Ann: Phoenix Advises REJECT Evolution's Takeover Offer, page-103

For the life of me why are pxg acting too early on this offer? Just be patient and wait. It gives you more info to process before executing.
The key points of the offer are:
6 c cash is fixed
0.06 evn shares hence a variable.
The problem with this is the expisure to evn shares and the availability 1 month. This is the biggest issue - the pro is that at current prices the evn component is worth 9.6 c. However what if in a month the price of evn retracts to below 1.50. All of a suddent it is out of its valuation range. What if the fed hikes, pog suffers in the ST and evn hit 1.30s.
This is why directors will be pushing for a greater cash scrip component i.e. add to the current cash scrip or change the current offer. We also know directors are willing to part with pxg if the price reflects a fair valuation i.e. between 15 and 24.

Why does evn want pxg? Ask oneself how much evn will spend in exploration in existing tenements, then factor in pxh being a natural extension of lamache owned tenement where work is already done and natural synergies. This is all about unlocking value for evn and these are the ideal acquisitions.

I personally am holding as i got in 13.5/14c. At least 15c target if not more. To next week. Pxg is not moving as fast as evn for a reason - a discrepancy is created to make the offer attractive which means cap one and pump the other. Ive been saying all along for the last 2 weeks evn is the horse to be on for a ST trade while Pxg will rise but it's benefit is if u believe in an increase in offer cash scrip or other process to increase value. All the best to all. Don't panic. You still have a week and wait until the last minute to decide.