Novera accepts Infinis Energy takeover pitch

Infinis Energy’s offered £112 million takeover value for Novera was accepted recently. With the recommendation from Hawkpoint and Oriel Securities, Novera considered the offer that has increased from 62.5 pence to 75 pence per share last 27 November . The new offer has a difference of 12.5 pence per share capital acquired.

Given the new rate, Infinis Energy gets hold of over five million shares from each Novera shareholder, representing 3.5 per cent of the allocated assets of Novera. The firm also owns 72.6 million Novera shares to date, indicating 50.15 per cent of the existing share capital of Novera.

Additionally, Infinis Energy obtained valid approval to its bid for 226,261 Novera shares, an estimated 0.16 per cent of all active share capital of Novera. The company also claims to have attained valid approval for above 72.86 million Novera shares, which sums to 50.31 per cent on its exiting share capital.

Infinis Energy, owned by Guy Hands’ UK-based equity firm Terra Firma, is one of the UK’s top producers of renewable energy. It is a waste-to-energy sector expert that desires to break into the wind energy industry through Novera and its current infrastructures. Currently, the firm has 100 energy generating sites across the UK with a capacity to produce 313MW of power.

Meanwhile, Novera owns a 45MW wind farm, 82MW landfill gas facility and 16MW hydropower. It also alleged to build a 300MW wind farm by late this year and a 250MW project by 2011 – a claim which Infinis is doubtful.