Horvik Limited made a tender offer to acquire 48.75% stake in Trans-Siberian Gold plc (AIM:TSG) for £50 million on March 18, 2021. Pursuant to the terms of the transaction, Horvik Limited will acquire 42.4 million shares in TSG at £1.18 per share. If, through acceptances of the offer, Horvik acquires interests which, together with TSG Shares it acquires pursuant to the SPA, amount to at least 75% of the share capital of TSG, Horvik will seek to cancel the admission of the TSG Shares to trade on AIM. Horvik intends to finance the cash consideration payable to TSG Shareholders using third party debt to be provided under a facilities agreement arranged by VTB Bank. In related transaction, Horvik entered into a share purchase agreement to acquire 51.2% stake in Trans-Siberian Gold plc from UFG Special Situations Fund LP, UFG Equity Opportunities Limited, UFG Russia Select Master Ltd, Charles Ryan, Florian Fenner and Petrovka GmbH ("selling shareholders") for £52.6 million on March 18, 2021. Post completion, Lou Naumovski and Stewart Dickson will continue to serve on the board of TSG in the event that TSG’s admission to trading on AIM remains. Horvik has appointed two new directors to the TSG Board, nominated by Horvik in accordance with the terms of the Relationship Agreement. The Relationship Agreement provides that a majority of these directors will also be independent of Horvik. On June 9, 2021, the offer document was published and sent to TSG shareholders. The offer is subject to valid acceptances of the offer being received, such that the stake held by Horvik Limited exceeds 50%, approval from courts, compliance with the applicable rules and regulations of the FCA, the AIM Rules, the London Stock Exchange and the Code. On March 22, 2021, Horvik and TSG agreed an amendment to the schedule to the Co-operation Letter to remove the confirmation by TSG that no further awards would be granted under the TSG LTIPs. In addition, as a precondition, the offer is also subject to approval from the Russian Federal Antimonopoly Service. The offer period will commence from March 18, 2021 and will end on the earlier of the date on which the offer has become or has been declared unconditional as to acceptances or lapses or is withdrawn  (or such other date as the Panel may decide). If the offer becomes unconditional, it will remain open for acceptance for not less than 14 days from the date on which it would otherwise have expired. The transaction has been unanimously approved by the independent directors and the Board of Directors of TSG. On May 18, 2021, the transaction was approved by the Russian Federal Antimonopoly Service. The offer is expected to complete in Q3 2021. The offer will close on July 9, 2021. Henry Fitzgerald-O'Connor, Raj Khatri, James Asensio and Thomas Diehl of Canaccord Genuity Limited acted as financial adviser for TSG. Alex Metherell, Giles Coffey and Vadim Astapovich of VTB Capital plc acted as financial adviser for Horvik. Akin Gump LLP acted as legal adviser for TSG. Skadden, Arps, Slate, Meagher & Flom (UK) LLP acted as legal adviser for Horvik. Link Group Limited acted as a registrar to TSG. Horvik will pay £1.79 million and £3.07 million as financial advisor fee and legal advisor fee respectively. TSG will pay £0.50 million and £0.43 million as financial advisor fee and legal advisor fee respectively. Horvik Limited completed the acquisition of a 48.75% stake in Trans-Siberian Gold plc (AIM:TSG) for on July 9, 2021. Offeror has received valid acceptances in respect of, a total of 44,521,625 TSG Shares, representing 94.36% stake. The Offer will remain open for acceptance until 1.00 p.m. on July 23, 2021. The offer becomes unconditional in all respects on July 9, 2021, an application will be made by TSG to the London Stock Exchange for the cancellation of the admission to trading of the TSG Shares on AIM not less than 20 clear Business Days after the date of such application. Any remaining TSG shareholders will become minority shareholders in a majority-controlled company and will likely therefore be unable to sell their TSG shares. On July 12, 2021, the board of TSG has informed the London Stock Exchange that it wishes to cancel the admission to trading of TSG Shares on AIM (the "Cancellation"). The Cancellation is expected to take effect on August 9, 2021 (being 20 clear business days from the date of notification of Cancellation). The Cancellation will leave TSG Shareholders with a minority interest in an unlisted company, with the liquidity and marketability of TSG Shares significantly reduced as a result. Accordingly, the TSG Independent Directors restate their unanimous recommendation that TSG Shareholders accept or procure acceptance of the Offer if they have not already done so. The TSG Independent Directors have agreed to resign from TSG's board with effect from the earlier of the Cancellation or six weeks from the date of this announcement. Horvik appointed Denis Ryzhkin to the TSG board as Horvik's third nominated non-executive director effective July 9, 2021. Horvik planned to exercise this right and intended to issue compulsory acquisition notices to shareholders who have not yet accepted the offer soon, which will enable to conduct squeeze-out. As of July 23, 2021, Horvik acquired additional 1.48% stake in TSG. The offer will remain open for acceptance until August 9, 2021. On August 9, 2021, Horvik received valid acceptances of 46.2 million TSG shares representing 50.4% of TSG's issued share capital and approximately 97.9% of the TSG Shares to which the offer relates. The offer was closed for further acceptances.  TSG had informed the London Stock Exchange that it wished to cancel the admission to trading of TSG Shares on AIM with effect from August 9, 2021.