Reissue: Statement re Cyrun Offer - Board Recommendation

 
TIDMSVU 
 
SVM UK Active Fund PLC (the "Company") 
 
RIS Announcement 
 
Cyrun Offer - Board recommendation 
 
16 May 2011 
 
The Board notes the announcement made earlier today by one of the Company's 
larger shareholders that it has sold its entire holding in the Company's 
shares. The Board understands that these shares have been purchased by Cyrun. 
The Board is also aware that other of the Company's larger shareholders are 
likely to accept or have accepted the Cyrun Offer. Accordingly, the Board 
believes that it is likely that Cyrun will achieve its acceptance condition of 
50% of the Company's issued shares. 
 
UNDER THESE CIRCUMSTANCES, THE BOARD RECOMMENDS THAT SHAREHOLDERS ACCEPT THE 
CYRUN OFFER IMMEDIATELY. 
 
The Board regrettably makes this recommendation because with Cyrun likely to 
obtain control, there is now considerable uncertainty over the future direction 
and management of the Company for any Shareholders remaining invested in the 
Company. 
 
The Cyrun Offer is 94.25% of FAV (Formula Asset Value), subject to a minimum 
price of 191.2p per Share. 
 
The Board's position 
 
The Board has attempted to find means of returning greater value to 
Shareholders than the 5.75% discount to FAV and the minimum price under the 
Cyrun Offer and to allow continuity of investment management by SVM Asset 
Management Ltd through a rollover into the SVM UK Growth Fund. Cyrun has made 
clear that it would use its votes to block any such reconstruction or any 
liquidation proposal. During the offer period, Cyrun has revised its offer by 
increasing the minimum price per share from 176p to 191.2p. 
 
The Board believes that Cyrun's current ownership of over 42% of the Company's 
shares, together with acceptances of the Offer that have been or are likely to 
be received, give Cyrun effective control of the Company. The Board has, 
therefore, concluded that it has no alternative but to recommend that all 
Shareholders who have not already accepted the Cyrun Offer do so immediately. 
 
General Meeting 
 
In light of the circumstances described above, the General Meeting convened for 
20 May 2011 will be postponed indefinitely. 
 
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