49 million block trade today at 12 cents was confirmed to be Evolution. This was reported by Mergermarket.
They cant confirm who the seller was, however it doesnt appear to be Zijin. Evolution now has a 19.8% interest in Phoenix.
I am putting my money on Evolution launching a full takeover bid purely as a result of the location of their newly acquired assets in LaMancha being Frogs Leg and Whitefoil.
Phoenix's assets are in prime proximity to be hauled to the LaMancha processing plant.
Plus the head honcho of Evolution is an ex investment banker, so he's acquistive by nature!
PXG Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
