SVM UK Active Fund Board Recommendation to accept Cyrun offer 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.
14 Jun '10
LONDON (Dow Jones)--SVM U.K. Emerging Fund PLC (SVM.LN), which invests in smaller U.K. companies with a particular focus on the those listed on AIM, said Monday its net asset value increased by 53% to 68.53 pence for the year ended March 31 compared with a rise of 73% in the FTSE AIM Index. MAIN FACTS: - The Fund retains maximum flexibility with ample cash resources and the facility to borrow and take hedging positions. -Board and Managers believe the Fund is well placed to outperform both relatively and absolutely; Its aim remains to deliver long term capital growth, lower volatility and absolute returns. -Revenue loss per ordinary share 0.72 pence (2009: loss 0.84 pence) -Shares at 1210 GMT unchanged at 48 pence valuing the company at GBP2.88 million. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; email@example.com (END) Dow Jones Newswires June 14, 2010 08:10 ET (12:10 GMT)
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