The Boards of Infinis Energy and Novera declare the terms of a revised recommended cash offer for Novera of 77 pence per Novera Share, which is final and will not be increased (the “Recommended Increased Final Offer”).

Infinis Energy acquired 5,071,434 Novera Shares, representing approximately 3.50 per cent. of the existing issued share capital of Novera, from a single shareholder, at a price of 77 pence per Novera Share. Pursuant to Rule 6.2 of the City Code, the Revised Offer made by Infinis Energy on 25 November 2007 (the “Previous Offer”) is being increased accordingly.

Following this purchase, Infinis Energy now owns 72,634,035 Novera Shares, representing approximately 50.15 per cent, of the existing issued share capital of Novera. On 17 November 2009, Infinis Energy announced that it had received valid acceptances for its Offer in respect of 226,261 Novera Shares representing approximately 0.16 per cent. of the existing issued share capital of Novera. Infinis Energy therefore has now received valid acceptances in respect of Novera Shares and acquired or agreed to acquire Novera Shares which it may count towards the satisfaction of the Condition of the Recommended Increased Final Offer in respect of a total of 72,860,296 Novera Shares representing, in aggregate, approximately 50.31 per cent. of the existing issued share capital of Novera.

The only Condition to the Previous Offer was that valid acceptances were received which, together with Novera Shares acquired or agreed to be acquired before such time, would result in Infinis Energy holding Novera Shares representing, in aggregate, more than 50 per cent. of the voting rights exercisable at a general meeting of Novera. Accordingly, Infinis Energy’s Recommended Increased Final Offer is now wholly unconditional.

The Recommended Increased Final Offer represents a premium of approximately: • 59.6 per cent. to the closing middle market price of 48.3 pence per Novera Share on 6 October 2009; and • 76.0 per cent. to the average closing middle market price of 43.8 pence per Novera Share for the six months up to and including 6 October 2009.

Infinis Energy believes that its Recommended Increased Final Offer is in the best interests of Novera Shareholders providing an attractive exit, in cash, at a compelling premium.

Tags: Infinis Energy