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EVOLUTION MINING LIMITED — Major Shareholding Notification 2015
Jul 26, 2015
64885_rns_2015-07-26_5df6e16a-9e87-4ed5-b953-602893795606.pdf
Major Shareholding Notification
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Dated: 27 July 2015
EVOLUTION INCREASES STAKE IN PHOENIX
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Phoenix Gold Limited (ASX Code: PXG) (“ Phoenix” or the “ Company” ) announces that it has been made aware that the purchaser of 49 million Phoenix shares at $0.12 per share on Friday 24 July was Evolution Mining Limited (“ Evolution ”). This share purchase means that Evolution has increased its shareholding in Phoenix to approximately 19.8% making it the Company’s largest shareholder.
ASX: PXG
Evolution’s increased stake in Phoenix follows the previous announcement by Zijin Mining Group Co., Ltd (“ Zijin ”) of its intention to make an unsolicited, conditional off-market takeover offer for Phoenix at $0.10 per share.
The Director’s believe that Evolution’s acquisition of shares at a premium to the Zijin offer supports the strategic nature of the Company’s asset portfolio. As noted previously, discussions continue with a number of parties to consider value maximising proposals for Phoenix and its assets and, while there is no guarantee that this engagement will result in a Superior Proposal, these discussions are ongoing.
Zijin is yet to release the Bidder’s Statement in relation to its offer, which is accordingly not currently capable of acceptance. The Bidder’s Statement is required to be lodged with Phoenix, the Australian Securities and Investments Commission (“ ASIC ”) and the Australian Securities Exchange, no later than 10 August 2015 (unless relief is granted by the ASIC). The Directors continue to recommend Phoenix shareholders TAKE NO ACTION in relation to the Zijin offer.
ENDS
For further information please contact:
Investors
Dale Rogers, Executive Chairman
(08) 9021 2704 [email protected]
Media
James Tranter / Shane Murphy
FTI Consulting
(08) 9485 8888 or 0408 951 780 / 0420 945 291
Phoenix Gold Ltd
ABN 55 140 269 316
73 Dugan Street PO Box 100 Kalgoorlie WA 6430 Phone +61 8 9021 2704 Fax +61 8 9021 3393
www.phoenixgold.com.au [email protected]