Ann: Receipt of Unsolicited Takeover Offer, page-14

yes now this is better reading


 In our opinion, the proposed $9m investment by Evolution Mining (EVN) in Phoenix Gold Limited (PXG) reiterates the attractive asset base that the Company has built. The deal follows on from EVN’s proposed acquisition of LaMancha’s Australian assets (announced 20 April 2015) and demonstrates its aggressive foray into the Kalgoorlie region. For PXG, we believe it will provide good competitive tension between Norton Goldfields (NGF) and EVN who likely see the potential synergies in placing a foothold on PXG’s assets. The competitive tension could ultimately end with the takeover of the Company. We estimate, based on peer comparatives and our sum-of-parts valuation, that PXG is worth $0.16-$0.17/sh. This doesn’t include any premium for control. We continue to rate PXG a Speculative Buy.



16-17c now that would be a much better starting point for a T/O would likely get a good chunk of shares from stale holders.... then a revised bid closer to 20c to get control...later in the year