Photo by: Reuters
PERTH (miningweekly.com) – ASX-listed Evolution Mining’s executive chairperson and CFO have been appointed to the board of takeover target Phoenix Gold, after Evolution’s takeover of Phoenix breached the 90% acceptance point.
Evolution earlier this week announced that it had gained a 90.03% shareholding in Phoenix, allowing the company to proceed with the compulsory acquisition of the remaining shares in Phoenix, and triggering a higher offering price.
Evolution had initially offered 6c in cash and 0.06 of its own shares for every Phoenix share held, with the takeover offer subject to a limited number of customary conditions, as well as the gold price not falling below A$1 250/oz.
In November, the miner revised its offer to 6.75c a share cash and 0.06 of an Evolution share for each Phoenix share held, subject to Evolution obtaining an interest of 90%.
Phoenix told shareholders on Friday that Evolution executive chairperson Jake Klein and CFO Lawrie Conway have now been appointed as directors to the board.
Furthermore, Dale Rogers, Stuart Hall and Ian Gregory have all resigned from directors of Phoenix, effective immediately.