Pan African Resources Plc Disposal of Phoenix Platinum Mining Proprietary Limited

 
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 "Group") 
 
DISPOSAL OF PHOENIX PLATINUM MINING PROPRIETARY LIMITED ("PHOENIX PLATINUM") TO 
SYLVANIA PLATINUM LIMITED ("SYLVANIA") 
 
Pan African is pleased to announce that the Group has successfully concluded a 
conditional agreement with Sylvania, whereby Pan African will dispose of all of 
its shares and loan accounts in its wholly-owned subsidiary Phoenix Platinum to 
Sylvania for a total cash consideration of R89 million  (the "Transaction"). 
 
The Transaction provides Pan African with an opportunity to meet the following 
strategic objectives: 
 
  * Focus on core assets and value accretive growth opportunities: The 
    Transaction will enable Pan African management to focus on the Group's 
    existing gold operations, the construction of the Elikhulu project and 
    other organic and acquisitive growth opportunities; and 
  * Further improved financial position: The cash proceeds of R89 million, 
    payable on Transaction closure, will further strengthen the Group's 
    financial position and supplement the Group's existing cash resources and 
    debt facilities. 
 
The Transaction is conditional upon the conclusion of a confirmatory due 
diligence and other suspensive conditions customary for a transaction of this 
nature. The Transaction is expected to be finalised within a 90 day timeframe 
from the date of this announcement. 
 
The Transaction falls below the threshold for categorisation in terms of the 
JSE Limited Listings Requirements and this announcement is provided for 
information purposes only. 
 
CEO STATEMENT 
 
Cobus Loots, the Chief Executive Officer of Pan African, commented:  "The 
disposal of Phoenix Platinum, which for some time has been non-core to Pan 
African, enables us to further strengthen our financial position and to focus 
on our large gold operations and the construction of the Elikhulu project." 
 
By order of the Board 
 
Johannesburg 
 
30 July 2017 
 
Contact information 
 
 
Corporate Office                      Registered Office 
The Firs Office Building              Suite 31, Second Floor 
1st Floor, Office 101                 107 Cheapside 
Cnr. Cradock and Biermann Avenues     London 
Rosebank, Johannesburg                EC2V 6DN 
South Africa                          United Kingdom 
Office:  + 27 (0) 11 243 2900         Office:  + 44 (0) 207 796 8644 
Facsimile: + 27 (0) 11 880 1240       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 Limited Numis Securities Limited 
Company Secretary                     Nominated Adviser and Joint Broker 
Office: + 44 (0) 207 796 8644         Office: [phone] 
 
 
Sholto Simpson                        Matthew Armitt / Ross Allister 
One Capital                           Peel Hunt LLP 
JSE Sponsor                           Joint Broker 
Office: + 27 (0) 11 550 5009          Office: [phone] 
 
 
Julian Gwillim                        Jeffrey Couch/Neil Haycock/Thomas 
Aprio Strategic Communications        Rider 
Public & Investor Relations SA        BMO Capital Markets Limited 
Office: [phone]            Joint Broker 
                                      Office: [phone] 
 
 
Bobby Morse/Chris Judd 
Buchanan Communications 
Public & Investor Relations UK 
Office: [phone] 
 
http://www.panafricanresources.com/ 
 
 
 
END 
 

(END) Dow Jones Newswires

July 31, 2017 02:15 ET (06:15 GMT)