Dragon Capital Investments Limited made an offer to acquire remaining 67.27% stake in Dragon Ukrainian Properties & Development plc (AIM:DUPD) for £11 million on June 8, 2017. Dragon Capital group owns 32.73% stake in Dragon Ukrainian Properties & Development plc. Under the terms of the transaction, Dragon Capital Investments agreed to acquire an additional stake in Dragon Ukrainian Properties for £0.13 per share. The transaction will be funded through existing cash resources of Dragon Capital Investments. In the event that Dragon Capital Investments acquires 90% of the shares to which the offer relates, it intends to compulsorily acquire any outstanding DUPD Shares to which the offer relates. The transaction is subject to minimum tender of 50%, approval by the London Stock Exchange, clearance from the Antimonopoly Committee of Ukraine and approval by English courts. The transaction is expected to complete in the third quarter of 2017. The offer will initially remain open for acceptance till the date falling 21 days after the date on which the offer document is posted. On June 26, 2017, Antimonopoly Committee of Ukraine approved the transaction between Dragon Capital Investments Limited and Dragon Ukrainian Properties & Development plc (AIM:DUPD). On June 27, 2017, Dragon Capital Investments agreed to acquire an additional stake in Dragon Ukrainian Properties for £0.15 per share. The offer remains subject only to an acceptance condition at a level of DCI needing to acquire or agree to acquire DUPD shares representing more than 50% of the voting rights then normally exercisable at a general meeting of DUPD. As on July 11, 2017, the Independent Directors gave their formal response to the offer stating that they do not believe that the DUPD shareholders should accept the offer. The Independent Directors note the statement by Dragon Capital that if Dragon Capital acquires through acceptances of the offer of issued share capital carrying 75% or more voting rights then it reserves the right to procure that DUPD applies for cancellation of trading of its shares on AIM. As on July 18, 2017, Dragon Capital received valid acceptances in respect of 29 million shares representing 26.58% of existing issued share capital of DUPD and 39.51% of DUPD shares not already owned by Dragon Capital and declares the offer unconditional. Pursuant to the acceptances Dragon capital is now interested in 64.9 million shares representing approximately 59.31% of issued share capital of DUPD. The Independent Directors continue to believe that the financial terms of the offer significantly undervalue Dragon Ukrainian Properties. The Independent Directors believe that DUPD shareholders should now accept the offer. The offer will remain open for acceptances until August 1, 2017 and is expected to close on August 1, 2017. On July 27, 2017, DUPD updated that Dragon Capital Investments will extend the offer till August 8, 2017, only when it has procured at least 75% stake in DUPD on closing of the tender offer on August 1, 2017. Mark Brady and Neil Baldwin of SPARK Advisory Partners Limited acted as financial advisors for Dragon Capital Investments Limited. Richard Gray, Andrew Potts, Karri Vuori and James Greenwood of Panmure Gordon (UK) Limited acted as financial advisor to Dragon Ukrainian Properties & Development. CBRE Ukraine (Expandia LLC) acted as independent valuer for real estate properties of Dragon Ukrainian Properties.