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Pan African Resources plc (LON:PAF)

Pan African Resources plc (LON:PAF)

Share Price
8.90 p
0.72 (8.80 %)
Market Cap
£160.05 m
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Pan African Resources plc

Pan African and its subsidiaries are a South African based precious metals mining group which produces in excess of 200,000oz of gold and 8,000oz of PGM’s per annum. The Company’s strategic focus is on the exploitation of high grade ore-bodies that yield high margins with a relatively low cost base. Pan African has successfully grown profitable precious metal production in recent years via...

Market: AIM:PAF
52-week High/Low: 15.75p / 6.50p
Sector: General Mining - Gold
Market Cap: 160.05M

Pan African Resources plc

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Big picture - Why invest in Pan African Resources plc

Pan African Resources plc Snapshot

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Keith Spencer - Independant Non-Executive Director - Chairman

BSc Eng (Mining)

Keith is a qualified mining engineer with 35 years’ practical mining experience. He has managed some of the largest gold mines in the world. In 1984 Keith was appointed as General Manager of Greenside Colliery and in 1986 moved to Kloof Gold Mine as General Manager. In 1989 he was appointed as consulting engineer for Gold Fields, South Africa to Doornfontein Gold Mine, Driefontein Consolidated Gold Mine, Greenside Colliery and Tsumeb Base Metals Mine. He also served as Managing Director of Driefontein Consolidated, Chairman and Managing Director of Deelkraal Gold Mine, and as a board member of all gold mines belonging to Gold Fields, South Africa. In 1999 Keith joined Metorex Limited, first as a private consultant and later as a permanent member of the executive, managing the Wakefield Coal operations, O’okiep Copper company, Barberton Gold Mines and Metmin Manganese Mine. In 2001 Keith became Operations Director for Metorex Limited.


Hester Hickey - Independent Non-Executive Director

Hester worked at AngloGold Ashanti, initially as group Internal Audit Manager and later as Executive Officer: Head of Risk. Prior to this she worked at Ernst & Young and Liberty Life and was Acting Head of Internal Audit at Transnet. In her early career she lectured at the University of Witswatersrand, was a partner of Ironside Greenwood and was the National Technical and Training Manager at BDO Spencer Stewart. Hester has also previously served as Chairman of SAICA. She currently performs board evaluations and director training for the IoDSA and serves on several boards and audit committees.

Thabo Mosoli - Independant Non-Executive Director

Thabo brings a wealth of experience in corporate governance and audit, having started his career at KPMG and since 1999 having served on a variety of boards as a member and chairman of audit committees in the resources and other industries in South Africa. He is currently a director of MFT Investment Holdings, where he is responsible for investment decisions in respect of B-BBEE investment opportunities.


Rowan Smith - Independant Non-Executive Director

Rowan was the Managing Director of Shanduka and has almost two decades of collective xperience in the minerals and merchant banking industries. He was previously a director at Pan African Resources from 17 September 2009 until 20 July 2011. His experience

includes geological valuation work for Rand Mines, seven years with Societe Generale de Surveillance in both Geneva and South Africa as a manager, and four years as a director of Investec’s Resource Finance Division. Rowan’s passion for business development, coupled

with his technical and merchant banking expertise have provided him with the skills to originate, structure and implement a host of investments across the various resource-based sectors.


Cobus Loots - Executive Director and CEO

Cobus served articles with Deloitte & Touche and became an Audit Manager with the firm before leaving to pursue a career in finance. His experience includes mining-specific acquisitions and finance as well as the management of both exploration and production of mineral assets, most recently before 2009 as Managing Director of Shanduka. Cobus has been a director of Pan African Resources since 2009 (FD during 2009–2011, and a non-executive director during 2011–2013) and served as Joint CEO alongside Ron Holding until assuming the office of FD on 1 October 2013.


Dean Louw - Executive Director and FD


Deon has extensive corporate finance and business experience, which includes investment banking, consulting and business administration in the mining finance and mining services sectors. He has fulfilled the roles of Financial Director of Sentula Mining Limited, CFO of Shanduka Coal, Director of Resource Finance Advisors and Head of Resource Structured Finance at Investec Bank.

Major Shareholders

Pan African Resources Capital Structure as at 31 December 2017

Shares in issue
Percentage of AIM Securities not in public hands 48.21%

Major Shareholder Information

Allan Gray Investment Management 636,793,750 28.50
PAR Gold 436,358,058 19.53
Investec Asset Management 110,885,655 4.96
Kagiso Asset Management 101,182,454 4.53
River and Mercantile Asset Management 79,122,429 3.54
Truffle Asset Management 75,187,723 3.36


South Africa Contacts

Corporate office in South Africa

Leandra Cox

Office 101, First Floor, The Firs

Cnr Cradock and Biermann Avenues

Rosebank, Johannesburg, South Africa

Tel: + 27 11 243 2900

Fax: + 27 11 880 1240

E-mail: [email protected]


Public & Investor Relations SA

Aprio Strategic Communications

Julian Gwillim

Tel: +27 (0)11 880 0037


UK Contacts

Company Secretary & Investor Relations (UK)

St James’s Corporate Services Limited

Phil Dexter

Suite 31, Second Floor

107 Cheapside

London, EC2V 6DN

United Kingdom

Tel: +44 (0)20 7796 8644

Fax: +44 (0)20 7796 8645

E-mail: [email protected]

South Africa

Corporate office
Pan African Resources PLC
The First, 1st Floor, Office 101
Cnr Biermann and Cradock Avenue, Rosebank
Tel: +27 (0)11 243 2900
Fax: +27 (0)11 880 1240

One Capital (Pty) Ltd
Cobus Human
Tel: +27 (0) 11 550 5000


Company Secretary & Investor Relations
St James’s Corporate Services Limited
Phil Dexter / Jane Kirton
Tel: +44 (0)20 7796 8644

Legal Consultants
Fladgate LLP
Nigel Gordon / Partner
Direct Dial +44 (0) 20 3036 7389

Nominated Adviser and Joint Broker
John Prior / Paul Gillam / James Black
Numis Securities Limited
Office: +44 (0)207 260 1000

Joint Broker
Matthew Armitt / Ross Allister
Peel Hunt LLP
Office: +44 (0) 20 7418 8900

Joint Broker
Jeffrey Couch / NeilHaycock / Thomas Rider
BMO Capital MarketsLimited
Office: +44 (0)20 72361010

Registered office
Suite 31, Second Floor
107 Cheapside
London, EC2V 6DN
Tel: +44 (0)20 7796 8644
Fax: +44 (0)20 7796 8645

107 Cheapside
Bobby Morse / Chris Judd
Tel: +44 (0)20 7466 5000

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