Statement re Proposed Voluntary Liquidation
June 17 2011 - 11:16AM
UK Regulatory
TIDMSVU
SVM UK Active Fund PLC (the "Company" "SVU")
RIS Announcement
Proposed voluntary liquidation
The Board has been asked by Cyrun Finance, Ltd (`Cyrun'), as holder of over 93%
of the Company's shares, to realise the assets in the Company's portfolio, in
anticipation of the voluntary liquidation of the Company in the near future.
Cyrun has written to request that the Board convenes a general meeting as soon
as practicable at which the voluntary liquidation of the Company will be
proposed and has stated its intention to vote its holding in favour of the
voluntary liquidation.
The Board has agreed to alter the Company's published investment policy such
that the portfolio can be realised in the knowledge that compulsory acquisition
powers will be applied at 191.2p per share (being the price paid under the
Offer made by Cyrun for the entire issued share capital of the Company that
Cyrun did not already own on 17 March 2011 which was revised on 28 April and
made on a mandatory basis from 6 May 2011) for the Company's shares not already
owned by Cyrun and held by minority shareholders. Cyrun will write to
Shareholders on the compulsory acquisition powers in the near future.
The current Board intends to stand down after 30 June, by which time it is
expected that the portfolio will be largely held in cash or cash equivalents.
Cyrun, who will appoint its own representatives to the Board, will then
commence the Company's liquidation process, which will include the cancellation
of the Company's listing and admission to trading. SVM Asset Management
Limited's investment management agreement will be terminated following the sale
of the portfolio (other than an unquoted investment which is to be retained)
which will result in a termination fee becoming payable in accordance with the
terms of the agreement.
All enquiries
Carolina Viola Tel: 0131 226 6699
Company Secretary
Jane Lewis Tel: 020 3100 0295
Winterflood Investment Trusts
END
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