Moore Capital impedes Trading Emissions and Leaf Clean Energy merger plans
|February 24th, 2010||
|Last week, the proposal to merge Trading Emissions PLC (AIM: TRE) and Leaf Clean Energy Company (AIM: LEAF) failed when the merger earned only 63% of shareholder votes, which is below the required 75% threshold. Trading Emissions is an emissions trader that invests in environmental and emissions assets, while Leaf Clean Energy makes clean energy investments predominantly in North America. |
The merger was intended to get Trading Emissions deeper into the North American market, but the not-in-favor vote from one large New York-based hedge fund—Moore Capital Management LP, managed by Louis Bacon, caused the merger to collapse. Moore Capital owns 41.2 million shares of Trading Emissions, which represent approximately 16% of the company’s voting rights.
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