Novera Energy

On 7 October 2009, Infinis Energy announced that it had acquired 13.0% of Novera Energy from a single shareholder at 62.5p per share. Infinis Energy had previously owned 29.6% of Novera, and as a result of the share purchase, was required under Rule 9 of the City Code to make a mandatory cash offer for Novera at 62.5p per share.

Canaccord Genuity was mandated to advise Novera Energy on its defence against the unsolicited offer by Infinis Energy.

On 27 November 2009, The Novera Energy Board recommended a revised offer from Infinis at 77p per share, valuing the Company at £111.5m. The recommended offer was 23% higher than the original offer by Infinis Energy of 62.5p per share and represented a 60% premium to the Novera share price of 48.3p on 6 October, being the last business day prior to the commencement of the offer period.

Canaccord Genuity advised Novera Energy in relation to the offer made by Infinis Energy.