Board Recommendation to accept Cyrun offer
May 20 2011 - 8:57AM
UK Regulatory
TIDMSVU
SVM UK Active Fund PLC (the "Company")
RIS Announcement
Cyrun Offer
Board recommendation
20 May 2011
The Board notes that on 19 May, Cyrun announced that in addition to the 42.61%
of the Company's share capital that it already owns, acceptances had been
received for a further 9.33% of the Company's issued share capital. The Offer
is now unconditional in all respects as the acceptance condition of 50% of the
Company's issued shares has been satisfied.
Under these circumstances, The Board recommends that SHAREHOLDERS accept the
CYRUN Offer immediately.
The Offer will remain open until 1pm on 2 June 2011.
The Cyrun Offer is likely to be 191.2p per Share subject to confirmation of
Formula Asset Value.
The Board urges all Shareholders to accept the Offer as soon as possible and in
any event before 1pm on 2 June 2011.
The Board regrets having to make this recommendation. However, with Cyrun
having obtained control, there is now considerable uncertainty over the future
direction and management of the Company for any Shareholders remaining invested
in the Company.
All enquiries
Carolina Viola Tel: 0131 226 6699
Company Secretary
Jane Lewis Tel: 020 3100 0295
Winterflood Investment Trusts
Roland Cross Tel: 020 7776 0512
Broadgate Mainland
The directors of the Company accept responsibility for the information
contained in this document, except that the only responsibility in respect of
the summary of the terms and conditions of the offer by Cyrun, which has been
extracted from the offer document dated 6 May 2011 issued by Cyrun, is to
ensure that it has been correctly and fairly reproduced and represented.
Subject as aforesaid, to the best knowledge and belief of the directors (who
have taken all reasonable care to ensure that such is the case), such
information is in accordance with the facts and does not omit anything likely
to affect the import of such information.
Winterflood Securities Limited, is acting exclusively for the Company and
no-one else in connection with the offer by Cyrun, and will not be responsible
to anyone other than the Company for providing the protections afforded to
clients of Winterflood Securities Limited or for providing advice in relation
to the offer by Cyrun.
END
Svm Uk Active Fund (LSE:SVU)
Historical Stock Chart
From Sep 2024 to Oct 2024
Svm Uk Active Fund (LSE:SVU)
Historical Stock Chart
From Oct 2023 to Oct 2024