Statement re Results of Cyrun offer

 
TIDMSVU 
 
SVM UK Active Fund PLC (the "Company" "SVU") 
 
RIS Announcement 
 
Result of Cyrun Offer, compulsory acquisition of minority shareholders and 
proposed voluntary liquidation 
 
3 June 2011 
 
The Board notes that on 2 June, Cyrun announced that in addition to the 42.64% 
of the Company's share capital that it already owns, acceptances had been 
received for a further 51.08% of the Company's issued share capital. The Cyrun 
Offer is now closed. Cyrun has ownership of 93.72 % of the Company's issued 
share capital following the Offer. 
 
In its Offer document Cyrun indicated that it would be prepared to apply 
compulsory acquisition procedures if it received acceptances for or acquired 
sufficient shares under its Offer. 
 
As Cyrun has acquired an interest in the Company in excess of 90% of SVU's 
issued share capital, these statutory procedures will apply. Shareholders can 
therefore still require Cyrun to acquire their shares at 191.2p. Notice of 
shareholders' rights to be `bought out' under this process should be sent by 
Cyrun or its agents to shareholders shortly. You are urged to complete such 
notice and return it without delay. 
 
The Board recommends that shareholders, who have not already accepted the 
Offer, apply for compulsory acquisition by Cyrun. 
 
Given the level of acceptances received and its resultant ownership of the 
Company, Cyrun has indicated to the Board that it intends that the Company may 
be wound up voluntarily. However, the Board cannot guarantee that a voluntary 
liquidation would provide cash value for minority shareholders as high as the 
value available under compulsory acquisition. As at 27 May 2011 the Company had 
a net asset value of 192.96p per share, which did not take into account costs 
for responding to the Offer or of liquidating the portfolio. The Board 
estimates this would result in a net asset value on liquidation of less than 
191.2p under the Offer. In addition, any liquidation process could take a 
number of months whereas shareholders should be able to receive consideration 
under compulsory acquisition procedures in a number of weeks. 
 
The Board will continue to work with SVM to protect shareholders' interests and 
co-operate with Cyrun as the majority owner of the Company's shares. 
 
All enquiries 
 
Carolina Viola Tel: [phone] 
 
Company Secretary 
 
Jane Lewis Tel: [phone] 
 
Winterflood Investment Trusts 
 
 
 
END