/2019 11:57

Leaf Clean Energy Company Update on Invenergy Judgement



$120m awarded, details to follow from Leaf in due course.

"Taking into account the above award, the Leaf Board's unaudited estimate of Net Asset Value per share at 31 May 2019 using US$115.7 million as the value of the receivable due from Invenergy in respect of the redemption of Leaf ownership interest in Invenergy plus interest thereon through 14 June 2019 (and adjusting for certain related liabilities) is equal to US 191.99 cents (152.10 pence per share at the current exchange rate). While the board understands Leaf's tax provision to be sensible, based on advice from its tax counsel, given the inherent uncertainties in the positions that might be taken by the US tax authorities, especially in light of current unresolved regulations in relation to the recently enacted Tax Cuts and Jobs Act, and the timing of the resolution of these uncertainties, net amounts realised may differ materially from the board's estimate. The NAV does not take into account an estimate of the remaining costs to get the Company to the point where the board would choose to place it into liquidation nor liquidation costs. The timing for this is uncertain as it is largely dependent on resolving tax matters, but the board hopes this is achieved by the end of 2019."

[loglorry1] 31/5/2019 12:33

Moonshineboy probably a few months. I'm told it has to go back to the lower court who have to officially reverse the decision. Then all the tortuous winding up and returning cash to shareholders begins. I assume until LEAF are paid they go on collecting interest from Invenergy so its not such a big deal.

I'm sure the various advisors, lawyers and the board need their bonuses out but the main shareholders like Crystal Amber will make sure that's limited and will want the cash out fairly quickly so there shouldn't be too much risk of the directors getting their hands on too much of it.

[moonshineboy] 19/5/2019 15:21

Does anyone know the likely timing of payouts or is that an open question ?

[flyfisher] 17/5/2019 11:08

Weiss hold on behalf of Brookdale, who along with Crystal Amber, extended a loan to leaf to fund trial costs a year or so ago.

Should anyone wish to read the full trial reasoning, it is avalable on the delaware court website, supreme court, opinions.

I guess we are awaiting whether we will get interest on the award, it is worth about $25m.

[hpcg] 08/5/2019 10:05

Weiss Asset Management of Boston are obviously confident of a high level payout, which is reassuring. One presumes they have sufficient local knowledge, experience and due diligence to assess the likelihood that this is the end game.

[langland] 07/5/2019 12:40

Simon Thompson in the IC reckons a 140p payout should be possible....from today's update.

[flyfisher] 03/5/2019 11:35

They do have significant tax losses that they may be able to utilize.

From last year final results, '' Leaf expects that it would owe approximately $3 million of taxes if Leaf were to be awarded the additional damages it is seeking under its appeal in its breach of contract claim. ''

With regard to the directors and advisor incentive fees, Leaf wrote down the invenergy asset last year and the accounts show an associated reduction in provision for incentive fees. From that reduction it looks like the expected incentive fees will be around 4% of any distribution.

If we get pre judgement interest and the residual two assets can be disposed of at book, then i expect around 155p to be the final wind up figure, with an initial payout this summer.

[kooba] 03/5/2019 11:08

"Leaf continues to believe it is entitled to damages of $122.2 million plus pre-judgment interest less $36.4 million already received."There are 52.57m shares in issue, so $85.8m = £65.45m = 124.5p per share.Plus interest takes to around 140p and probably deduct management success awards..not sure basis of legal work.Think the reported historic nav figure was mostly $14.3m they hoped to receive if the appeal was unsuccessful.So I think the full award above is instead of that?There is little else of value than the award and is fairly tidy now so would hope for interim payment 125-130p and an orderly wind up giving further 5-10p net.Got to get the money from invenergy first and unclear if there is another appeal court to take this to.

[flyfisher] 03/5/2019 10:51

Difficult to get to a final figure without knowledge of any success fees to the board and lawyers, but the $85.8m claim including interest at 6% compounded quarterly is now $104.6m.

Great news.

[valerion the pink dread] 03/5/2019 10:44

held out and it paid off :)

[molrey] 03/5/2019 10:21

Wasn't it only worth 2.8p to Crystal Ammber in the last set of their accounts? So maybe 10-12p of value now for Crystal Amber?

[hpcg] 03/5/2019 09:55

Bought some Crystal Amber, which has not yet reacted to the news. Obviously the read through is less significant, but they hold 30% of the LEAF equity so a 10-20% pop in the NAV. Note that the rise in April was also not captured in the latest published NAV, which is made up to 31 March.

[babbler] 03/5/2019 09:50

it's not tradeable in a lot of brokers.

[nico115] 03/5/2019 09:49

Well done Crystal Amber Richard Bernstein also bought into USG which will also motor soon as he bought big stake there The blokes a guru and makes brilliant returns

[stallone10] 03/5/2019 09:41

Can’t be found on Barclays what’s ticker?

[kooba] 03/5/2019 09:39

Activist investor crystal Amber big winner here and has supported management to secure result...also behind gloo unwind I believe?

[buywell2] 03/5/2019 09:30

well done to those that held on

[kooba] 03/5/2019 09:24

Can't buy them though on every platform I tried

[kooba] 03/5/2019 09:23

My previous estimateif it prevails in the litigation, it will be entitled to interest on the judgment at the Delaware statutory rate of interest of 6%, compounded quarterly, from the date of the breach."Breach I believe was Dec 2015.Adding that in I would take the cash per share up to just over 140p.

[langland] 03/5/2019 09:22

well well well....price did not move for a minute or two.

[kooba] 03/5/2019 08:09

See the leaf link! but otherwise just inappropriate share puffing...mind your eye.