Novera Energy PLC
01 April 2008
Novera Energy plc ("Novera" or the "Company")
Further to the Company's announcements on 15 February 2008 and 17 and 20 March
2008 the Board of Novera is pleased to provide the following update.
In seeking to address one of the pre-conditions noted in the announcement by the
Company on 15 February 2008, Novera approached Waste Recycling Group Limited
("WRG") requesting consent to a potential change of control in certain leases
and licenses. Novera were informed on 22 February 2008 that WRG had appointed
Infinis Limited as its agent in respect of this consent request.
Court proceedings were commenced by Novera on 28 February 2008 for a
determination of this issue and the matter was due to be heard on 7 and 8 April
After receipt of an unconditional change of control consent from Infinis Limited
as agent for Waste Recycling Group Limited today Novera has agreed to withdraw
A further announcement will be made as and when appropriate.
For further information, please contact:
Oriel Securities Limited (Financial Adviser, 020 7710 7600
Nominated Adviser and broker to Novera Energy plc)
Adrian McMillan / Michael Shaw
Gavin Anderson (PR) 020 7554 1400
Ken Cronin / Kate Hill
Oriel Securities Limited ("Oriel Securities"), which is authorised and regulated
in the United Kingdom by the Financial Services Authority, is acting for Novera
and no-one else in connection with the matters referred to herein and will not
be responsible to anyone other than Novera for providing the protections
afforded to clients of Oriel Securities or for giving advice in relation to such
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any
person is, or becomes, "interested" (directly or indirectly) in 1% or more of
any class of "relevant securities" of Novera, all "dealings" in any "relevant
securities" of that company (including by means of an option in respect of, or a
derivative referenced to, any such "relevant securities") must be publicly
disclosed by no later than 3.30 p.m. (London time) on the London business day
following the date of the relevant transaction. This requirement will continue
until the date on which the offer becomes, or is declared, unconditional as to
acceptances, lapses or is otherwise withdrawn or on which the "offer period"
otherwise ends. If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire an "interest" in "relevant
securities" of Novera, they will be deemed to be a single person for the purpose
of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant
securities" of Novera by the potential offeror or by Novera, or by any of their
respective "associates", must be disclosed by no later than 12.00 noon (London
time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose "relevant
securities" "dealings" should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel's website at
"Interests in securities" arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an "interest" by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the
Panel's website. If you are in any doubt as to whether or not you are required
to disclose a "dealing" under Rule 8, you should consult the Panel.
This information is provided by RNS
The company news service from the London Stock Exchange