Phoenix Gold's (ASX:PXG) shareholders are continuing to accept the revised offer from Evolution Mining (ASX:EVN).
Evolution now holds 58.4% of Phoenix.
Phoenix directors have unanimously recommended the offer, as it 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.
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