Novera de-lists from ASX

NOVERA Energy will stop trading on the ASX today, as the company leaves Australia to focus on the alternative energy market in Europe.
Novera de-lists from ASX Novera de-lists from ASX Novera de-lists from ASX Novera de-lists from ASX Novera de-lists from ASX

The renewable energy firm will continue to solely trade on London’s Alternative Investment Market (AIM), on which it launched a dual-listing last June.

Last January, chief executive David Fitzsimmons said the company, which joined the ASX in 2002, believed the move would enhance shareholder value by aligning Novera’s future capital-raising activities with its long-term European strategy and focus.

“The proposed removal from the ASX reflects the company’s increasingly European focus from corporate, operational and ownership perspectives,” Fitzsimmons said.

“It is also expected that the majority of Novera’s future business will be located in Europe.”

At the time, he said the Novera board was encouraging all shareholders to transfer holdings to the AIM.

Novera said it had last year raised a significant amount of capital from UK investors via share placements, but none from new Australian investors; however, the company said it would continue to maintain a presence and be incorporated in Australia.

In conjunction with joint venture partner Macquarie Bank, Novera owns 137MW of renewable energy assets in Europe across landfill gas, wind, hydro and industrial power.

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