ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

PAF Pan African Resources Plc

22.55
0.65 (2.97%)
Last Updated: 16:20:58
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pan African Resources Plc LSE:PAF London Ordinary Share GB0004300496 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.65 2.97% 22.55 22.45 22.55 22.60 21.50 21.90 3,799,275 16:20:58
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 321.61M 60.74M 0.0317 7.10 431.21M

Pan African Resources PLC Result of Placing

12/04/2017 4:07pm

UK Regulatory


 
TIDMPAF 
 
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS NOT FOR PUBLICATION, 
RELEASE, DISSEMINATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN 
PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER 
JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. 
 
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF 
AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF THE SECURITIES REFERRED TO 
HEREIN, IN OR INTO ANY JURISDICTION WHERE SUCH OFFER, SOLICITATION OR SALE 
WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES 
LAWS OF ANY SUCH JURISDICTION. 
 
                           Pan African Resources PLC 
 
                     ("PAF", the "Company" or the "Group") 
 
                                 AIM Code: PAF 
 
                                 JSE Code: PAN 
 
                              ISIN: GB0004300496 
 
                               Result of Placing 
 
Pan African Resources PLC, the Africa-focused precious metals producer, is 
pleased to announce that, following the announcement earlier today regarding 
the launch of a proposed placing (the "Placing"), it has successfully placed 
291,480,983 new ordinary shares of 1 pence each (the "Placing Shares") at an 
issue price of 14 pence per Placing Share or ZAR2.42 per Placing Share 
(together, the "Issue Price") raising gross proceeds of ZAR705 million (US$51 
million). 
 
The net proceeds of the Placing will be used in conjunction with a ZAR1.0 
billion (US$72.3 million) underwritten seven-year debt facility which has been 
agreed in principle with Rand Merchant Bank, a division of FirstRand Bank 
Limited ("RMB facility"), to fast-track development of the Company's Elikhulu 
Tailings Project in South Africa ("Elikhulu" or the "Project") following 
publication of the Definitive Feasibility Study for the Project announced on 5 
December 2016. 
 
Cobus Loots, Chief Executive Officer of PAF, commented: 
 
"We are grateful for the support we have received from new and existing 
investors for the Placing. The Elikhulu project is expected to deliver a robust 
return on investment and diversify the Company's production portfolio." 
 
The Placing was conducted by way of an accelerated bookbuilding process. Numis 
Securities Limited ("Numis"), Hannam & Partners (Advisory) LLP ("H&P") and Peel 
Hunt LLP ("Peel Hunt") acted as the UK placing agents and The Standard Bank of 
South Africa Limited ("Standard Bank") and Rand Merchant Bank, a division of 
FirstRand Bank Limited ("RMB") acted as the South African placing agents in 
connection with the Placing. 
 
The Issue Price represents discounts of approximately 12.5 percent and 11.0 
percent to the Company's share price of 16 pence per share and ZAR2.72 per 
share respectively as at market close on 11 April 2017, being the last business 
day prior to the launch of the Placing. 
 
Application will be made for the Placing Shares to be admitted to trading on 
AIM, a market operated by the London Stock Exchange and the Johannesburg Stock 
Exchange, an exchange operated by JSE Limited, which is expected to occur on or 
around 19 April 2017. 
 
Following Admission, the Company will have 2,234,687,537 Ordinary Shares in 
issue of which 436,358,058 are held by PAR Gold Proprietary Limited and are 
treated as treasury shares on consolidation. The total number of voting rights 
of the Company will be 2,234,687,537 and this figure may be used by 
shareholders as the denominator for the calculations by which they will 
determine if they are required to notify their interest in, or a change to 
their interest in, the Company. 
 
This announcement contains inside information which is disclosed in accordance 
with the Market Abuse Regulation. 
 
Unless otherwise defined herein, terms are as defined in the announcement made 
earlier today. 
 
Contact information 
 
Corporate Office                    Registered Office 
The Firs Office Building            Suite 31 
1st Floor, Office 101               Second Floor 
Cnr. Cradock and Biermann Avenues   107 Cheapside 
Rosebank, Johannesburg              London 
South Africa                        EC2V 6DN 
Office: + 27 (0) 11 243 2900        United Kingdom 
Facsimile: + 27 (0) 11 880 1240     Office: + 44 (0) 207 796 8644 
                                    Facsimile: + 44 (0) 207 796 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 
St James's Corporate Services       Numis Securities Limited 
Limited                             Nominated Adviser, Joint Broker and Joint 
Company Secretary                   Bookrunner 
Office: + 44 (0) 207 796 8644       Office: +44 (0) 20 7260 1000 
 
Sholto Simpson                      Matthew Armitt / Ross Allister 
One Capital                         Peel Hunt LLP 
JSE Sponsor                         Joint Broker and Joint Bookrunner 
Office: + 27 (0) 11 550 5009        Office: +44 (0) 207 418 8900 
 
Jeffrey Couch/Neil Haycock/Thomas   Andrew Chubb / Arabella Burwell 
Rider                               Hannam and Partners (Advisory) LLP 
BMO Capital Markets Limited         Financial Adviser and Joint Bookrunner 
Joint Broker                        Office: +44 (0) 207 907 8500 
Office: +44 (0) 207 236 1010 
 
Bobby Morse/Chris Judd              Sandra du Toit / Richard Stout 
Buchanan Communications             The Standard Bank of South Africa Limited 
Public & Investor Relations UK      Transaction Sponsor and Joint Bookrunner 
Office: + 44 (0) 207 466 5000       Office: +27 11 344 5414 
 
Julian Gwillim                      Julian Grieve / Irshaad Paruk 
Aprio Strategic Communications      FirstRand Bank Limited (Rand Merchant 
Public & Investor Relations SA      Bank division) 
Office: +27 (0)11 880 0037          Joint Bookrunner 
                                    Office: +27 11 282 8000 
 
For more information, please visit www.panafricanresources.com 
 
Important Information 
 
This Announcement contains forward-looking statements, including but not 
limited to statements about the costs of, and the Company's ability to 
successfully construct, commission and execute, the Project. By their nature, 
forward-looking statements involve risks and uncertainties because they relate 
to events and depend on circumstances that may or may not occur in the future 
and therefore are based on current beliefs and expectations about future 
events. Forward-looking statements are not guarantees of future performance and 
the Group's actual operating results and financial condition, and the 
development of the industry in which it operates may differ materially from 
those made in or suggested by the forward-looking statements contained in this 
announcement. In addition, even if the Group's operating results, financial 
condition and liquidity, and the development of the industry in which the Group 
operates are consistent with the forward-looking statements contained in this 
announcement, those results or developments may not be indicative of results or 
developments in subsequent periods. Accordingly, prospective investors should 
not rely on these forward-looking statements. The Company disclaims any 
intention or obligation to update or revise any forward-looking statements, 
whether as a result of new information, future events or otherwise. None of the 
Company, the Directors or the Bookrunners undertake any obligation nor do they 
intend to revise or update any document unless required to do so by applicable 
law, the Prospectus Rules, the Disclosure Requirements or the Transparency 
Rules. 
 
This Announcement has been issued by, and is the sole responsibility of, the 
Company. No representation or warranty, express or implied, is or will be made 
as to, or in relation to, and no responsibility or liability is or will be 
accepted by the Bookrunners or by any of their respective affiliates or agents 
as to or in relation to, the accuracy or completeness of this announcement or 
any other written or oral information made available to or publicly available 
to any interested party or its advisers, and any liability therefore is 
expressly disclaimed. 
 
Numis, H&P and Peel Hunt, each of which is authorised and regulated in the 
United Kingdom by the Financial Conduct Authority ("FCA"), are each acting 
exclusively for the Company and no one else in connection with the Placing, and 
will not regard any other person (whether or not a recipient of this document) 
as a client in relation to the Placing, and will not be responsible to anyone 
other than the Company for providing the protections afforded to their 
respective clients, nor for providing advice, in relation to the Placing or any 
other matter referred to in this Announcement. 
 
RMB and Standard Bank are each acting exclusively for the Company and no one 
else in connection with the Placing, and will not regard any other person 
(whether or not a recipient of this document) as a client in relation to the 
Placing, and will not be responsible to anyone other than the Company for 
providing the protections afforded to their respective clients, nor for 
providing advice, in relation to the Placing or any other matter referred to in 
this Announcement. 
 
Apart from the responsibilities and liabilities, if any, which may be imposed 
on the Bookrunners by the Financial Service and Markets Act 2000, as amended, 
or the regulatory regime established thereunder, or by the London Stock 
Exchange or the AIM Rules for Companies and AIM Rules for Nominated Advisers, 
or under the regulatory regime of any jurisdiction where exclusion of liability 
under the relevant regulatory regime would be illegal, void or unenforceable, 
none of the Bookrunners, nor any of their respective affiliates, directors, 
officers, employees or advisers accepts any responsibility whatsoever for, or 
makes any representation or warranty, express or implied, as to, the contents 
of this announcement, including its accuracy or completeness, or for any other 
statement made or purported to be made by it, or on behalf of it, the Company, 
the Directors or any other person, in connection with the Company, the New 
Ordinary Shares and the Placing, and nothing in this document should be relied 
upon as a promise or representation in this respect, whether or not to the past 
or future. Each of the Bookrunners and their respective affiliates, directors, 
officers, employees and advisers accordingly disclaims to the fullest extent 
permitted by law all and any responsibility or liability whatsoever, whether 
arising in tort, contract or otherwise (save as referred to above), which it 
might otherwise have in respect of this Announcement or any such statement. 
 
The distribution of this Announcement and the offering of the New Ordinary 
Shares in certain jurisdictions other than the United Kingdom and the Republic 
of South Africa may be restricted by law. Subject to certain exceptions, no 
action has been taken by the Company or the Bookrunners that would permit an 
offering of the New Ordinary Shares or possession or distribution of this 
Announcement or any other offering or publicity material relating to such 
shares in the Excluded Territories or in any other jurisdiction where action 
for that purpose is required. Persons into whose possession this announcement 
comes are required by the Company, and the Bookrunners to inform themselves 
about, and to observe, any such restrictions. 
 
Statements contained in this Announcement regarding past trends or activities 
should not be taken as a representation that such trends or activities will 
continue in the future. 
 
No statement in this Announcement is or is intended to be a profit forecast or 
profit estimate or to imply that the earnings of the Company for the current or 
future financial years will necessarily match or exceed the historical or 
published earnings of the Company. The price of shares and the income from them 
may go down as well as up and investors may not get back the full amount 
invested on disposal of the shares. 
 
Neither the content of the Company's website nor any website accessible by 
hyperlinks on the Company's website is incorporated in, or forms part of, this 
Announcement. 
 
 
 
END 
 

(END) Dow Jones Newswires

April 12, 2017 11:07 ET (15:07 GMT)

1 Year Pan African Resources Chart

1 Year Pan African Resources Chart

1 Month Pan African Resources Chart

1 Month Pan African Resources Chart

Your Recent History

Delayed Upgrade Clock