(WebFG News) - Leaf Clean Energy said it was "evaluating our options" after winning just $1 in damages from a Delaware court in a dispute with wind farm developer Invenergy Wind over a previous $126m damages payment claimed by the AIM-listed company.
On 21 December 2015, Leaf filed a complaint in the Delaware Court of Chancery against its Invenergy Wind, in which it owns a 2.3% stake, claiming the Cayman Islands-based developer had breached a contractual obligation to pay Leaf a return on its investment.

The complaint alleged that Invenergy was required to either obtain Leaf's consent over Invenergy's proposed $2bn sale to TerraForm of approximately 930 megawatts of contracted wind-powered generation facilities, closed on 16 December 2015, prior to its consummation or, absent of such consent, make a payment to Leaf upon the closing of the sale.

Leaf's original investments in Invenergy were in convertible notes and, on 18 June 2015, just two weeks before the announcement of the TerraForm deal, Leaf converted its notes into the 2.3% equity stake.

The court rejected Invenergy's counterclaim and ordered the parties to complete an agreed put/call process, which would make Leaf's entitlement $50.7m, which would results in a recalculated net asset value per share as of 31 December 2017 of 39.72 cents or 28.17p per share at the current exchange rate. Leaf had previously calculated the NAV per share at 75.85 cents or 56.17 pence at the period-end dollar exchange rate of $1.35 per pound.

In his post-trial opinion, vice chancellor J Travis Laster ruled that Leaf's suffered only "nominal" damages despite Invenergy Wind's failure to pay the $126m Leaf claimed it was owed for its stake in the business.

Speaking on the post-trial opinion, Leaf's chairman Mark Lerdal, said, "I am extremely disappointed in the judgement. The board and our legal advisers are evaluating our options and will revert to shareholders in due course."

As of 1200 BST, shares had dived 33.85% to 17.20p.

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