TIDMSVU 
 
SVM UK Active Fund PLC (the "Company") 
 
Publication of Circular 
 
20 April 2011 
 
The Board has today published a Circular to Shareholders setting out proposals 
which seek Shareholder support for: 
 
  * an enabling resolution to implement the Board's strategy of presenting 
    reconstruction proposals, if they are capable of implementation, after the 
    Cyrun Offer has been withdrawn or has lapsed; 
 
  * restoration of the Company's ability to buy back shares; 
 
  * the Company having authority to conduct a tender offer at a future date; 
    and 
 
  * an extension of the Company's investment policy to allow 100% exposure to 
    cash and near-cash instruments if the Board considers it in Shareholders' 
    interests to create more liquidity in the portfolio. 
 
The Board continues to advise Shareholders not to accept the hostile offer from 
Cyrun and to support the Board's proposals. 
 
A General Meeting has been convened on 20 May 2011 where the requisite ordinary 
resolutions will be considered by Shareholders. 
 
Expected Timetable 
 
Latest time and date for receipt of Forms of  12 noon, 16 May 2011 
Direction 
 
Latest time and date for receipt of Forms of  12 noon, 18 May 2011 
Proxy 
 
or electronic proxy appointments via CREST 
 
General Meeting                               12 noon, 20 May 2011 
 
A copy of the Circular will shortly be submitted to the National Storage 
Mechanism and will shortly be available for inspection at http:// 
www.hemscott.com/nsm.do 
 
All enquiries 
 
Carolina Viola Tel: 0131 226 6699 
 
Company Secretary 
 
Jane Lewis Tel: 020 3100 0295 
 
Winterflood Investment Trusts 
 
Roland Cross Tel: 020 7776 0512 
 
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 23 March 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
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