SRV Sirvis

RNS Number:5899Q
SiRViS IT PLC
01 February 2007

                                  SiRViS IT plc



                       Approach to acquire SiRViS IT plc



Date: 1 February 2007



SiRViS IT plc ("SiRViS IT" or the "Company") announced on 11 December 2006 that
it is in receipt of an approach from K3 Business Technology Group PLC ("K3") to
acquire the Company at a price of 4p per share, subject to certain
pre-conditions and assumptions, one of which was a Board recommendation.



The Board and its advisers have evaluated the approach and taken soundings from
shareholders holding a significant percentage of the issued share capital of the
Company. In addition K3 have been given the opportunity to conduct due diligence
on the Company. K3 accepted this opportunity and has now concluded its review.



The Board believes that the approach by K3 is wholly opportunistic and
significantly undervalues the Company. Accordingly the Board has today advised
K3 that it would not recommend an offer at a cash price of 4p per share.



This new information is drawn to the attention of the Company's shareholders as
it may have a bearing on both the likelihood of K3 announcing a firm intention
to make an offer at all or on the terms including the price outlined in the
approach.



This announcement is made with the approval of the Board of the Company, but was
not made with the agreement or approval of K3. There can also be no certainty
that an offer will be made nor as to the terms on which any offer might be made.



Further announcements will be made in due course.



Enquiries:


Peter Addison   07831 107850     SiRViS IT plc                 Chairman

John Simpson    020 7512 0191    ARM Corporate Finance Ltd     Nominated Adviser


The Directors of the Company accept responsibility for the information contained
in this announcement. To the best of the knowledge and belief of the Directors
of the Company (who have taken all reasonable care to ensure that such is the
case), the information contained in this announcement for which they accept
responsibility is in accordance with the facts and does not omit anything likely
to affect the import of such information.

ARM Corporate Finance Limited, which is regulated in the United Kingdom by the
Financial Services Authority, is acting as financial adviser to the Company in
relation to the matters referred to in this announcement and no one else and
will not be responsible to anyone other than the Company for providing the
protections offered to clients of ARM Corporate Finance Limited nor for
providing advice in relation to the matters referred to in this announcement.



Updates on the Company's activities are regularly posted on its website
www.sirvisit.co.uk




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

OUPOKDKPABKDFBK

Sirvis It (LSE:SRV)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025

Sirvis It (LSE:SRV)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025