Phoenix Gold Limited (ASX:PXG)
has encouraged its shareholders to firmly reject the Evolution Mining Limited (ASX:EVN)
offer despite the offer going unconditional last week.
Phoenix says the Evolution offer of 6 cents cash and 0.06 Evolution shares per Phoenix shares is not a fair reflection of the Phoenix assets. Further to that the recent rise in the spot gold price since the bidder statement was first lodged has strengthened the company value.
The offer has only had 0.18 per cent of acceptances so far. Phoenix says shareholders simply need to do nothing to reject the offer.
Phoenix Gold made a net loss of $20.25 million for the 2015 financial year.