SiRViS IT plc goes private

The offer for SiRViS IT plc

The SiRViS IT Board and the board of SiRViS IT Holdings Limited are pleased to announce that they have today reached agreement on the terms of a recommended cash offer to be made by Strand Partners, on behalf of SiRViS IT Holdings, to acquire the entire issued and to be issued ordinary share capital of SiRViS IT.

SiRViS IT Holdings is a private company registered in England and Wales, recently formed by NAV LLP (on behalf of the NAV Fund) specifically for the purpose of making the Offer. NAV LLP is a fund owned and managed by J O Hambro.

Following the Offer becoming wholly unconditional, SiRViS IT Holdings will be wholly owned by the NAV Fund. J O Hambro has been an investor in SiRVIS IT plc for over a year and has built an excellent relationship with the Board and the business in that time.

Why go private?

The Independent Directors have concluded that SiRViS IT would be better placed to achieve the opportunities available to it in an off-market context and hence consider that the Offer represents a good opportunity for SiRViS IT Shareholders to realise fair and reasonable value for their SiRViS IT Shares.

Commenting on the offer ...

Commenting on behalf of the directors of SiRViS IT Holdings,
Jeremy Brade, Senior Fund Manager of J O Hambro Capital Management Ltd , said:

“We believe that SiRViS IT is a great company with strong operational management, but that, given its size and operational environment, it would fare better as a private company.  This will enable the more efficient delivery of its business plan, of which we are fully supportive, and will allow the business to be grown profitability within a simplified and more cost effective corporate structure.”

Contact

Linetex | ATM

2 Manor Way,
Woking, Surrey
GU22 9JX

Telephone: 01483 253000
Email: websales@linetex.co.uk