Pan African Resources Plc Disposal of Pan African Resources shares by PAR Gold
31 May 2018 - 4:00PM
UK Regulatory
TIDMPAF
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 Resources" or the "Company" or the "Group")
DISPOSAL OF PAN AFRICAN RESOURCES SHARES BY PAR GOLD PROPRIETARY LIMITED
Pan African Resources has been notified that PAR Gold Proprietary Limited ("PAR
Gold") has disposed of 130-million shares in Pan African Resources,
representing 5.8% of the issued share capital of the Company, at a price of
R1.15 per share, representing a 5.0% discount to the Company's last closing
price of R1.21 on 29 May 2018 (the "Disposal").
Following the Disposal, PAR Gold continues to hold 306.36-million Pan African
Resources shares, representing 13.7% of the issued share capital of the
Company. Participants in the private placement include existing institutional
shareholders.
The Pan African Resources shares held by PAR Gold are treated as treasury
shares and eliminated on consolidation for purposes of calculating earnings per
share. Following the Disposal, the Company's number of issued shares is
reconciled as follows:
Total issued shares: 2 234 687 537
Less: Shares held by PAR Gold (subsequent to Disposal): 306 358 058
Shares taken into account for earnings per share 1 928 329 479
calculations going forward:
Pan African Resources is an indirect 49.9% shareholder in PAR Gold and, given
the economic rights attached to its shareholding, will receive the majority of
the proceeds from this Disposal. The proceeds, net of costs and capital gains
taxes, are approximately R126 million and will be used for general corporate
and liquidity purposes and to fund the expansion of the Elikhulu project's
throughput to 1.2-million tonnes per month.
Following receipt of the proceeds from the Disposal, the Company has, in
conjunction with its existing debt facilities, the necessary resources to meet
its operational and immediate growth objectives and fund its ongoing capital
requirements. The Disposal will not impact the Group's black economic
empowerment ("BEE") holdings due to the conclusion of a BEE restructure as
previously announced on 15 December 2017.
Macquarie Advisory and Capital Markets South Africa Proprietary Limited acted
as Sole Bookrunner.
The information contained in this announcement has not been reviewed or
reported on by Pan African Resource's auditors and is the responsibility of the
directors of Pan African Resources.
For further information on Pan African Resources, please visit the Company's
website at http://www.panafricanresources.com/
31 May 2018
Contact information
Corporate Office Registered Office
The Firs Office Building Suite 31
1st Floor, Office 101 Second Floor
Cnr. Cradock and Biermann Avenues 107 Cheapside
Rosebank, Johannesburg London
South Africa EC2V 6DN
Office: + 27 (0) 11 243 2900 United Kingdom
Facsimile: + 27 (0) 11 880 1240 Office: + 44 (0) 207 796 8644
Cobus Loots Deon Louw
Pan African Resources PLC Pan African Resources PLC
Chief Executive Officer Financial Director
Office: + 27 (0) 11 243 Office: + 27 (0) 11 243 2900
2900
Phil Dexter John Prior / Paul Gillam
St James's Corporate Services Limited Numis Securities Limited
Company Secretary Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644 Office: +44 (0) 20 7260 1000
Sholto Simpson Ross Allister/James Bavister/David
One Capital McKeown
JSE Sponsor Peel Hunt LLP
Office: + 27 (0) 11 550 5009 Joint Broker
Office: +44 (0) 207 418 8900
Julian Gwillim Jeffrey Couch/Neil Haycock/Thomas
Aprio Strategic Communications Rider
Public & Investor Relations SA BMO Capital Markets Limited
Office: +27 (0)11 880 0037 Joint Broker
Office: +44 (0) 207 236 1010
Bobby Morse Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
Email: PAF@buchanan.uk.com
Website: www.panafricanresources.com
END
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