UK renewable energy company Novera rejects £90.5m takeover bid from Infinis Energy
7th October 2009
UK renewable energy company Novera has rejected a £90.5m takeover bid from private equity-backed renewable energy generator Infinis Energy.
Infinis offered 62.5 pence in cash for each Novera share, representing a premium of approximately 30 per cent to the closing middle market price of 48.3 pence per Novera Share on 6 October 2009.
Infinis Energy recently acquired 18,850,136 Novera Shares, representing approximately 13 per cent of the existing issued share capital of Novera, from Credit Suisse Securities (Europe) at a price of 62.5 pence per Novera Share.
Prior to the block trade, Infinis Energy owned or controlled 42,912,465 Novera Shares, representing 29.6 per cent of the existing share capital of Novera. The offer valued the existing issued share capital of Novera at approximately £90.5m.
For the year ended 31 December 2008, Novera reported a net loss on ordinary activities from continuing operations before taxation of £5.1m on turnover of £35.5m and had net assets as at that date of £58.3m. Novera is listed on the London Stock Exchange’s AIM market.
In a statement, Infinis Energy said it believes that the offer is attractive for Novera shareholders, providing certainty, in cash, at a compelling value, particularly in the context of Novera’s share price performance over the last 12 months.
Infinis Holdings is the holding company of the Infinis Group, which includes Infinis, and an indirect, wholly-owned subsidiary of UK private equity firm Terra Firma. Infinis is one of the UK’s largest generators of renewable energy and has 100 generating sites across the UK with 313MW of installed capacity.
Novera is an established UK-focused renewable energy company that generates electricity from a portfolio of three businesses: wind, water and landfill gas. Novera owns renewable energy assets with a total generation capacity of 148MW derived from 58 sites across the UK.
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