Court approves GBP56.4 million acquisition of Kinovo by Sureserve

(Alliance News) - Kinovo PLC on Friday said the Court has today approved the GBP56.4 million acquisition by Sureserve Group Ltd.

The London-based property services group announced the all-share deal on May 14.

Under the terms of the offer, each Kinovo shareholder is entitled to receive 87.5 pence per Kinovo share in cash. This is a 41.1% premium to its 62.0p closing price on May 8.

In May, Kinovo said the offer followed "a number of earlier proposals" from Sureserve, a compliance and energy services provider to the UK social infrastructure sector

"The potential of the combined group - Sureserve's stature within UK compliance and energy services and Kinovo's reputation within its housing association and local authority clients - is compelling," said Kinovo Non-Executive Chair Sangita Shah when the deal was announced, calling it an opportunity to realise "immediate value" at a "meaningful premium".

The scheme will become effective July 1, with the last day of dealing in Kinovo shares on June 30

Kinovo shares closed flat at 87.00p in London on Friday

By Aidan Lane, Alliance News reporter

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