Phoenix Gold's (ASX:PXG) shareholders are continuing to accept the revised offer from Evolution Mining (ASX:EVN).
Phoenix directors have unanimously recommended the offer, and Evolution has now moved to 56.1% stake.
Dale Rogers, executive chairman for Phoenix, recently said on the offer:
“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.
"As we have stated in the past, we have a great deal of respect for the team at Evolution and look forward to becoming shareholders in the company.”
Jake Klein, executive chairman for Evolution, added at the time:
“This is a good outcome for both Phoenix and Evolution and I look forward to welcoming Phoenix shareholders to the Evolution share register.”
Worth noting - the recently 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.
Key terms:
- 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.
Phoenix's gold assets
The company has an extensive land holding on the Zuleika and Kunanalling shear zones northwest of Kalgoorlie in Western Australia, home to some of Australia’s richest gold deposits.
Phoenix has total resources of over 4 million ounces.
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