Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Kinovo PLC on Wednesday announced it has agreed on the terms of a potential takeover by Sureserve Group Ltd, in a deal which values its entire share capital at around £56.4 million.
The London-based property services group said, under the terms of the offer, each Kinovo shareholder will be entitled to receive 87.5 pence per Kinovo share in cash. This was a 41.1% premium to its 62.0p closing price on Friday last week.
The offer follows ‘a number of earlier proposals’ from Sureserve, Kinovo had said earlier this week.
Sureserve is a compliance and energy services provider to the UK social infrastructure sector
Kinovo does not intend to pay a dividend or make any other distribution between Wednesday and the completion of the deal. The offer currently has support from Kinovo shareholders representing 47% of the firm’s shares.
‘The potential of the combined group - Sureserve’s stature within UK compliance and energy services and Kinovo’s reputation within its housing association and local authority clients - is compelling,’ said Kinovo Non-Executive Chair Sangita Shah.
Shah continued: ‘As a board we unanimously recommend this deal to our shareholders, believing that this acquisition presents an opportunity to realise immediate value and at a meaningful premium.’
In November, Kinovo said pretax profit for the six months that ended September 30 grew 7.4% to £2.8 million from £2.6 million the year before.
Revenue fell 2.3% to £29.6 million from £30.3 million last year, due to a ‘significant’ deferral to its second half of a contract with the London borough of Hackney.
Shares in Kinovo were up 3.7% at 84.00 pence each in London on Wednesday afternoon. The stock has risen 43% over the past five days.
Copyright 2025 Alliance News Ltd. All Rights Reserved.