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.
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














