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Novera Energy Ltd (NVE)

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Friday 10 June, 2005

Novera Energy Ltd

First day of dealings on AIM

Novera Energy Ltd
10 June 2005

                                                           ASX/RNS ANNOUNCEMENT

10 June 2005

                             Novera Energy Limited

                          First day of dealings on AIM

The Directors of the renewable energy company, Novera Energy Limited (ASX: NVE;
AIM: NVE), are pleased to announce the successful Admission to the Alternative
Investment Market (AIM) of the London Stock Exchange and a Placing of shares to
raise approximately £5.3 million/A$13 million.

Placing and Admission Highlights:

  • The Company has raised approximately £5.3 million (A$ 13 million)
    through a Placing of 9,189,044 Ordinary Shares at 58 pence (A$1.40) per

  • On Admission, the Company has a market capitalisation at the Placing
    price of approximately £31.8 million (A$77 million).

  • The Company's nominated advisor and broker, Oriel Securities Limited,
    has placed all of these shares in the United Kingdom with institutional and
    other investors.

  • The proceeds from the Placing will be used to finance some of the
    projects currently identified by management, which include Novera's share of
    the balance of the Germania wind portfolio, development funding for the RED
    projects and certain acquisitions still under negotiation.

  • The Directors believe that listing on AIM will provide Novera with a
    source of equity finance that will allow the Company to pursue growth
    opportunities within the renewable energy sector.

Placing statistics:

Placing Price                                                   58p (A$1.40)

Number of Placing Shares to be issued                           9,189,044

Number of Ordinary Shares immediately following Admission       54,800,870

Percentage of enlarged issued share capital being placed        17%

Estimated net proceeds of the Placing (1)                       £4.7m (A$11.5m)
Market capitalisation immediately following Admission and       £31.8m (A$77m)
the Placing at the Placing price                                       


(1)   Net proceeds are stated after the deduction of estimated expenses of
approximately £0.6m (excluding VAT).

Novera Chairman, Dr Don Stammer commented:

'Today is an important milestone for Novera. We are delighted to be listing on
the AIM market today, with the support from investors in the United Kingdom and
to welcome John Brown to the Board. Novera's assets and core business are
concentrated in the UK and Europe. The AIM listing will assist us in developing
our business as we strive to become one of Europe's leading renewable energy

Novera Energy's securities will remain listed and traded on the Australian Stock
Exchange (ASX) and the Company's securities may be traded between the ASX and
AIM. Further details on trading between the markets is available on the Novera
Energy website.

For further information please contact:

United Kingdom
Oriel Securities Limited                +44 (0)20 7710 7600
Andrew Edwards/William Paterson

Gavin Anderson                          +44 (0)20 7554 1400
Ken Cronin / Janine Brewis

David Reid, Westbrook Communications    +61 (0)2 9231 0922 / mobile 0417 217 157

Brian Stewart, Novera Energy Limited    +61 (0)2 9240 2704 / mobile 0403 465 433

Oriel Securities Limited, which is regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for Novera Energy Limited
and no-one else in the connection with the Placing and Admission and will not be
responsible to any person other than Novera Energy Limited for providing the
protections afforded to clients of Oriel Securities Limited or for providing
advice in relation to the transactions and arrangements detailed in this
announcement. Oriel Securities Limited is not making any representation or
warranty, express or implied, as to the contents of this announcement.

Notes to editors:

  • Established in 1998 and listed on the ASX in 2002, Novera is a renewable
    energy generator with a business focus in the UK and EU. The Novera Group
    has significant experience in the renewable energy field, being one of the
    larger landfill gas power generators in the UK. It is also involved in the
    development of wind power and biomass gasification projects in a number of
    markets including the UK. The Group is focused on the higher return areas of
    the renewable energy sector, which are currently wind power and generation
    of electricity from methane gas extracted from land fill sites. Novera
    benefits substantially from the recognition by Governments of climate
    change, and the subsequent regulation of the effects of climate change. Key
    to the Group's success will be its NMRE joint venture with Macquarie

  • In December 2004, Novera announced it had established NMRE, a 50:50
    joint venture with Macquarie Renewables. NMRE is one of the largest
    renewable energy businesses in the UK. Approximately 98 per cent. of NMRE's
    existing cashflow is contracted. The NMRE business currently incorporates
    116MW of installed capacity with approximately 22 MW of expansion being
    undertaken over 2005/6.

  • In April 2005, NMRE completed the acquisition of two wind farms (totaling
    9MW) from the Germania portfolio in Germany with exclusive options to
    acquire a further 47MW under development by Germania.

  • In addition to the Company's investment in NMRE, Novera has a fully owned
    development business, Novera Ventures, responsible for sourcing new
    renewable energy investment opportunities for the JV, the Company and/or
    third parties. Novera also has a profitable biomass services business,
    operating sewage sludge drying plants for a major UK water utility.

  • In March 2005 the Company announced a development joint venture with RED
    to co-develop wind energy sites in Scotland and northern England.

  • The board constitutes Dr Don Stammer, Chairman, John Brown, Non-executive
    Deputy Chairman, Shane Gannon, Chief Executive Officer, David Scaysbrook,
    Executive Director and Managing Director of Novera Ventures Limited, Donald
    Farrands, Non-executive Director, Mark Hardgrave, Non-executive Director.

                      This information is provided by RNS
            The company news service from the London Stock Exchange