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.
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.
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.