Leaf Clean Energy directors take pay cut ahead of Invenergy hearing

4th Jan 2019 07:26

(Sharecast News) - Leaf Clean Energy announced on Friday that the Delaware Supreme Court has scheduled oral argument in its appeal of the damages awarded to it in the Invenergy lawsuit for 13 February.The AIM-traded firm said that it anticipated the court would issue its opinion within 90 days of oral argument.It added that, given the likelihood that the appeal would be resolved in the first half of calendar 2019, in a bid to reduce its expenses ahead of the pending resolution, the directors had approved a 70% reduction to all directors' fees with effect from 1 January."Whilst the company has sufficient cash reserves, this reduction is made in-line with its strategy of realisation, as the company seeks to return cash to shareholders in an orderly manner," the Leaf Clean board said in its statement."Additionally, the employees and administrator have agreed to reduced salaries and fees."