Share Name Share Symbol Market Type Share ISIN Share Description
Leaf Clean LSE:LEAF London Ordinary Share KYG541351196 ORD 0.01P (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.50p -4.29% 33.50p 33.00p 34.00p 35.00p 33.50p 35.00p 27,955 15:10:29
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 -0.5 -2.6 - 39.58

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Date Time Title Posts
31/10/201707:20LEAF: Clean Energy Investment Group222
26/3/201523:08*** LEAF ***-

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Leaf Clean Daily Update: Leaf Clean is listed in the General Financial sector of the London Stock Exchange with ticker LEAF. The last closing price for Leaf Clean was 35p.
Leaf Clean has a 4 week average price of 33.50p and a 12 week average price of 33.50p.
The 1 year high share price is 41.25p while the 1 year low share price is currently 33.50p.
There are currently 118,162,853 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Leaf Clean is £39,584,555.76.
pvb: No news yet but share price drop does not bode well.
flyfisher: The hearing for damages should occur in the delaware court in the next two weeks, crystal amber remain positive in their results statement today. '' On 30 June 2016, in a partial judgement on the case, the court ruled that Invenergy Wind had breached the contract by not obtaining Leaf's consent to the transaction. Pending further proceedings, the court has not yet determined the amount of damages, which Leaf argues should be determined by applying the target rate of return of 23 per cent, as agreed between Invenergy Wind and Leaf. On 10 October 2016, the court rejected Invenergy Wind's argument that the exercise of a put option voided Leaf's claim for breach of contract. The full value of Leaf's claim against Invenergy Wind, with interest but net of tax, is over 95 cents (72 pence) per share. This compares to Leaf's share price at 30 June 2017 of 37.5 pence and its latest available NAV per share at 31 December 2016, of 77.65 cents (58.8 pence). The Fund remains confident in the value underpinning the Invenergy Wind investment and that Leaf will successfully realise it. ''
pvb: Oops! Can't be too good...
glawsiain: from Crystal Amber's february 2017 newsletter: "Leaf Clean Energy Co. (“Leaf Clean”) Crystal Amber continues to support the board of Leaf and its realisation strategy. Leaf is currently litigating with its largest holding, Invenergy. Leaf is seeking payment of $126 million (pre-tax), equating to 79.4p per share (pre-tax), which compares to Leaf’s share price at 31 January 2017 of 40p. We also note that whilst this litigation is ongoing, the claim accrues a 6% interest, which we feel adequately compensates our position given the confidence we have in Leaf’s position. We believe the company will be able to generate resources needed to see through the litigation, from the orderly realisation of other assets, maximising the value of the legal case against Invenergy. Over the month, Leaf’s share price increased by 13.6%."
pvb: And LEAF annual results out today.
flyfisher: From Crystal Amber results issued today. In July 2016, Leaf announced a favourable preliminary decision in its lawsuit against Invenergy for breach of contract. Leaf is seeking payment of $126 million, equating to 79.4p per share, which compares to Leaf's share price at 30 June 2016 of 34.5p. The Fund remains confident in the value of the Invenergy investment, despite the disappointing valuations announced in May 2016. The average of the two fair value appraisals was $55 million, short of the $97 million carrying value. In its Interim Report, the company declared its NAV at 31 December 2015 to be US$109 million or 92c (c.71p) per share. Using the average of the two appraisals, Leaf's NAV at 31 December stood at US$74.4 million or 63c (c.49p) per share which compares to the Fund's average cost per share of 34p. The Fund holds 35.3 million shares in Leaf. We remain confident that Leaf will successfully realise the value in its core holdings and return cash to shareholders. According to recent valuations, this has the potential to be well in excess of the current share price.
pvb: "23. This ruling does not determine the amount of damages to which Leaf is entitled for the Company's breach of the Series B Consent Provision. That issue will require further proceedings. Vice Chancellor Laster Dated: June 30, 2016"
sharpshare: Shares in issue now 118,162,853 Leaf's investment in Invenergy valued at US$95 million "Following the conversion into equity we are valuing Leaf's investment using only comparable transactions. " So value per LEAF share = in region of 80.4c or 53p "The Operating Agreement provides that after 22 December 2015, Leaf has the option to put its equity interest to Invenergy. The purchase price for such sale is either an agreed upon price between Leaf and Invenergy or the fair market value of the equity interest, as determined by third party independent appraisers. " So possible 53p cash back to company by Christmas? (Taxes may be payable.) Share price today 39p to 41p.
flyfisher: Extract from todays crystal amber results. Leaf Clean Energy Company (“Leaf”) When in October 2013 the Fund initially invested in Leaf, the shares were trading at a 45 per cent discount to their then net asset value. In our view, this was the result of a poor investment track record, the scale of annual running costs and the minimal visibility of investments. Some of these investments are attractive, notably the convertible investment in Invenergy Wind. It was acquired for $40 million and now accounts for more than half of the value of the portfolio. Invenergy Wind is North America’s largest wind power generation company, and has developed more than 8,000 MW of renewable and natural gas power generation and energy storage facilities. Some other investments such as Lehigh should also deliver value. Following engagement with the Leaf board, the Fund took decisive action to change the leadership of the company. We called an EGM to remove the chairman and the executive director and proposed that Mark Lerdal became executive chairman, with a clear mandate to realise the investments in an orderly manner. An incentive package was agreed, centred on the cash returned to shareholders. Leaf's board agreed the changes, and the new board began steps to realise assets. It cut additional funding to MaxWest, realising a $17.2 million loss. It has disposed of Multitrade Rabun Gap, Multitrade Telogia, SkyFuel and Johnstown Regional Energy realising $8.4 million in cash, only $0.7 million below their carrying value. Running costs have been reduced to $2.5 million per annum. In March 2015, management said it is likely to take two years to realise all its investments. Over the year and as the share price deteriorated, the Fund increased its position in Leaf from 10 per cent to 29.9 per cent. The Fund is confident in the value underpinning the Invenergy investment and the ability of the new board to return cash to shareholders. In addition, Leaf is now benefiting from the investor appetite for so called “yieldcos̶1;, entities that acquire and operate income generating assets from developers and operators such as Invenergy. In July 2015, TerraForm announced the acquisition of 930 megawatts of wind power capacity from Invenergy for $2 billion. This deal might set a high valuation for Invenergy and therefore for Leaf’s convertible instrument. In June 2015 Leaf´s shares traded at a 36 per cent discount to its December 2014 NAV. In our view, the reported NAV understates the value that can be achieved from the sale of the Invernergy stake. The realisation of Leaf’s investments is a well advanced process albeit one of unpredictable timings due to the private nature of the holdings. We are confident that Leaf can return cash to shareholders significantly in excess of its share price.
simon gordon: Crystal Amber - 8/9/14: Leaf Clean Energy Company ("Leaf") Leaf is an investment company set up in 2007 by EEA Fund Management Limited, the manager of Trading Emissions PLC, to invest in clean energy projects, predominantly in North America. The company listed in June 2007 at 100p a share, raising $386 million net. Leaf has bought back 71.3 million of its own shares at a cost of $79.3 million. Adjusting for these purchases would reduce the net amount originally invested at IPO to $306.7 million. Net assets at 31 December 2013 were $181.9 million, implying a loss of 41 per cent of capital. Back in 2007, investors took interest in US renewables in the belief that the US would soon join carbon trading schemes. As EEA did not have direct presence in the US, it joined forces with Shaw Capital to source investment opportunities. By the end of 2009, less than three years after IPO, the portfolio was substantially invested in 11 companies, and the poor performance of its investments was evident. Leaf's first investment was $20 million of preferred stock in biodiesel firm Greenline Industries, which had already filed for bankruptcy proceedings. Ethanol producer Range Fuels Inc. (another $20 million investment) closed down in 2011 without having reached production. A third, solar panel producer MiaSolé (also a $20 million investment), would be written off and sold in 2012. As happens when much money chases few opportunities in new asset classes, the wisdom of some investments would come under scrutiny. In March 2010, as some investments were unravelling, board director Bran Keogh became an executive director. Shortly after, EEA Fund Management ceased to be the manager and Leaf set up an in-house team under the leadership of its executive director. Unexpectedly, now that Leaf was managed in-house, the transparency of its reports reduced. As they were written off, both Range Fuels and MiaSolé disappeared from Leaf's reports, with no explanation. Disclosure of ownership structures and valuations became minimal, as did the news flow from Leaf. Fees remained out of line with operations. Despite bringing management in-house, Leaf spent $17.6 million over the next three years to oversee a portfolio of less than a dozen companies, including minority investments. As the companies have matured, we estimate that only three required active management. Despite the increasing maturity of holdings, no information on revenues or earnings has been provided which would enable market participants to have greater visibility of the current financial position of each underlying investment. The valuations in the portfolio are instead undertaken on discounted future cash flow forecasts, despite these holdings not being cash generative. In our view, this is a wholly assumptions-based approach, over reliant upon estimates of future cash flows. When the Fund initiated its investment in October 2013, Leaf was trading at 45% discount to its then prevailing net asset value. In our view this was the result of a poor investment track record and the scale of its annual running costs. Leaf however has some attractive investments and amongst those stands out a convertible investment in Invenergy Wind, acquired for $40 million. Invenergy Wind is North America's largest wind power generation company, and has developed more than 8,000 MW of renewable and natural gas power generation and energy storage facilities. Additional value should be obtainable from some of the other operating projects such as Johnstown Regional Energy. Cash on the balance sheet stands at $19.1 million. Following engagement with the board, the Fund took decisive action to change the leadership of the company. We called an EGM to remove Peter Tom as chairman and Bran Keogh as executive director and proposed that Mark Lerdal became executive chairman, with a clear mandate to realise the investments in an orderly fashion. An incentive package was agreed, centred on the cash returned to shareholders. Leaf's board soon agreed to the changes. The renewed board reviewed the portfolio and initiated steps to realise assets. It has moved decisively, cutting additional funding to MaxWest, a company with an unsuccessful technology for gasification of waste water. Excluding MaxWest's $17.2 million carrying value, and allowing for the cash burn, our estimated NAV is $160 million, implying that Leaf is now trading at approximately 50 per cent of its NAV. Whilst in our opinion additional write downs are likely, we are confident that Leaf can return cash to shareholders significantly in excess of its share price.
Leaf Clean share price data is direct from the London Stock Exchange
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P:31 V: D:20171122 16:24:19