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PAF.GB Pan African Resources Plc

21.50
0.50 (2.38%)
28 Mar 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
Pan African Resources Plc AQSE:PAF.GB Aquis Stock Exchange Ordinary Share GB0004300496
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.50 2.38% 21.50 20.50 22.50 22.3315 21.00 21.00 183,935 16:29:58
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Pan African Resources PLC Update on Phoenix and IFMSA Business Rescue

19/07/2016 11:00am

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" or the "Company") 
 
       UPDATE ON PHOENIX PLATINUM AND IFMSA BUSINESS RESCUE PROCEEDINGS 
 
Pan African shareholders are referred to the announcement published by the 
Company on 27 August 2015, informing shareholders that International Ferro 
Metals Limited announced that as a result of deteriorating business conditions, 
its South African subsidiary, International Ferro Metals (SA) Pty Limited 
("IFMSA"), had entered into Business Rescue.  Business Rescue is a statutory 
means of enabling a financially distressed company to continue business, under 
the supervision of a Business Rescue Practitioner, protected from its 
creditors. 
 
Pan African's wholly-owned subsidiary, Phoenix Platinum Mining (Proprietary) 
Limited ("Phoenix"), is situated on the IFMSA property, and a portion of the 
feedstock for the Phoenix operation was obtained from IFMSA's processing 
activities.  Phoenix also sources electricity, water and certain other services 
from IFMSA.  The relationship between Phoenix and IFMSA was governed by a 
tailings treatment agreement ("TTA") entered into by Pan African, Phoenix and 
IFMSA. 
 
Although Phoenix was not solely reliant on material from IFMSA, the Business 
Rescue proceedings created a number of uncertainties and operating difficulties 
for Phoenix. 
 
In terms of the Business Rescue proceedings, Samancor Chrome Limited 
("Samancor") was selected as the successful bidder to acquire the business and 
assets of IFMSA. Samancor subsequently nominated its subsidiary TC Smelters 
Proprietary Limited ("TC Smelters") as the acquirer of the IFMSA business and 
assets. 
 
Pan African is now pleased to announce that it has reached an agreement (the 
"Agreement") with TC Smelters.  The Agreement allows, inter alia, for the 
assignment of the TTA to TC Smelters.  The Agreement further clarifies a number 
of the provisions contained in the TTA, and will become effective at the same 
time as the IFMSA and TC Smelters sale of business agreement. 
 
Even though the Agreement does not guarantee current arising feedstock to 
Phoenix (this will be dependent on the manner in which TC Smelters utilises the 
IFMSA assets), it places Phoenix in a position where it will continue 
operations under similar conditions as those that existed prior to the Business 
Rescue proceedings. It also ensures that Phoenix's operations and interests are 
safeguarded.  As previously stated, Phoenix also has alternative sources of 
feedstock, which it processed during the Business Rescue proceedings. 
 
For further information on Pan African, please visit the Company's website at 
www.panafricanresources.com 
 
19 July 2016 
 
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 
London 
EC2V 6DN 
United Kingdom 
 
Office: +44 (0) 20 7796 8644 
Facsimile: +44 (0) 20 7796 8645 
 
Cobus Loots                                                          Deon Louw 
Pan African Resources PLC                                    Pan African 
Resources PLC 
Chief Executive Officer                                           Financial 
Director 
Office: +27 (0)11 243 2900                                      Office: +27 (0) 
11 243 2900 
 
Phil Dexter                                                            John 
Prior / Paul Gillam / James Black 
St James's Corporate Services Limited                    Numis Securities 
Limited 
Company Secretary                                                Nominated 
Adviser & Joint Broker 
Office: +44 (0)20 7796 8644                                    Office: +44 (0) 
20 7260 1000 
 
Sholto Simpson                                                     Matthew 
Armitt / Ross Allister 
One Capital                                                           Peel Hunt 
LLP 
JSE Sponsor                                                         Joint 
Broker 
Office: +27 (0)11 550 5009                                      Office: +44 (0) 
020 7418 8900 
 
Julian Gwillim                                                         Daniel 
Thöle/Aarti Iyer 
Aprio Strategic Communications                              Bell Pottinger PR 
 
Public & Investor Relations SA                                Public & Investor 
Relations UK 
Office: +27 (0)11 880 0037                                      Office: +44 (0) 
20 3772 2500 
 
Jeffrey Couch / Neil Haycock / Thomas Rider 
BMO Capital Markets Limited 
Joint Broker 
Office: +44 (0)20 7236 1010 
 
www.panafricanresources.com 
 
 
 
END 
 

(END) Dow Jones Newswires

July 19, 2016 06:00 ET (10:00 GMT)

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