Morning:
14°c
Terra makes crisis claims about Novera
14.10.09
A stink is arising at the wind and methane energy company Novera today as its unwanted suitor Terra Firma appeared to claim its target is in a management crisis.
Infinis, a rival green energy outfit owned by buy-out king Guy Hands' Terra Firma empire, last week added to its existing 29% of Novera by buying 13% owned by Credit Suisse. This week it posted a takeover document in a bid to take control of the rest at 62 ½p a share, valuing Novera at around £90 million.
With City analysts talking of fair value for Novera at nearer 90p, Novera's chairman Roy Franklin dismissed Hands' overtures as cheap.
A spokesman for Infinis hit back: “They lost their finance director in June and their chief executive only 10 days ago. No wonder their largest independent shareholder accepted our offer.”
