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Novera Energy PLC (NVE)

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Tuesday 10 March, 2009

Novera Energy PLC

Long Term Incentive Plan

RNS Number : 5541O
Novera Energy PLC
10 March 2009
 



10 March 2009


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


Long Term Incentive Plan


Novera announces that annual awards were made on 9 March 2009 to employees under the Novera Energy plc Long Term Incentive Plan ("the Plan"). Awards under the Plan take the form of an opportunity to receive shares in the Company ("2009 Awards"). 


The performance condition under the 2009 Awards is based on the Company reaching a share price target over a three year period from 23 February 2009 to 22 February 2012 ("Performance Period")


Target Performance, under which 100 per cent of the awards will vest to award holders, means that the Company's share price at the end of the Performance Period is equal to or greater than (in total) an increase of Retail Price Index plus 15 per cent for each year of the Performance Period from 31.4 pence, being the volume weighted average share price during the period 23 to 27 February 2009 inclusive ("the Start Price")


Threshold Performance, under which 25 per cent of the awards will vest to award holders, means that the Company's share price at the end of the Performance Period is equal to or greater than (in total) an increase of Retail Price Index plus 2.5 per cent for each year of the Performance Period from the Start Price. 


If the share price at the end of the Performance Period is between the threshold performance and target performance the awards will be pro-rated. 


Awards have been made to employees which, if vested in full, would lead to those employees becoming entitled to a maximum of 1,546,239 ordinary shares in the Company.  Included in this figure is an award to David Fitzsimmons, Chief Executive Officer of the Company, of a maximum of 385,000 ordinary shares in the Company.  



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


Kreab Gavin Anderson 

(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
 
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