Information  X 
Enter a valid email address

Novera Energy PLC (NVE)

  Print      Mail a friend

Tuesday 15 December, 2009

Novera Energy PLC

Cancellation of Admission to

RNS Number : 1331E
Novera Energy PLC
15 December 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 OR REGULATIONS OF SUCH JURISDICTION



Novera Energy plc ("Novera" OR THE "COMPANY")

CANCELLATION OF ADMISSION TO TRADING ON AIM


15 December 2009


The Board of Novera today announces that it has made an application to the London Stock Exchange for the cancellation of admission to trading on AIM of Novera Shares.  Cancellation is expected to become effective from 7.00 a.m. on 15 January 2010 and the last day of trading on AIM will be 14 January 2010


Novera today received notification from Infinis Energy that it either owned, or had received valid acceptances for its Recommended Increased Final Offer in respect of, in aggregate, 124,460,757 Novera Shares representing approximately 85.94 per cent. of the issued share capital of NoveraAccordingly, as Infinis Energy now either owns or has received acceptances in respect of more than 75 per cent. of Novera Shares, and in accordance with Rule 41 of the AIM Rules for Companies, cancellation of admission to trading does not require the approval of Novera shareholders. 


The Board of Novera considers the cancellation of admission to trading to be in the best interests of the Company, since: (i) Infinis Energy's Recommended Increased Final Offer is wholly unconditional; (ii) Infinis Energy controls more than 75 per cent. of the voting rights exercisable at a general meeting of Novera; (iii) the cancellation is consistent with plans for Novera as part of the Infinis Group, including re-registration as a private company, as anticipated in the Original Offer Document; and (iv) the cost savings and reduced legal requirements for Novera associated with not being a quoted company.


Cancellation of the admission to trading of Novera Shares on AIM will result in no formal trading facility being in place for Novera Shares and will significantly reduce the liquidity and marketability of any Novera Shares not acquired by Infinis Energy through the Offer and the value of any such Novera Shares may be affected as a consequence.  In addition, certain protections afforded to shareholders in an AIM-quoted company will no longer be available. 


Shareholders who wish to accept the Offer and have not already done so, should refer to the announcement by Infinis Energy of 28 November 2009 and to the relevant Offer documentation.


Enquiries:


Oriel Securities Limited             Telephone: +44 (0) 20 7710 7600

Michael Shaw

James Nevin


Kreab Gavin Anderson             Telephone: +44 (0) 20 7074 1800

Ken Cronin

Kate Hill

Michael Turner


Notes to Editors:


Novera Energy plc

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

www.noveraenergy.com




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