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earlier of the date on which the offer has become or has been declared unconditional as to acceptances or lapses or is withdrawn  (or such other date as the Panel may decide).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.