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RNS Number : 9477G
Cyrun Finance Ltd
19 May 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO OR FROM THE UNITED STATES,
CANADA, AUSTRALIA, REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS A RESTRICTED JURISDICTION
19 May 2011
Cash Offer by
Cyrun Finance Ltd
to acquire the entire issued and to be issued share capital
of
SVM UK Active Fund plc
not already owned by Cyrun Finance Ltd
Offer unconditional, extension of Offer to 2 June 2011
On 23 March 2011, Cyrun Finance Ltd ("Cyrun") made a cash offer
(the "Offer") to acquire the entire issued, and to be issued, share
capital of SVM UK Active Fund plc ("SVM"). The Offer is now
unconditional in all respects.
Extension of the Offer
Cyrun announces that the Offer has been extended to 1.00 p.m. on
2 June 2011.
Levels of Acceptances
As at 9.00 a.m. (BST) on 19 May 2011, Cyrun had received valid
acceptances in respect of 2,965,210 SVM Shares representing 9.33
per cent. of the current issued share capital of SVM.
At that time Cyrun was the registered holder of 13,535,055 SVM
Shares representing 42.61 per cent. of SVM's issued share
capital.
Cyrun holds SVM Shares and has received valid acceptances in
respect of a total of 16,500,265 SVM Shares representing 51.94 per
cent. of SVM's issued share capital. The number of SVM Shares which
count towards the satisfaction of the acceptance condition of the
Offer include 1,594 SVM Shares beneficially held by an employee of
Fairfax, who is deemed to be acting in concert with SVM, and amount
to 16,501,859 SVM Shares representing 51.95% of SVM's issued share
capital.
Formula Asset Value
The consideration payable pursuant to the Offer is 94.25% of
Formula Asset Value subject to a minimum of 191.2pence. The Formula
Asset Value (based on today's closing prices of the underlying
investment portfolio and the Offer Price will be announced as soon
as practicable.
Based on the most recent published net assets per share it
appears likely that 94.25% of FAV will be less than the minimum
offer price of 191.2p.
Enquiries:
Cyrun Finance, Ltd Tel: 001 303 442-2156
Stephen Miller
Fairfax I.S. PLC (sponsor and adviser to Cyrun) Tel: (020) 7598
5368
David Floyd
Further Information
Documents made available in connection the Offer, including the
Offer Document, an dteh Improved Offer Document are available in
electronic form while the Offer is open for acceptance at:
www.cyrun.co.uk
Unless otherwise defined in this announcement, capitalised words
and phrases used herein have the same meanings given to them in the
document dated 23 March 2011 containing the Offer (the "Offer
Document").
Fairfax I.S. PLC ("Fairfax") is acting for Cyrun and no-one else
in connection with the Offer and will not be responsible to anyone
other than Cyrun for providing the protections afforded to clients
of Fairfax or for providing advice in relation to the Offer.
The Offer is not being made, and will not be made, directly or
indirectly, in or into Australia, Canada, Republic of South Africa,
Japan or any other jurisdiction if to do so would constitute a
violation of the relevant laws of such jurisdiction. None of this
announcement, Offer Document or any Form of Acceptance constitutes
an offer in Australia, Canada, Republic of South Africa, Japan or
any other jurisdiction where such offer would constitute a
violation of the relevant laws of such jurisdiction, and the Offer
will not be capable of acceptance from or within Australia, Canada,
Republic of South Africa, Japan or any other jurisdiction if to do
so would constitute a violation of the relevant laws of such
jurisdiction. Accordingly, except as required by applicable law,
copies of this announcement, the Offer Document and any Form of
Acceptance are not being, and may not be, mailed, forwarded or
otherwise distributed or sent in, into or from, Australia, Canada,
Japan or any other jurisdiction if to do so would constitute a
violation of the relevant laws of such jurisdiction, including to
SVM Shareholders with registered addresses in the aforementioned
jurisdictions or to persons whom Cyrun knows to be nominees holding
SVM Shares for such persons. Persons receiving the Offer Document
or any Form of Acceptance (including without limitation nominees,
trustees or custodians) must not forward, distribute or send them
into Australia, Canada, Japan or any other jurisdiction if to do so
would constitute a violation of the relevant laws of such
jurisdiction.
All SVM Shareholders (including, without limitation, nominees,
trustees or custodians) who would, or otherwise intend to or who
may have a contractual or legal obligation to, forward the Offer
Document to any jurisdiction outside the United Kingdom, should
read the details in this regard which are contained on page 2 of
the Offer Document.
The Director of Cyrun and Stewart Horejsi accept responsibility
for the information contained in this announcement. To the best of
the knowledge and belief of the Director of Cyrun and Stewart
Horejsi (who have taken all reasonable care to ensure that such is
the case), the information contained in this announcement is in
accordance with the facts and does not omit anything likely to
affect the import of such information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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