Avesoro Jersey Limited made a non-binding expression of interest to acquire the remaining 27.1% stake in Avesoro Resources Inc. (TSX:ASO) from Lombard Odier Asset Management (Europe) Limited and Richard Griffiths for £22.1 million on August 16, 2019. Avesoro Jersey Limited signed a non-binding term sheet to acquire the remaining 27.1% stake in Avesoro Resources Inc. from Lombard Odier Asset Management (Europe) Limited and Richard Griffiths on August 20, 2019. Avesoro Jersey Limited (AJL) will acquire the shares at a price of £1 per share. AJL currently holds approximately 72.9% of Avesoro Resources's common shares. AJL’s proposal is supported by holders of an additional 12.9% of the common shares. Lombard Odier Asset Management (Europe) Limited and Richard Griffiths collectively own approximately 10.5 million shares in Avesoro Resources, representing approximately 12.9% of the issued and outstanding common shares. The transaction would be structured as a court-approved plan of arrangement under the provisions of the Canada Business Corporations Act. As of October 17, 2019, tender offer commenced. In accordance with applicable Laws and if at the expiry time Avesoro Jersey Limited is obligated to take up securities validly deposited, Avesoro Jersey Limited will extend the offer for an additional period of 10 days following the expiry time. Avesoro Jersey Limited may also extend the offer for one or more additional periods following the mandatory extension period. If within 120 days after the date of the offer, Avesoro Jersey Limited is accepted by holders who in the aggregate hold not less than 90% of the issued and outstanding common shares, other than common shares held at the date of the offer by or on behalf of Avesoro Jersey Limited, or an affiliate or associate of Avesoro Jersey Limited (as those terms are defined in the Canada Business Corporations Act), and Avesoro Jersey Limited acquires or is bound to take up and pay for such deposited common shares under the offer, Avesoro Jersey Limited may, at its option, acquire those common shares which remain outstanding held by those persons who did not accept the offer pursuant to a compulsory acquisition. The transaction is subject to statutory minimum tender condition that more than 50% of the common shares, other than those owned by Avesoro Jersey Limited or its affiliates, are tendered and not withdrawn prior to the expiration of the offer, all outstanding options, to the extent any are not exercised, being either terminated, surrendered, cancelled or having expired prior to the take up time, any requisite government or regulatory consents, authorizations, waivers, permits, reviews, orders, rulings, decisions, approvals, clearances, or exemptions that are necessary to complete the offer. The Offer will also be subject to certain other customary conditions. Offer is not subject to any financing condition. The Board of Directors of Avesoro Resources Inc. has established a special committee comprised of all of the independent Directors of Avesoro Resources Inc. The special committee of the Board of Directors of Avesoro Resources has, on behalf of the Board, approved the abridgement of the initial deposit period for the offer from 105 days to 35 days. The Board of Directors of Avesoro Resources unanimously recommends that Minority Shareholders accept the Offer and deposit their Common Shares to the Offer. Directors of Avesoro Jersey Limited have also approved the contents of the offer and the circular. As of October 21, 2019, the board of directors of Avesoro Resources has unanimously recommended the shareholder to accept the offer. The transaction is expected to be completed by January 1, 2020. As of October 17, 2019, tender offer will expire on November 22, 2019. As of November 22, 2019, a total of 18.88 million common shares have been validly deposited under the offer and not withdrawn. All conditions to the offer, including the minimum tender requirement under applicable Canadian securities laws, have been satisfied, and the offeror is extending the period for acceptance of the offer by the mandatory extension period. The offer is now open for acceptance until December 3, 2019. Computershare Trust Company of Canada acted as information agent for Avesoro Jersey Limited. Norton Rose Fulbright Canada LLP and Osler, Hoskin & Harcourt LLP acted as legal advisors to the special committee of Avesoro Resources. Duff & Phelps Canada Limited acted as financial advisor to Avesoro Resources in the transaction. Jason Saltzman of Borden Ladner Gervais LLP acted as legal advisor to Lombard Odier Asset Management (Europe) Limited.