(NVTA.L) Noventa Ltd Buy/Sell

RNS Number : 1071B Noventa Limited 20 October 2009

Noventa Limited

("Noventa" or the "Company")

Appointment of New Directors, Issue of Shares and Options

20 October 2009

Noventa is delighted to announce the appointments of Dr. Joachim Martin and Guy Coltman as Non-Executive Directors of the Company. Dr. Martin is an expert in the field of tantalum and other rare metals. He was formerly General Manager; Raw Material Sourcing at H. C. Starck, one of the world's leading rare metals companies and prior to that, the Manager of the H. C. Starck Goslar Plant. He now consults widely in the rare metals field and holds a PhD in Mineralogy and Economic Geology.

Mr. Coltman is a partner at Carey Olsen, the Company's Jersey lawyers, specializing in corporate law, and is qualified to practice law in both Jersey and England & Wales.

Eric Kohn TD, the Company's Chairman said:

"I am delighted to welcome people of Dr. Martin's expertise in all aspects of the production of tantalum, and Mr. Coltman's wide-ranging legal experience to the Board. I am confident that their wise counsel will bring great future benefits to the Company."

Four members of the current board of directors have elected to receive a proportion of their remuneration from Noventa in the form of new ordinary shares of 0.04p each ("Ordinary Shares"). These payments are calculated quarterly and the shares are issued at a price equivalent to the average of the closing mid-market price on the 30 days prior to the date of allotment. The following Ordinary Shares have been allotted on 19 October 2009 at a price of 5.946p per share for the quarter ending 30 September 2009:
Eric Kohn TD * 152,895
John Allan ** 315,347
Tim Griffiths *** 47,302
Peter Cox 15,767

In addition, Peter Cox and Joachim Martin have each been issued with 250,000 Ordinary Shares in settlement for invoices for consulting services at a price of 4p per share (the same price as the recent fund raising). The following table sets out details of Director's Shareholdings (as defined in the AIM Rules) of the Company following the issue of the Additional Placing Shares.
Ordinary Percentage of
Shares Held Issued Shares Held

Eric Kohn TD * 3,402,895 1.46%
John Allan ** 1,940,347 0.83%
Peter Cox 265,767 0.11%
Joachim Martin 250,000 0.11%
Martin Hinxman 209,302 0.09%
Tim Griffiths *** 47,302 0.02%