Leafcleanenergy: Leaf Clean Energy says directors, employees agree to reduced fees, salaries as it awaits US damages appeal

Leaf Clean Energy Company PLC (LON:LEAF) said its directors have approved a 70% reduction to all directors' fees with effect from 1 January 2019 and its employees and administrator have agreed to reduced salaries and fees as it awaits the outcome of a key damages appeal in the US. The AIM-listed renewable energy and sustainable technology investment firm said the Delaware Supreme Court has scheduled oral argument in Leaf's appeal of the damages awarded to it in the Invenergy lawsuit for 13 February 2019. READ: Ofgem bans Economy Energy from taking on new customers over service issues The group said it anticipates the Court will issue its opinion within 90 days of oral argument. Leaf said that given the likelihood that the appeal will be resolved in the first half of calendar 2019 its directors have agreed to the fees cut to reduce its expenses ahead of the pending resolution. The company added that whilst it has sufficient cash reserves, this reduction is made in-line with its strategy of realisation, as the firm seeks to return cash to shareholders in an orderly manner. On June 14, 2018, the Delaware Court of Chancery entered its final order and judgment awarding Leaf nominal damages of $1 as a result of Invenergy Wind's breach of the parties' third party agreement by engaging in a defined "Material Partial Sale" without either obtaining Leaf's consent or paying Leaf a contractually defined return on its investment.