Phoenix holds tight as Evolution inches closer
PERTH (miningweekly.com) – The directors of takeover target Phoenix Gold have again advised shareholders to reject an offer from gold miner Evolution Mining, as the suitor inched closer to securing a majority shareholding.
Evolution, which launched its takeover offer with a 19.8% stake in Phoenix, now held a 41.37% share in the takeover target.
Evolution was offering 6c in cash and 0.06 of its own shares for every Phoenix share held. The takeover offer was subject to a limited number of customary conditions, as well as the gold price not falling below A$1 250/oz.
Phoenix told shareholders that, notwithstanding Evolution’s increased ownership, the company’s directors maintained their unanimous recommendation that shareholders reject the Evolution offer.
It was believed that the majority of Evolution's increased ownership came about as a result of acceptances by Geologic Resource Partners and Zijin Mining, which collectively represented just over 18% of the total shares on issue.
Phoenix said the acceptance of these two shareholders was unsurprising, given Geologic’s previous pre-bid agreement with Zijin in relation to a failed takeover of Phoenix.
The Chinese major’s failed offer had comprised a 10c a share cash offer for all the shares in Phoenix, valuing the company at A$47-million. Zijin’s offer had been conditional upon the Chinese company securing at least a 50.1% stake in Phoenix.
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