Sign up United Kingdom
Pan African Resources plc (LON:PAF)

Pan African Resources plc (LON:PAF)

Share Price
8.91 p
-0.189 (-2.08 %)
Market Cap
£160.25 m
Proactive Investors - Run By Investors For Investors

Pan African Resources plc RNS Release

Pan African Resources Plc - Disposal of Pan African Resources shares by PAR Gold

Pan African Resources Plc - Disposal of Pan African Resources shares by PAR Gold

PR Newswire

Pan African Resources PLC

(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)



ISIN: GB0004300496

(“Pan African Resources” or the “Company” or the “Group”)


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 calculations going forward: 1 928 329 479

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

31 May 2018

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
United Kingdom
Office:   + 44 (0) 207 796 8644
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
Ross Allister/James Bavister/David McKeown
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 Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
Email: [email protected]

Pan African Resources plc Timeline

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use