Posting the news article in relation to yesterday's block trade in Phoenix for 49 million shares.
This was reported by 'Mergermarket' as proprietary intelligence.
"Evolution Mining [ASX: EVN] is believed to have taken its stake in Phoenix Gold [ASXXG] to 19.8% on Friday, it was said. A line of stock representing about 10% of shares on issue was crossed in the market at AUD 12c.
Evolution declined to comment but it has not approached Phoenix with any proposals at the time of publication.
Phoenix suitor Zijin Mining [HKG 2899], it was added, is not the seller. Last month Zijin, one of China’s largest gold miners, announced it had executed a pre-bid agreement with Phoenix’s 17.9% shareholder Geologic Resource and said it intended to make an AUD 0.10 per share off-market takeover offer. Zijin’s move blocked Evolution’s tranche 2 placement in Phoenix, leaving Evolution with 9.4% in Phoenix from its first tranche.
Evolution’s move would appear to put a floor price on any bid Evolution may make.
This news service has reported that although Phoenix considers AUD 0.10 per share well short of what it can accept the two parties are in talks trying to reach some agreement around value and conditionality.
This news service has reported that other parties, including Evolution, are active in its data room."
PXG Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
XG] to 19.8% on Friday, it was said. A line of stock representing about 10% of shares on issue was crossed in the market at AUD 12c.
