Ann: Phoenix Reiterates Reject Evolution Offer, page-10

I didn't accept a 12c offer.

I accepted an offer for 6c in cash and a portion of EVN shares.

Which are going up as I thought they would.

My reasons were and are two fold:

1. I think PXG will always trade at a slightly less value than the offer.
2. If the current offer is improved at some point by EVN I can be long gone with my cash and still get the additional consideration that is payable due to provisions regarding improved conditions in the corporations act.

The biggest risk in my position as far as maximising value goes is that Zijin come in and get the prize.