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

 
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 Resources" or the "Company" or the "Group") 
 
   DISPOSAL OF PAN AFRICAN RESOURCES SHARES BY PAR GOLD PROPRIETARY LIMITED 
 
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              1 928 329 479 
calculations going forward: 
 
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 http://www.panafricanresources.com/ 
 
31 May 2018 
 
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 
 
Cobus Loots                                 Deon Louw 
Pan African Resources PLC                   Pan African Resources PLC 
Chief Executive Officer                     Financial Director 
Office: + 27 (0) 11 243                     Office: + 27 (0) 11 243 2900 
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                              Ross Allister/James Bavister/David 
One Capital                                 McKeown 
JSE Sponsor                                 Peel Hunt LLP 
Office: + 27 (0) 11 550 5009                Joint Broker 
                                            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 Buchanan 
Public & Investor Relations UK 
Office: [phone] 
Email: [e-mail] 
 
Website: www.panafricanresources.com 
 
 
 
END 
 

(END) Dow Jones Newswires

May 31, 2018 02:00 ET (06:00 GMT)