Information  X 
Enter a valid email address

Novera Energy PLC (NVE)

  Print      Mail a friend

Thursday 26 February, 2009

Novera Energy PLC

Vesting of 2006 LTIP and Dire

RNS Number : 8986N
Novera Energy PLC
26 February 2009
 



 

Novera Energy plc ('Novera' or 'the Company')


Vesting of 2006 LTIP and Directors' Shareholdings


Novera Energy plc announces that today 1,288,327 new ordinary shares of 5 pence each ('LTIP Shares') have been issued to the Novera Energy plc Employee Benefit Trust ('Trust') to satisfy the Trust's obligations under the Novera 2006 Long Term Incentive Plan ('2006 LTIP'). 


Following the issue of the LTIP Shares Novera will have 144,831,190 ordinary shares of 5 pence each in issue. The LTIP Shares will rank pari passu in all respects with Novera's existing ordinary shares.


The Trust will issue the LTIP Shares to award holders of the 2006 LTIP today. The awards were rights to acquire ordinary shares for nil consideration, subject to the rules of the 2006 LTIP and to applicable performance targets. Details of the awards vesting to Executive Directors are listed below, with the remaining LTIP Shares issued to other employees of the Company.



Existing Share Holding

LTIP Shares at vesting

Resultant Share Holding after vesting

% of total issued share capital

David Fitzsimmons   

965,187

590,074 shares

1,555,261

1.07

Rory Quinlan

81,596

236,029 shares

317,625

0.22


Details of the 2006 LTIP can be found in the Company's 2007 Annual Report. 


Application has been made for the LTIP shares to be admitted to trading on the AIM market of the London Stock Exchange plc, which is expected to become effective, and dealings in the LTIP shares commence, at 8 a.m. tomorrow.



For further information:


Novera Energy plc

David Fitzsimmons, Chief Executive Officer

Rory Quinlan, Chief Financial Officer

Tel: +44 (0) 20 7845 9720


Oriel Securities Limited (Nominated Adviser)

Michael Shaw

Tel: +44 (0) 20 7710 7600


Gavin Anderson & Company (Public Relations)

Ken Cronin / Kate Hill / Michael Turner / Andy Jones

Tel: +44 (0) 20 7554 1400



Notes to Editors:


Novera is a leading independent UK renewable energy company, with a portfolio of landfill gas, hydro and wind assets and development projects.  The Company has 148MW of renewable power generation capacity at 58 sites. Novera employs over 160 members of staff.


Asset

Detail

Installed capacity

Landfill Gas

46 sites

87MW

Hydro

10 sites

16MW

Wind (operational)     

2 sites

45MW

Sub-total (operational)

148MW




Wind (consented)

A'Chruach

40-46MW

Wind (consented)         

Glenkerie

22-27MW




Wind (in planning)     

Mountboy

6MW

Wind (in planning)

Mynydd Clogau 2

16MW

Wind (in planning)

Sillfield*

6MW

Wind (in planning)

Wingates

12-15MW

Wind (in planning)

Todd Hill

8-10MW

Wind (in planning)

Gordonstown Hill

10-12.5MW

Wind (in planning)

Bullamoor

10-12MW


* Owned by a joint venture between Novera and an independent developer. Novera will own 100 per cent of the wind farm on consent.


For more details, visit www.noveraenergy.com



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