Phoenix urges shareholders to hold on Zijin offer
PERTH (miningweekly.com) – The directors of takeover target Phoenix Gold have again urged shareholders to hold fast on a takeover offer from China’s Zijin Mining Group, after a A$5.7-million share placement to fellow-listed Evolution Mining fell through.
Phoenix in June withdrew the proposed share placement, which had been priced at 9.2c a share.
The withdrawal of the share placement was a condition precedent to the Zijin offer, which was valued at A$47-million.
Zijin intended to offer $0.10 a share in cash for all the ordinary shares of ASX-listed Phoenix Gold that it did not already own.
The Chinese firm on Wednesday welcomed the withdrawal of the share placement, with executive director and VP George Q Fang saying that the company was now progressing due diligence discussions and investigations with Phoenix.
Phoenix, meanwhile, urged shareholders to take no action around the Zijin offer, saying that since Zijin’s approach, the company had been in discussions with a number of other parties to consider an "alternative, value-maximising proposal" for Phoenix and its assets.
While Phoenix had not issued a formal bidder statement, the Chinese firm said that the offer had been presented to the Foreign Investment Review Board (FIRB) for approval.
The takeover offer was subject to a number of conditions including a minimum 50.1% acceptance condition and FIRB approval.
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