Trans-Siberian Gold PLC - operates Asacha gold mine in Kamchatka, far east Russia - Agrees to takeover offer from Horvik Ltd that values Trans-Siberian at GBP108.4 million. The offer of GBP1.18 per share in cash, represents an 18% premium to closing price on Wednesday of GBP1.00. Horvik is a Cyprus-registered company indirectly owned by Vladislav Sviblov, who also is invested in former London listing Highland Gold Mining Ltd. Horvik already has agreed to buy 44.6 million Trans-Siberian shares, representing a 51.2% stake, from a group of existing shareholders, and the same offer now will be extended to all shareholders. Of these, 23.1 million are conditional on clearance by the Russian Federal Antimonopoly Service. Trans-Siberian says its independent directors unanimously have recommended the offer.
Sviblov says the offer "is in line with our strategy to build a broader asset portfolio and adds to our investments in Highland Gold and the Ozernaya Mining Co. We believe that TSG has an attractive asset portfolio in the Kamchatka region, and we believe that we can support TSG's future development."
Current stock price: 115.00 pence, up 15% on Thursday
Year-to-date change: down 11%
By Tom Waite; thomaslwaite@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.