Australia's Leaf Resources plunges on ending LOI for wood pellets supply

Foresta group

02/02/2023 02:01

** Shares of Leaf Resources Ltd  LER.AX  slide as much as
21.1% to A$0.015, their lowest since Dec 9
    ** Stock posts its biggest intraday pct fall since Jan 24
    ** Diversified chemical firm says resolved to end the
non-binding Letter of Intent (LOI) in relation to the offtake of
premium wood pellets with Formosa Group Australia Pty Ltd 
    ** Says the proposed strategic investment by FGA and Formosa
Technologies Pty Ltd into Leaf via the private placement will
continue as planned
    ** More than 2.7 mln shares change hands, more than twice
the 30-day average volume 
    ** Stock down 5% this year, as of last close
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))