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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Leaf Clean Energy Company | LEAF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 454.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 454.00 | 454.00 |
| Top Posts |
|---|
Posted at 03/5/2019 09:39 by kooba Activist investor crystal Amber big winner here and has supported management to secure result...also behind gloo unwind I believe? |
Posted at 08/9/2015 07:18 by 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 “yieldcos̶ 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. |
Posted at 08/9/2014 07:37 by 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. |
Posted at 10/3/2014 08:23 by dashton42 What do big institutions ever do, davidosh? They mainly seem to support the status quo by default. It takes a relatively small, activist investor like CRS to come in and shake things up.If nothing else, it'll be a kick up the backside for the bod. |
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