Phoenix Gold's (ASX:PXG) shareholders are embracing the recently revised offer from Evolution Mining (ASX:EVN), and continue to accept the offer.
Evolution now holds a 48.8% stake. Last week Phoenix directors unanimously recommended the revised Evolution offer, in the absence of a superior proposal.
Each of the Phoenix directors who holds or controls Phoenix shares has also undertaken to accept the revised offer.
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.
The revised offer is a 60.8% premium to the Phoenix closing price on 19 June 2015, being the last trading price prior to the first takeover offer for the company.
Additional details of the offer
Should Phoenix shareholders become entitled to the increased consideration, the aggregate consideration under the revised offer would be A$0.0675 cash and 0.06 Evolution shares for each Phoenix share.
The increased cash component adds certainty of value and the total consideration is now A$0.158 per Phoenix share.
Shares in Phoenix yesterday closed at A$0.142.
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