Phoenix Gold (ASX:PXG) has received a change of substantial holder from Evolution Mining (ASX:EVN).
Evolution now holds shares equivalent to 42.94%.
The change of interests is a result of acceptances by Phoenix shareholders in the takeover by Evolution.
Last week Phoenix directors unanimously recommend the revised Evolution offer, in the absence of a superior proposal.
At the time Dale Rogers, executive chairman of Phoenix, commented:
“On behalf of the board of Phoenix, I am pleased to advise our shareholders that we have reached an agreement with Evolution that, we believe, offers Phoenix shareholders the best possible outcome in the current circumstances."
The terms of the revised offer are as follows:
- Upon Evolution obtaining a relevant interest in 90% of Phoenix shares, or otherwise being entitled to pursue compulsory acquisition of all remaining shares, Phoenix shareholders, including those that have already accepted the Evolution offer will be entitled to receive an additional 0.75 cents for each Phoenix share they hold.
- The offer period will be extended to 7.00pm AEST on 15 December 2015, unless further extended.
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