If a holder has not sold their shares by offer closure (if not...

If a holder has not sold their shares by offer closure (if not extended) then if EVN have 90% or more of PXG shares they will compulsorily acquire the holders shares and then pay the holder the relevant consideration.

If you hold on and EVN do not extend the offer and it closes with less than 90% acceptances then you are stuck holding the baby effectively and I would not envy you as a minority holder.

The latter is probably exceptionally unlikely.