LEF transfers £5.9m into waste infrastructure fund



LEF transfers a £5.9 million investment into waste infrastructure fund

LEF has exchanged its 65,677 B shares in New Earth Solutions Group Limited ("NESG") in consideration for the issue of an equivalent value of shares in New Earth Recycling & Renewables (Infrastructure) plc ("NERR") at a subscription value of £5,882,689 ("the Transaction").

LEF invested £5.0 million in September 2009 and immediately prior to the Transaction valued the investment at £5,882,689. The Transaction brings LEF closer to the infrastructure by a direct interest in the physical assets of NESG, while maintaining exposure to the upside of NESG and New Earth Energy ("NEE"), via NERR's investment in both companies.

NERR is an open-ended fund with a net asset value currently in excess of £80.0 million and registered as a specialist fund with the Isle of Man Financial Supervision Commission (Isle of Man Company Number: 123613C), which was created principally to finance the recycling facilities of NESG.

About LEF:

LEF invests in a diverse portfolio of late stage companies in the European cleantech sector. Actively managing its holdings, the Fund invests growth capital with a focus on waste and recycling; renewables; energy efficiency and water.

LEF was launched in August 2007 and has assets under management of circa £60.0 million. The Fund is a Jersey domiciled closed-ended investment company, quoted on AIM under the symbols LEF.L for the shares and LEFW.L for the warrants.

Further information about The Fund can be found at www.ludgateenvironmental.com 

For further information:

LEF: Chairman, John Shakeshaft, 01534 609 233

Ludgate Investments Limited: Bill Weil, 020 7621 5770

New Earth Recycling & Renewables (Infrastructure) plc: Jamie Sutton, 01624 699677

NOMAD - PricewaterhouseCoopers LLP: Melville Trimble, 020 7213 8898

Broker - Matrix Corporate Capital LLP: Paul Fincham, 020 3206 7175