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Real-Time news about Novera (London Stock Exchange): 0 recent articles
|sbs: Sold out at 67p after bid was announced, so didn't get the original circular p9. Does anyone have the pre-correction and post correction statements?
Also, do people expect a higher bid? Share price is looking for a 10% uplift, but given share price history, this may not give a big majority.
IIRC, the bidders were looking for 50% rather than the more common 90%->100%. Is this correct? If so, they will be happy with a minority shareholding - and perhaps don't have the cash for a complete takeover - in which case they will not be looking for a knockout bid but a small majority.|
|robson1974: 15 October 2009
Infinis Energy Limited ("Infinis Energy")
Cash Offer for
Novera Energy plc ("Novera")
Response to Novera announcement
Infinis Energy notes today's announcement from Novera in relation to the Offer.
As set out in the Offer Document posted to shareholders, on 6 October 2009 Infinis Energy acquired approximately 13.0 per cent. of the existing issued share capital of Novera, from Credit Suisse Securities (Europe) Limited, the largest shareholder in Novera other than Infinis Energy, at a price of 62.5 pence per Novera Share. The acquisition triggered a mandatory cash offer for Novera in accordance with the provisions of Rule 9 of the City Code.
The only condition to the Offer is that valid acceptances are received which will result in Infinis Energy holding Novera Shares representing in aggregate more than 50 per cent. of the voting rights exercisable at a general meeting of Novera. The Condition and further terms of the Offer are set out in full in Appendix I of the Offer Document. Given that Infinis Energy currently holds Novera Shares representing, in aggregate, 42.6 per cent. of the issued share capital of Novera, the Condition would be fulfilled once Infinis Energy receives valid acceptances representing, in aggregate, more than 7.4 per cent. of the issued share capital of Novera.
The Offer is at a premium to where the shares have traded for a considerable period of time.
Novera has traded at a 52 week low of 29.0 pence per share (19 December 2008) and at an average share price of 40.8 pence per share in the period between 1 December 2008 and 6 October 2009 (being the last Business Day prior to the Announcement Date).
The Offer represents a premium of approximately:
30 per cent. to the closing middle market price of 48.3 pence per Novera Share on 6 October 2009 (being the last Business Day prior to the Announcement Date); and
43 per cent. to the average closing middle market price of 43.8 pence per Novera Share for the six months up to and including 6 October 2009.
Infinis Energy continues to believe that its Offer is in the best interests of Novera Shareholders given the attractive cash premium highlighted above, the relatively low liquidity of Novera Shares and its view that Novera lacks the management expertise necessary to deliver a strategy which will create value for its shareholders.|
|praipus: RNS Number : 9472C
Novera Energy PLC
08 September 2008
8 September 2008
Novera Energy plc ('Novera' or the 'Company')
Planning Consent for Glenkerie Wind Farm
The Board of Novera is pleased to announce that Scottish Borders Council has today
approved the Company's 11-turbine Glenkerie Wind
Farm, 5km north west of Tweedsmuir and 12km south east of Biggar, Scottish Borders. The wind
farm's capacity will be 22-27MW, depending on
Glenkerie is Novera's second wind farm to be consented this year, taking the capacity of
the Company's portfolio of wind sites in
production or consented to over 100MW.
Novera submitted the planning application to Scottish Borders Council in December 2007.
The wind farm site is well elevated, remote from
residential properties and currently comprises sheep-grazing, rough pasture and heather
Novera has accepted an offer from ScottishPower to provide a connection to the grid from
Glenkerie. In addition, the Company is in
discussions with several turbine suppliers to provide wind turbines for Glenkerie and other
sites in its portfolio. On this basis, the
Company expects to start construction in 2009 and production in 2010.
Novera's consented and operating wind portfolio has now reached more than 100MW comprising
one 15MW operational farm, a further 30MW
under construction at Lissett Airfield, the consented 40-46MW A'Chruach Wind Farm and now the
22-27MW Glenkerie Wind Farm. The Company has
three further sites in planning with an aggregate potential capacity of 32MW. Novera is also
pursuing a portfolio of other wind development
opportunities to deliver its 250MW target for wind by 2011.
Commenting on the decision, Rory Quinlan, Chief Financial Officer of Novera, said: "The
approval of Glenkerie today highlights good
progress of our wind portfolio and re-affirms our approach to development."
For further information, please contact:
Gavin Anderson & Company
Ken Cronin / Kate Hill / Michael Turner
Tel: +44 (0) 20 7554 1400
Oriel Securities Limited
Richard Crawley / Michael Shaw
Tel: +44 (0) 20 7710 7600
Notes to Editors:
Novera is a leading independent UK renewable energy company, with a portfolio of landfill
gas, waste and wind assets and projects. The
Company has 122MW of power generation capacity at 58 sites. Novera employs more than 150
members of staff.
Asset Detail Capacity
Landfill Gas 46 sites 87MW
Hydro 10 sites 16MW
Industrial 1 site 4MW
Wind (operational) Mynydd Clogau 15MW
Sub-total (operational) 122MW
Wind (in construction) Lissett Airfield 30MW
Wind (consented) A'Chruach 40-46MW
Wind (consented) Glenkerie 22-27MW
Wind (in planning) Mountboy 6MW
Wind (in planning) Fleeter Wood 10MW
Wind (in planning) Mynydd Clogau 2 16MW
For more details, visit www.noveraenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
Beauty so why the drop in share price?|
|gac100: Annual report now avaialble on the website
That fella on the front page is probably squinting to see just how high the share price can go ;-)|
|robson1974: Very very interesting. 3i would not be so aggressive if they thought they had it in the bag already. It will not make much difference to their IRR if they pay 10-20% more for it now over a 3-5 year period. It will make a big difference to arb traders or the institutions involved so expect the negotiation to take place in the market and the share price to be pushed above 90p. see STAR Energy for a recent example of Petronas who owned 29% being made to pay up.|
|robson1974: I reckon strategic investors such as EDF Energies Nouvelles, Iberdrola Renovables, SSE, Infinis, Biffa, Pennon could all come in here and offer more.
Some of these stocks trade on 15-25x EV/EBITDA so buying Novera which is currently just on about 10x EV/EBITDA is going to be accretive.
A full scale bidding war i think can take the share price well over 100p.|
3i linked to approach for Novera Energy
By Ed Crooks
Published: February 16 2008 02:00 | Last updated: February 16 2008 02:00
Novera Energy, which generates electricity from landfill gas, has received an approach that could lead to an offer at 90p a share, believed to be from 3i.
The potential bid from the private equity group is 44 per cent above the closing price on Thursday night and would value the company's equity at £112m.
The approach reflects increasing interest in the profitability and growth potential of renewable energy, especially wind power, which is the focus of Novera's expansion plans. Landfill gas is a relatively mature market.
Novera said that it was prompted to reveal the approach, with the consent of the potential bidder, by the recent rise in its share price, which gained 7 per cent on Wednesday and 2 per cent on Thusday.
The shares closed last night at 79p, up 26 per cent, having drifted down from 75p to 55p in the second half of last year.
Speculation yesterday centred on 3i Infrastructure as the most likely possible bidder. 3i said in 2005 that it was seeking more investments in renewable energy, and Novera is the largest independent quoted company of its type in the UK. 3i refused to comment last night.
Infinis, a similar landfill gas company that is expanding in wind power, is owned by Terra Firma, another private equity group.
Novera has 58 sites, of which 46 are landfill gas and just one wind, generating a total of 122mw, but its target is to get to 250mw of wind power by 2011.
A note from Oriel Securities, the company's broker, last month suggested a "risked upside valuation" of 117p a share and a core value of about 80p.
Interest in wind power from investors and utilities is driven by the UK's Renewables Obligation, one of the most generous subsidies in Europe for renewable energy, and the European Union's target that by 2020, 20 per cent of all the EU's energy - and by implication, about 35 per cent of its electricity - should come from renewable sources.
Ian Simm, the chief executive of Impax, a specialist investor in the environmental sector, said that values of wind assets had fallen by about 25 per cent since last summer, making them more attractive investments.
"With the EU's renewable directive taking effect between now and 2020, people investing in renewable energy assets right now ought to be quite well positioned," he added.|
|cyberpost: Stmnt re:share price movement
Novera Energy PLC
15 February 2008
Novera Energy plc
Statement re recent share price movement
15 February 2008
The board of directors (the "Board") of Novera Energy plc ("Novera") notes the
recent movement in Novera's share price and confirms that it has received an
approach that may or may not lead to a cash offer being made for Novera at a
price of 90 pence per share. The making of any formal offer is subject to a
number of pre-conditions which Novera is currently seeking to address (although
there is no certainty that these pre-conditions will be satisfied or waived).
The Board wishes to stress that there can be no certainty that this approach
will lead to a formal offer being made for Novera.
This announcement has been made with the consent of the potential offeror.
A further announcement will be made as and when appropriate.|
|russianlinesman: given they issued a whole bunch of shares at 55p very recently, the surprise here is that the share price is so high. Results weren't that clever either.|
Novera Energy share price data is direct from the London Stock Exchange