Board Recommendation to accept Cyrun offer

 
TIDMSVU 
 
SVM UK Active Fund PLC (the "Company") 
 
RIS Announcement 
 
Cyrun Offer 
 
Board recommendation 
 
20 May 2011 
 
The Board notes that on 19 May, Cyrun announced that in addition to the 42.61% 
of the Company's share capital that it already owns, acceptances had been 
received for a further 9.33% of the Company's issued share capital. The Offer 
is now unconditional in all respects as the acceptance condition of 50% of the 
Company's issued shares has been satisfied. 
 
Under these circumstances, The Board recommends that SHAREHOLDERS accept the 
CYRUN Offer immediately. 
 
The Offer will remain open until 1pm on 2 June 2011. 
 
The Cyrun Offer is likely to be 191.2p per Share subject to confirmation of 
Formula Asset Value. 
 
The Board urges all Shareholders to accept the Offer as soon as possible and in 
any event before 1pm on 2 June 2011. 
 
The Board regrets having to make this recommendation. However, with Cyrun 
having obtained control, there is now considerable uncertainty over the future 
direction and management of the Company for any Shareholders remaining invested 
in the Company. 
 
All enquiries 
 
Carolina Viola Tel: [phone] 
 
Company Secretary 
 
Jane Lewis Tel: [phone] 
 
Winterflood Investment Trusts 
 
Roland Cross Tel: [phone] 
 
Broadgate Mainland 
 
The directors of the Company accept responsibility for the information 
contained in this document, except that the only responsibility in respect of 
the summary of the terms and conditions of the offer by Cyrun, which has been 
extracted from the offer document dated 6 May 2011 issued by Cyrun, is to 
ensure that it has been correctly and fairly reproduced and represented. 
Subject as aforesaid, to the best knowledge and belief of the directors (who 
have taken all reasonable care to ensure that such is the case), such 
information is in accordance with the facts and does not omit anything likely 
to affect the import of such information. 
 
Winterflood Securities Limited, is acting exclusively for the Company and 
no-one else in connection with the offer by Cyrun, and will not be responsible 
to anyone other than the Company for providing the protections afforded to 
clients of Winterflood Securities Limited or for providing advice in relation 
to the offer by Cyrun. 
 
 
 
END