12th May 2025 16:13
(Alliance News) - Kinovo PLC on Monday said it would be "minded to recommended" a takeover proposal from Sureserve Ltd that values it at around GBP56.4 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 GBP2.8 million from GBP2.6 million the year before.
Revenue fell 2.3% to GBP29.6 million from GBP30.3 million last year, due to a "significant" deferral to its second half of a contract with the London borough of Hackney.
By Michael Hennessey, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Kinovo Plc