Kinovo agrees terms of GBP56.4 million takeover by Sureserve

(Alliance News) - Kinovo PLC on Wednesday announced it has agreed on the terms of a potential takeover by Sureserve Group Ltd, in a deal which values its entire share capital at around GBP56.4 million.

The London-based property services group said, under the terms of the offer, each Kinovo shareholder will be entitled to receive 87.5 pence per Kinovo share in cash. This was a 41.1% premium to its 62.0p closing price on Friday last week.

The offer follows "a number of earlier proposals" from Sureserve, Kinovo had said earlier this week.

Sureserve is a compliance and energy services provider to the UK social infrastructure sector

Kinovo does not intend to pay a dividend or make any other distribution between Wednesday and the completion of the deal. The offer currently has support from Kinovo shareholders representing 47% of the firm's shares.

"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.

Shah continued: "As a board we unanimously recommend this deal to our shareholders, believing that this acquisition presents an opportunity to realise immediate value and at a meaningful premium."

In November, Kinovo said pretax profit for the six months that ended September 30 grew 7.4% to GBP2.8 million from GBP2.6 million the year before.

Revenue fell 2.3% to GBP29.6 million from GBP30.3 million last year, due to a "significant" deferral to its second half of a contract with the London borough of Hackney.

Shares in Kinovo were up 3.7% at 84.00 pence each in London on Wednesday afternoon. The stock has risen 43% over the past five days.

By Emily Parsons, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2025 Alliance News Ltd. All Rights Reserved.