Companies: NVE   

Renewable power venture Novera Energy says it has received an approach about a potential bid which ‘may or may not’ lead to a 90p cash offer.

The AIM-quoted company, which expects first production from its 30 megawatt Lissett wind farm in Yorkshire at the end of this year, says the unnamed potential bidder has laid down several pre-conditions. Novera, which started as an Australian company but is now based in London, says it is seeking to address these pre-conditions, but warns there is ‘no certainty’ they will be satisfied or waived.

Steered by chief executive David Fitzsimmons, the company, which lost £3 million in 2006 and £1.2 million in the first half of last year, recently said revenue for the whole of 2007 had risen ten per cent to £34.4 million. Novera, which a year ago bought out its joint venture partner Macquarie International Infrastructure Fund and now has four other wind farm proposals besides Lissett in planning, ended last year with £10.8 million cash, £6.5 million of it in restricted bank accounts.

Floated at 58p in 2005 and highlighted as a speculation the following year by Growth Company Investor at 48.5p, Novera shares have now reached 80p, up 17.5p this morning. Hold on.

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Novera Energy	AIM	£63.16m	44.00p	-0.50p
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Other company articles:
Wind farm group in talks			15/02/2008
Windfarm group loses interim £1.2m			19/09/2006
Newcomer – Novera Energy			10/06/2005