Cyrun Offer Price - FAV Determined (2091H)

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RNS Number : 2091H

Cyrun Finance Ltd

24 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

24 May 2011

Offer by

Cyrun Finance Limited

to acquire the entire issued and to be issued share capital of

SVM UK Active Fund plc

Formula Asset Value and offer price determined

On 23 March 2011 Cyrun Finance Limited made an offer (the "Offer") to acquire the entire issued and to be issued, share capital of SVM UK Active Fund plc for cash consideration comprising 94.25% of Formula Asset Value ("FAV"), subject to a minimum of 176p per SVM Share. The minimum Offer Price was subsequently increased to 191.2p per SVM Share.

Formula Asset Value

Cyrun Finance, Ltd declared its offer unconditional as to acceptances on 19 May 2011. As a result, the formula asset value ("FAV") calculation under the Offer was struck at that date.

The FAV as at close of business on 19 May 2011 has been calculated by SVM UK Active Fund plc to be GBP61,206,198 which amounts to 192.6733p per SVM Share; and 94.25% of FAV amounts to 181.5946p per SVM Share.

The FAV calculation resulted in a value significantly lower than the minimum price available under the Offer of 191.2p. Accordingly, the Offer Price is 191.2p for each SVM Share assented to the Offer

Enquiries:

Cyrun Finance, Ltd

Stephen Miller Tel: [phone]

Fairfax I.S. PLC (adviser to Cyrun)

Andrew Cox Tel: [phone]

Further Information

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"). The Offer Document and other information published by Cyrun in connection with the Offer is available at www.cyrun.co.uk

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.

Fairfax I.S. PLC 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, any Form of Acceptance, or the Equivalent Document 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, any Form of Acceptance and the Equivalent Document 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 SMIT Shareholders with registered addresses in the aforementioned jurisdictions or to persons whom MLIT knows to be nominees holding SMIT Shares for such persons. Persons receiving the Offer Document, any Form of Acceptance or the Equivalent Document (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.

This information is provided by RNS

The company news service from the London Stock Exchange

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