Novera Energy reiterates objections to Infinis bid

13 November 2009

British renewable energy company Novera Energy’s executive board has released a second statement advising shareholders to reject Infinis Energy’s takeover offer, which it says undervalues the company, in the light of positive developments in the wind sector.

In the statement, the board said the offer of £0.625 per share undervalues the company and its prospects. Novera’s chairman, Roy Franklin, cites the recent positive developments in the UK wind industry including availability of debt and new European Investment Bank funding provisions as reasons why the company has an exciting future as an independent company.

Franklin said, ‘In addition to Novera’s attractive core operating assets, the company has an exciting and valuable wind development portfolio.

‘The tangible developments of the last few weeks including the Government’s measures to ease the historic hurdles of grid connection and planning, improving conditions for financing and continuing progress made by our wind team with respect to planning applications all serve to highlight this point further and reinforce our strong belief that Infinis’ offer substantially undervalues the company and its prospects,’ he continued.

Novera operates two wind farms, the Myndd Clogau in Wales and Lisset in Yorkshire, and 46 landfill gas sites. The company is currently reviewing offers from bidders.

Hawkpoint and Oriel Securities have advised the Novera board regarding the takeover bid.

Copyright © 2009 NewNet

Tags: wind

This story was published on Friday, November 13th, 2009 at 1:19 pm and is filed under Europe, deals, wind. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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