Cyrun wins as SVM drops resistance

The board of the SVM UK Active fund, managed in Edinburgh, yesterday admitted defeat in its battle to stop a hostile US investor taking control.

It said it now recommends that investors accept the Cyrun Finance offer "immediately" as it understood that one of the fund's larger shareholders had agreed to sell its shares to the US company.

The board said it "regrettably makes this recommendation because with Cyrun likely to obtain control, there is now considerable uncertainty over the future direction and management of the company".