Noventa Limited ("Noventa" or the "Company") - Issue of Shares to Directors & Others

TORONTO, April 21 /CNW/ - The Company has today issued 13,336 ordinary 0.8p shares ("Ordinary Shares") at a price of 237.70 pence per share to certain members of the board of directors of Noventa ("Directors") and to other persons supplying consultancy services to the Company who have elected to receive a proportion of their remuneration from Noventa in the form of new Ordinary Shares (the "Remuneration Shares").  These payments are calculated quarterly and the Remuneration Shares are issued at a price equivalent to the average of the closing mid-market price for the 30 days prior to the end of the quarter. Of the Remuneration Shares, the following were issued to Directors of the Company for the quarter ending 31 March 2011:

  Number of Remuneration Shares
Eric Kohn TD * 5,465
Tim Griffiths 1,952
Leslie Heymann 1,301
Guy Coltman 976
Dr Joachim Martin 910
Kean Chung *** 780

The Company has also issued 5,335 Ordinary Shares at 229.35 pence per share (based on the closing mid-market price on their contract date of 23 March 2011) to a member of staff as a bonus (the "Bonus Shares").

The following table sets out details of Director's Shareholdings (as defined in the AIM Rules) of the Company following the issue of the Remuneration Shares and the Bonus Shares.

  Ordinary Shares
Percentage of Issued
Ordinary Shares Held
Eric Kohn TD * 277,546 1.06%
John Allan ** 154,664 0.59%
Prof Goran Berglund 115,095 0.44%
Pat Lawless 43,628 0.17%
Dr Joachim Martin 21,640 0.08%
Tim Griffiths 13,258 0.05%
Guy Coltman 9,561 0.04%
Leslie Heymann 2,660 0.01%

* These shares are held by Barons Financial Services Limited, a company in which Mr. Kohn has a beneficial interest.

** These shares are held by Ekasure Limited, a company in which Mr. Allan has a beneficial interest

*** Mr. Chung ceased to be a Director on 11 April 2011, but this issue of Remuneration Shares related to the period when he was a Director.

The following table sets out details of Significant Shareholders (as defined in the AIM Rules) of the Company, to the extent that the Company is aware, following the issue of the Remuneration Shares and the Bonus Shares.

  Ordinary Shares Held Percentage of Issued
Ordinary Shares Held
Highland African Ventures Limited # 3,968,653 15.14%
Richmond Capital LLP 1,977,800 7.55%
Compagnie Internationale de Participations Bancaires et Financieres SA 1,492,975 5.70%
Kaizan Capital LLC 1,332,445 5.08%
Panta Holdings BV 1,068,395 4.08%
JMM Trading LP 838,475 3.20%

# Highland African Ventures Limited is owned by a trust whose trustee is Fleming Family & Partners Liechtenstein and Mr. R J Fleming is one of the potential beneficiaries. Fleming Family & Partners Liechtenstein has a total interest, including through Highland African Ventures Limited, in a total of 4,460,156 shares (17.01% of the issued shares). Mr. R J Fleming has an interest, including through Highland African Ventures Limited, in a total of 4,260,443 shares (16.25% of the issued shares).

An application has been made to admit the Remuneration Shares and the Bonus Shares to trading on AIM, with trading expected to commence on 28 April 2011.  The Remuneration Shares and Bonus Shares will also commence trading on the PLUS Quoted Market on 28 April 2011.

Following admission to trading of the Remuneration Shares and the Bonus Shares, the Company will have 26,213,280 Ordinary Shares in issue. The Company also has 2,822,290 convertible redeemable £1 preference shares ("CPS") in issue.  The Company does not hold any Ordinary Shares or CPS in treasury.


Certain information contained or incorporated by reference in this release, including any information as to the Noventa's strategy, projects, plans, prospects, future outlook, anticipated events or results or future financial or operating performance, constitutes "forward-looking statements" within the meaning of Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements can often, but not always, be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "predicts", "potential", "continue" or "believes", or variations (including negative variations) of such words; or statements that certain actions, events or results "may", "could", "would", "should", "might", "potential to", or "will" be taken, occur or be achieved or other similar expressions concerning matters that are not historical facts. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made or incorporated in this press release are qualified by these cautionary statements.

Forward-looking statements are necessarily based on a number of factors, estimates and assumptions that, while considered reasonable by Noventa as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are also cautioned that forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Noventa to differ materially from those expressed or implied in the forward-looking statements. Certain of these risks and uncertainties are described in more detail in Noventa's Annual Information Form dated March 15, 2010, which is available on SEDAR at

Although Noventa has attempted to identify statements containing important factors that could cause actual actions, event or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made, and Noventa disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.



SOURCE Noventa Limited

For further information:

Eric F. Kohn TD
Noventa Limited
+41 22 8500560
+41 79 5030150

Nick Harriss/Emily Staples
Religare Capital Markets (Nomad and PLUS Corporate Adviser)
+44 20 7444 0800 

Andrew Chubb/Kit Stephenson
Canaccord Genuity Limited (Broker)
+44 20 7050 6500

Daniel Briggs
Religare Capital Markets (Broker)
+44 20 7444 0500

In Canada 
Joe Racanelli
416 815 0700 ext. 243 or

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