Statement re Results of Cyrun offer
03 Junho 2011 - 9:49AM
UK Regulatory
TIDMSVU
SVM UK Active Fund PLC (the "Company" "SVU")
RIS Announcement
Result of Cyrun Offer, compulsory acquisition of minority shareholders and
proposed voluntary liquidation
3 June 2011
The Board notes that on 2 June, Cyrun announced that in addition to the 42.64%
of the Company's share capital that it already owns, acceptances had been
received for a further 51.08% of the Company's issued share capital. The Cyrun
Offer is now closed. Cyrun has ownership of 93.72 % of the Company's issued
share capital following the Offer.
In its Offer document Cyrun indicated that it would be prepared to apply
compulsory acquisition procedures if it received acceptances for or acquired
sufficient shares under its Offer.
As Cyrun has acquired an interest in the Company in excess of 90% of SVU's
issued share capital, these statutory procedures will apply. Shareholders can
therefore still require Cyrun to acquire their shares at 191.2p. Notice of
shareholders' rights to be `bought out' under this process should be sent by
Cyrun or its agents to shareholders shortly. You are urged to complete such
notice and return it without delay.
The Board recommends that shareholders, who have not already accepted the
Offer, apply for compulsory acquisition by Cyrun.
Given the level of acceptances received and its resultant ownership of the
Company, Cyrun has indicated to the Board that it intends that the Company may
be wound up voluntarily. However, the Board cannot guarantee that a voluntary
liquidation would provide cash value for minority shareholders as high as the
value available under compulsory acquisition. As at 27 May 2011 the Company had
a net asset value of 192.96p per share, which did not take into account costs
for responding to the Offer or of liquidating the portfolio. The Board
estimates this would result in a net asset value on liquidation of less than
191.2p under the Offer. In addition, any liquidation process could take a
number of months whereas shareholders should be able to receive consideration
under compulsory acquisition procedures in a number of weeks.
The Board will continue to work with SVM to protect shareholders' interests and
co-operate with Cyrun as the majority owner of the Company's shares.
All enquiries
Carolina Viola Tel: 0131 226 6699
Company Secretary
Jane Lewis Tel: 020 3100 0295
Winterflood Investment Trusts
END
Svm Uk Active Fund (LSE:SVU)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Svm Uk Active Fund (LSE:SVU)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024
Notícias em tempo-real sobre Svm Uk da Bolsa de Valores de Londres bolsa de valores: 0 artigos recentes
Mais Notícias de Svm Uk Active Fund