Evolution extends Phoenix offer
PERTH (miningweekly.com) – Gold miner Evolution Mining has declared its takeover offer for fellow-listed Phoenix Gold free of all remaining conditions and has extended the closing date of the offer to November 26.
Evolution was offering 6c in cash and 0.06 of its own shares for every Phoenix share held.
The company pointed out on Friday that its share price had, since launching the offer in September, appreciated strongly, with the offer now equivalent to 15.3c a share for Phoenix shares, based on Evolution’s volume-weighted average share price on October 14 and 15.
Evolution believed the offer was an attractive option for Phoenix shareholders and provided certainty of a strong premium, as well as ongoing exposure to share price upside that could be generated through the transaction.
Phoenix has, however, again advised shareholders to reject the offmarket takeover offer.
“Despite the Evolution offer now being free of conditions, and despite the appreciation in Evolution’s share price, the directors of Phoenix continue to unanimously recommend that Phoenix shareholders reject the Evolution offer, as it has not been modified since it was initially made and does not fairly reflect the value of Phoenix’s assets,” the company said.
Phoenix pointed out that the Evolution offer had, to date, gained minimal traction, with acceptances of only 0.18% of Phoenix’ s total shares on issue.
At the end of the September quarter, Phoenix had some A$4.1-million cash at hand.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















