Novera rejects Infinis Energy’s sweetened takeover bid following share purchase

25th November 2009

Independent renewable company Novera has rejected renewable energy company Infinis Energy’s new takeover offer of 75 pence per share on the advice of Hawkpoint and Oriel Securities, saying that it undervalues the company.

Infinis recently acquired 5.6 million shares in Novera from a single shareholder, representing approximately 3.9 per cent of the existing share capital of Novera, at 75 pence per share.

Prior to the acquisition, Infinis Energy owned more than 61.7 million Novera shares, representing approximately 42.6 per cent of Novera’s existing issued share capital. Infinis said it now either owns or has received valid acceptances in respect of a total of nearly 67.6 million Novera shares representing around 46.7 per cent of the company’s share capital.

Novera has traded at a 52 week low of 29 pence per share and at an average share price of 40.8 pence per share in the period between December 2008 and October 2009.

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