Kinovo 'minded to recommend' PS56.4 million Sureserve takeover offer

Kinovo PLC on Monday said it would be ‘minded to recommended’ a takeover proposal from Sureserve Ltd that values it at around £56.4 million.

The London-based property services group said it has received a best and final, non-binding takeover proposal from London-based compliance and energy services provider Sureserve at 87.50 pence per share.

Shares in Kinovo jumped 31% to 81.50 pence in London on Monday afternoon.

Kinovo said the possible offer follows ‘a number of earlier proposals’ from Sureserve.

It said the board has indicated to Sureserve that it would be ‘minded to recommend’ it to Kinovo shareholders, should Sureserve give a firm intention to make an offer.

Sureserve must announce a firm intention to make an offer, or that it does not intend to make an offer, by June 10.

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.

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