Pan African Resources Plc Fulfilment of conditions precedent Uitkomst Colliery

 
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") 
 
FULFILMENT OF ALL CONDITIONS PRECEDENT TO THE SALE OF UITKOMST COLLIERY 
 
Further to the announcement published on 5 April 2017, Pan African is pleased 
to announce that all conditions precedent to the disposal of 100% of the shares 
and loan accounts in Pan African Resources Coal Holdings Proprietary Limited 
("PAR Coal") ("the Transaction") have now been fulfilled. This follows Uitkomst 
Colliery Proprietary Limited ("Uitkomst") having entered into a supply of coal 
agreement on terms acceptable to Coal of Africa Limited ("CoAL"). 
 
As a result, the effective date of the Transaction will be 30 June 2017 
("Effective Date"), when CoAL will take ownership, control and management of 
PAR CoAL and Uitkomst and Pan African will receive its consideration which will 
be settled as follows: 
 
  * R125 million in cash on the Effective Date. 
  * R125 million through the issue of 261,287,625 new ordinary shares in CoAL 
    on the Effective Date. 
  * R25 million in deferred consideration (the "Deferred Consideration"). The 
    Deferred Consideration may be paid by CoAL at any time prior to the second 
    anniversary of the Effective Date. The Deferred Consideration will bear 
    interest at the South African prime overdraft rate from the Effective Date. 
    If the Deferred Consideration and any interest accrued thereon is not paid 
    to Pan African by the second anniversary of the Effective Date, Pan African 
    may elect to have the amount due to it settled through the issue of new 
    CoAL ordinary shares at a price per share equal to the 30-day volume 
    weighted average price of a CoAL ordinary share as traded on the exchange 
    operated by the JSE prevailing on the last trading day immediately prior to 
    the date that such election is made. 
 
By order of the Board 
Johannesburg 
26 June 2017 
 
 
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 
Company Secretary                   Office: [phone] 
Office: + 44 (0) 207 796 8644 
 
 
Sholto Simpson                      Matthew Armitt / Ross Allister 
One Capital                         Peel Hunt LLP 
JSE Sponsor                         Joint Broker 
Office: + 27 (0) 11 550 5009        Office: [phone] 
 
 
Jeffrey Couch/Neil Haycock/Thomas   Bobby Morse/Chris Judd 
Rider                               Buchanan Communications 
BMO Capital Markets Limited         Public & Investor Relations UK 
Joint Broker                        Office: + 44 (0) 207 466 5000 
Office: [phone] 
 
 
Julian Gwillim                      Marius Saaiman 
Aprio Strategic Communications      M Squared Resources 
Public & Investor Relations SA      Transaction advisor 
Office: [phone]          Office: [phone] 
 
 
 
END 
 

(END) Dow Jones Newswires

June 26, 2017 02:00 ET (06:00 GMT)