29th Mar 2016 13:48
LONDON (Alliance News) - Leaf Clean Energy Co Tuesday said its net asset value fell in the first half of the current financial year, but said it made a profit in the period.
The renewable energy and sustainable technology investment firm said it made a pretax profit of USD511,000 in the six months to the end of 2015, swinging from the USD10.2 million loss booked a year earlier.
That was mainly the result of the company booking a USD2.0 million net gain from its investments in the period compared to the USD8.9 million loss a year ago.
Leaf Clean said its net asset value at the end of 2015 stood at USD109.0 million, down from USD120.3 million at the end of 2014, leading its net asset value per share to fall to 92.28 cents from 93.41 cents.
The company currently has four key investments, which have been made in Invenergy, VREC, Lehigh, and Escalona.
The company said the "primary source" of any future returns to shareholders will come from its investment in Invenergy, which develops, owns, and operates wind power generation facilities in North America and Europe.
"Unfortunately Leaf and Invenergy do not agree on certain contractual provisions contained in the operating agreement of Invenergy," said the company.
Back in December, Invenergy initiated a process to purchase Leaf's interest in the company due to the differences between the two companies, and third parties are currently evaluating that option to see if they can recommend a mutually agreeable price.
"Depending upon the ultimate result in the put/call process, Leaf may seek to pursue the litigation even after this process is completed. I cannot predict with certainty either the outcome or the timing of either process; but one or both of the processes will result in a return on Leaf's investment with the exact amount to be determined," said Leaf Clean.
Leaf Clean shares were up 0.8% to 36.80 pence per share on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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