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EVOLUTION MINING LIMITED — M&A Activity 2015
Dec 10, 2015
64885_rns_2015-12-10_060d6858-51e9-482b-8d17-ba60569f4126.pdf
M&A Activity
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Dated: 11 December 2015
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EVOLUTION APPROACHES COMPULSORY ACQUISITION OF PHOENIX
PHOENIX DIRECTORS URGE SHAREHOLDERS TO ACCEPT EVOLUTION’S OFFER WITHOUT DELAY
ASX: PXG
Phoenix Gold Limited (ASX: PXG, “Phoenix” or the “Company”) notes the announcement today by Evolution Mining Limited (“Evolution”) that it currently has an 83.79% relevant interest in Phoenix. The Evolution takeover offer (“Offer”) is currently scheduled to close at 7.00pm AEDT on 15 December 2015.
The Board of Phoenix continues to recommend that Phoenix shareholders ACCEPT the Evolution Offer as soon as practicable, for the following important reasons:
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Evolution has declared its Offer FINAL , meaning that the Offer price cannot be increased any further.
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Evolution currently has a controlling 83.79% interest in Phoenix. Should Evolution reach an interest of 90% in Phoenix, Evolution has stated it will proceed with compulsory acquisition of all outstanding Phoenix shares in accordance with the Corporations Act 2001 (Cth). If you have not accepted the Offer in advance of this occurring, your shares will be compulsorily acquired and you will face an extended timeframe for receipt of your consideration.
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In the event that Evolution reaches an interest of 90% in Phoenix, Phoenix shareholders, including those that have accepted the Offer at any time previously, will be entitled to receive 0.75 cents for each Phoenix share they hold (the “Increased Consideration”) in addition to the original offer consideration of $0.06 cash and 0.06 Evolution shares for each of their Phoenix shares.
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Each of the Phoenix Directors who held or controlled Phoenix shares has now accepted the Offer.
For the reasons noted above, your Directors believe that it is in the best interests of Phoenix shareholders to ACCEPT the Offer without delay.
If you have already accepted the Offer, you do not need to take any further action and you will be entitled to benefit from the Increased Consideration should Evolution obtain a relevant interest in 90% or more of Phoenix shares.
All company announcements and information on the Offer are available on the Phoenix website at www.phoenixgold.com.au and on the Evolution website at www.evolutionmining.com.au. Shareholders can also receive further information on the Offer by calling the Phoenix Shareholder Information Line below:
Within Australia: 1300 889 468 Outside Australia: +61 2 8022 7902
Phoenix Gold Ltd ABN 55 140 269 316
Unit 2/53 Great Eastern Highway West Kalgoorlie WA 6430 Phone +61 8 9021 2704 Fax +61 8 9021 3393
ENDS
www.phoenixgold.com.au [email protected]
For further information please contact
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Media
Investors
Dale Rogers, Executive Chairman James Tranter / Shane Murphy (08) 9021 2704 FTI Consulting [email protected] (08) 9485 8888 or 0408 951 780 / 0420 945 291
11 December 2015
RBC Capital Markets
Adam Reid, Director 0407 339 163 [email protected]
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