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Novera Energy PLC (NVE)

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Thursday 15 October, 2009

Novera Energy PLC

Statement of shareholder supp

RNS Number : 8375A
Novera Energy PLC
15 October 2009
 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.


15 October 2009

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


Statement of shareholder support


On 13 October 2009, the Board of Novera announced that it continues to believe that the 62.5 pence per share unsolicited, mandatory cash offer from Infinis Energy Limited (the "Offer") substantially undervalues the Company and recommends that Novera Shareholders take no action and reject the Offer.


Novera is pleased to announce that it has subsequently received letters of support ("Letters of Support") from Novera Shareholders holding, in aggregate, 46,589,699 ordinary shares of 5 pence each in the capital of the Company ("Ordinary Shares"), representing approximately 32.2 per cent. of the existing issued share capital of the Company. These shareholders have each stated that the Offer substantially undervalues Novera and that they support the Novera Board in rejecting the Offer.


Commenting, Roy Franklin, Chairman, said, "We are delighted to have received this strong and public support from our top institutional shareholders. This only strengthens the Board's resolve in rejecting this cheap and opportunistic offer."


Novera Shareholders are strongly advised to ignore any documents that may be issued by Infinis Energy Limited or its advisers and not to sell their Novera Shares.


Further details of the Letters of Support are set out below:


Novera Shareholder


Number of Ordinary Shares held

Percentage of existing issued share capital of Novera

Harrier Acquisitions Limited

12,406,392

8.57%

Aviva Investors

10,005,867

6.91%

Caledonia Investments plc

8,249,869

5.70%

Ennismore Fund Management

5,600,000

3.87%

Jupiter Asset Management Limited

5,038,066

3.48%

Guinness Atkinson Asset Management Inc

2,845,155

1.96%

Guinness Asset Management Limited

94,350

0.07%

Allianz Insurance PLC

2,350,000

1.62%



Enquiries:


Novera Energy plc

Roy Franklin, Chairman

Richard Round, Acting Chief Executive Officer/Finance Director

Tel: +44 (0) 20 7845 9720


Oriel Securities Limited (Joint Financial Adviser, Nominated Adviser and Broker)

Richard Crawley / Michael Shaw / James Nevin

Tel: +44 (0) 20 7710 7600


Hawkpoint Partners Limited (Joint Financial Adviser)

Rupert Newall    Alastair Rogers / Andreas Zapf    

Tel: +44 (0) 20 7665 4500


Kreab Gavin Anderson (PR)

Ken Cronin / Kate Hill / Michael Turner

Tel: +44 (0) 20 7074 1800


A copy of this announcement will be available at the website of the Company at www.noveraenergy.com/announcements.php.


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 Infinis Energy 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 www.thetakeoverpanel.org.uk.


"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.


Oriel Securities Limited, 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 Limited or for giving advice in relation to such matters.


Hawkpoint Partners Limited, 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 Hawkpoint Partners Limited or for giving advice in relation to such matters.


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