Information  X 
Enter a valid email address

Novera Energy PLC (NVE)

  Print      Mail a friend

Tuesday 29 May, 2007

Novera Energy PLC

Update: Scheme of Arrangement

Novera Energy PLC
29 May 2007

29 May 2007

                                Novera Energy plc
             Sixth Announcement of proposed scheme of arrangement -
                          ADMISSION TO TRADING ON AIM
        Transfer of Novera Domicile from Australia to the United Kingdom

Novera Energy plc was admitted to trading on AIM as from 8.00am on 29 May 2007. 
Novera Energy plc ('Novera' or 'the Company') is the successor entity to Novera 
Energy Limited, a company which has been listed on AIM since June 2005. The 
AIM listing of Novera Energy Limited was cancelled simultaneously.

Commenting on today's announcement, Roy Franklin, Chairman of Novera, 
said: "Last week's Energy Review emphasised the growing need for UK renewable 
power. Novera is the leading quoted company focused on renewable power 
generation - the Company has a well-established portfolio of 58 sites across the 
UK producing renewable power and a string of potential developments. The 
transfer of domicile being announced today is the final step in migrating the 
Company to the UK and positioning for growth in this attractive market".


The Directors of Novera are as previously announced, namely Roy Franklin 
(Chairman), Michael Cairns, Brian Duckworth, David Fitzsimmons, James Grace and 
Rory Quinlan.

Scheme of Arrangement

Following implementation of the Scheme, Novera now owns all of the issued shares
in Novera Energy Limited and the existing Novera Energy Limited shareholders
have been allotted one fully paid Ordinary Share in Novera for each share
previously held in Novera Energy Limited. Novera has a total of 123,957,780
Ordinary Shares in issue.

For further information in relation to this transaction, please refer to 
previous announcements by Novera which can be viewed on Novera's website at

No funds have been raised as a result of the Scheme. 150,000 options have been 
issued by Novera to two past employees of Novera Energy Limited to replace 
options previously granted by Novera Energy Limited which have been cancelled. 
The options have been issued at the same exercise price other than a conversion 
from Australian dollars to pound sterling for 100,000 of the said options.

Novera's nominated adviser is Oriel Securities Limited.

Business overview

There are no changes to the business of the Novera Group as a result of 
implementation of the Scheme. The business activities of Novera are described on 
Novera's website at and are primarily the development of 
renewable energy assets including landfill gas, waste and wind projects. These 
activities are described further in the scheme booklet and the 2006 annual 
report of Novera Energy Limited.

Current trading and prospects

The trading and prospects of Novera are the same as Novera Energy Limited and 
its subsidiaries.


Novera                                                        020 7845 9720
David Fitzsimmons, Chief Executive Officer
Rory Quinlan, Chief Financial Officer

Gavin Anderson                                                020 7554 1400
Ken Cronin
Kate Hill
Michael Turner


Notes to editors:

Novera is a leading independent UK renewable energy group, with a portfolio of
landfill gas, waste and wind assets and projects. The Company has 124MW of
renewable power generation at 58 sites across the UK and is developing a
portfolio of wind farms with a target capacity of 250MW by 2011.

In addition, planning approval has been granted for Novera to build the 10MW
East London Sustainable Energy facility at the Ford Motor Company site in

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