Ann: Phoenix Advises REJECT Evolution's Takeover Offer, page-43

Spot on. Common mistake. The main thing is clarify which is what u did. Once decimals and ratios are used in announcements, it can confuse a few people as we are normally used to dealing with whole numbers. The sequence you wrote is why in the ST i can see EVN rising until the 26th October. Imagine EVN was 1.50 (9c for the conversion into PXG) and EVN upped the cash component to 9 c. This would bring it closer to the mid point mark of the valuation of the board. In the rejection notice, the directors emphasised this was not a final offer and strategically EVN cannot risk losing this asset for another 30 or so extra million due to the natural synergies along with it's stand alone value.
So expect a few games and in the meantime also expect an attempt to cap PXG. n this games, the big fish will usually win the battle. The question is at what price? we know that the price range set by the directors are 15-24. Hence Something within that will be required to start forcing the issue. We also know that it is in EVN's interest to raise its SP to minimise any further increase in cash scrip. We also know the greater the discrepancy between PXG SP and ffer element the more chance of people accepting. So I think PXG will be capped once or attempted. Any sales by holders on market will be to the "favor" of EVN or pro EVN. I just missed on PXG at 12.5 will look at jumping in today at 13/13.5. Some games will be played this month. Hope all holders benefit.