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Pan African Resources restructures black economic empowerment arrangements

The company has extended the group's BEE arrangements by three years
Mining truck
The new arrangement runs to 2021

Pan African Resources plc (LON:PAF) has updated investors as it is restructuring its black economic empowerment arrangements.

It is replacing current BEE equity shareholdings in PAR Gold Proprietary Limited with holdings in Emerald Panther Investments 91 Proprietary Limited. Pan African mining interests are to be held via the SA Holdco vehicle.

READ: Pan African Resources on recovery track

The prior ownership structure terminates in December 2018 while the new arrangements would run to December 2021, marking a three-year extension.

Pan African highlighted that the transaction provides flexibility to further restructure the BEE ownership of the South African operations, depending on the outcome of the proposed third South African Mining charter and other regulations.

READ: Pan African higher after concluding Barberton Mines wage agreement

It also noted that the new arrangements will avoid BEE ownership dilution should PAF raise additional capital. It will also avoid dilution of group earnings.

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Pan African Resources plc Timeline

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