jakethelad: The following is purely my opinion: today the 9th Nov EVN released their "Notice of change of interests of substantial holder" where their percentage of the 47,087,333 total PXG shares went from 41.37% to 42.94%
Last Friday the 6th November the board of PXG released the following statement Which means that the members of the board and those that follow their recommendations will take up the EVN offer
November 6, 2015: The Boards of Phoenix Gold Limited (ASX: PXG, “Phoenix”) and Evolution Mining Limited (ASX: EVN, “Evolution”) are pleased to announce that they have reached agreement on improved terms for the proposed off-market takeover offer for Phoenix by Evolution (the “Revised Offer”). Following ongoing discussions between directors of both companies, and acknowledging the likelihood that Evolution will imminently gain control of Phoenix, the Board of Phoenix has resolved to unanimously recommend that shareholders ACCEPT the Revised Offer, in the absence of a superior proposal.
The offer period for the Revised Offer will be extended such that it will now close at 7.00pm AEST on 15 December 2015, unless further extended
The full amount of the new acceptances will mostly be reflected in the next EVN "Notice of change of interests of substantial holder" and correspondingly a notice of disposal by major shareholders [Entities who hold 5% and greater of total number of PXG Stock] who accept the offer must also be lodged and published by PXG
Very soon we shall not only find out what major holder has sold but also the new percentage of total stock that EVN controls
Once they gain 90% of total PXG shares they can go to "compulsory acquisition" and its game over for the remaining holders who will be forced to accept the offer
If by the 15 December, the close of the Revised offer EVN have not attained the 90% threshold they can do either
1. Extend the offer
2. Revise the offer again upwards to gain more acceptances
3. Cancel the proposed Take Over in its current form
The above is pure my own interpretation of the EVN take over of PXG so please do your own research and for further questions I notice on the PXG Notice of last Fridays date "PHOENIX GOLD AND EVOLUTION MINING ANNOUNCE RECOMMENDED TRANSACTION" PXG have listed a telephone number for people to call if they have questions on the proposed takeover
Further to the HotCopper required statement of position I only hold a small amount in regards to percentage of total portfolio so my decision to sell may/could be different than other holders::: Cheers BreakfastCoffee
PXG Price at posting:
14.3¢ Sentiment: None Disclosure: Held
