Pan
African Resources PLC
(Incorporated and registered in England and Wales under Companies
Act 1985 with registered number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
(“Pan African” or the “Group”) |
DISPOSAL OF PHOENIX PLATINUM
MINING PROPRIETARY LIMITED (“PHOENIX PLATINUM”) TO SYLVANIA
PLATINUM LIMITED (“SYLVANIA”)
Pan African is pleased to announce that the Group has
successfully concluded a conditional agreement with Sylvania,
whereby Pan African will dispose of all of its shares and loan
accounts in its wholly-owned subsidiary Phoenix Platinum to
Sylvania for a total cash consideration of R89 million (the
“Transaction”).
The Transaction provides Pan African with an opportunity to meet
the following strategic objectives:
- Focus on core assets and value accretive growth opportunities:
The Transaction will enable Pan African management to focus on the
Group’s existing gold operations, the construction of the Elikhulu
project and other organic and acquisitive growth opportunities;
and
- Further improved financial position: The cash proceeds of R89
million, payable on Transaction closure, will further strengthen
the Group’s financial position and supplement the Group’s existing
cash resources and debt facilities.
The Transaction is conditional upon the conclusion of a
confirmatory due diligence and other suspensive conditions
customary for a transaction of this nature. The Transaction is
expected to be finalised within a 90 day timeframe from the date of
this announcement.
The Transaction falls below the threshold for categorisation in
terms of the JSE Limited Listings Requirements and this
announcement is provided for information purposes only.
CEO STATEMENT
Cobus Loots, the Chief Executive
Officer of Pan African, commented: “The disposal of
Phoenix Platinum, which for some time has been non-core to Pan
African, enables us to further strengthen our financial position
and to focus on our large gold operations and the construction of
the Elikhulu project.”
By order of the Board
Johannesburg
30 July 2017
Contact information |
Corporate Office
The Firs Office Building
1st Floor, Office 101
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office: + 27 (0) 11 243 2900
Facsimile: + 27 (0) 11 880 1240 |
Registered Office
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Office: + 44 (0) 207 796 8644
Facsimile: + 44 (0) 207 796 8645 |
Cobus Loots
Pan African Resources PLC
Chief Executive Officer
Office: + 27 (0) 11 243 2900 |
Deon Louw
Pan African Resources PLC
Financial Director
Office: + 27 (0) 11 243 2900 |
Phil Dexter
St James's Corporate Services Limited
Company Secretary
Office: + 44 (0) 207 796 8644 |
John Prior / Paul Gillam
Numis Securities Limited
Nominated Adviser and Joint Broker
Office: +44 (0) 20 7260 1000 |
Sholto Simpson
One Capital
JSE Sponsor
Office: + 27 (0) 11 550 5009 |
Matthew Armitt / Ross Allister
Peel Hunt LLP
Joint Broker
Office: +44 (0) 207 418 8900 |
Julian Gwillim
Aprio Strategic Communications
Public & Investor Relations SA
Office: +27 (0)11 880 0037 |
Jeffrey Couch/Neil Haycock/Thomas Rider
BMO Capital Markets Limited
Joint Broker
Office: +44 (0) 207 236 1010 |
Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000 |
|
http://www.panafricanresources.com/