Cyrun Offer Price - FAV Determined (2091H)
24 Maggio 2011 - 5:02PM
UK Regulatory
TIDMZZZZ TIDMSVU
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: 001 303 442-2156
Fairfax I.S. PLC (adviser to Cyrun)
Andrew Cox Tel: (020) 7598 5368
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
END
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