SVM UK Active board tells shareholders to accept Cyrun takeover

SVM has told shareholders to accept activist investor Cyrun's proposal to take over the management of the group's £63m UK Active fund.

This comes after one of the group's largest shareholders, East Riding, sold its 9% stake to the arbitrageurs yesterday, while existing shareholders have also agreed to sell their stakes, totalling 3% of shares so far. SVM founder Colin McLean has recommended shareholders approve the takeover as US group Cyrun's stake now stands at 43%. The activist shareholder needs a 50% stake to be able to usurp the present management. "The board regrettably makes this recommendation because with Cyrun likely to obtain control, there is now considerable uncertainty over the future direction and mana...