Offer Update (9477G)

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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: [phone]

Stephen Miller

Fairfax I.S. PLC (sponsor and adviser to Cyrun) Tel: [phone]

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

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