Sviblov's Fortiana to acquire almost 80% of Highland Gold in offer, plans delisting

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Sviblov's Fortiana to acquire almost 80% of Highland Gold in offer, plans delisting

MOSCOW. Oct 21 (Interfax) - The holders of almost 144 million, or 39.56% of shares in Highland Gold Mining (HGM), a UK-based company that mines gold in Russia, have accepted a buyout offer from Vladislav Sviblov's Fortiana, the latter said in a statement on the London Stock Exchange.

Fortiana has thus increased its stake in the miner to 79.62%. The price of the offer, which expires on November 3, is GBP3, so nearly 144 million shares will cost Fortiana about GBP432 million ($559 million).

Since Fortiana has now acquired more than 75% of HGM, it plans to move to delist the miner's shares from the LSE, the press release said.