Pan African Resources Dividends - PAF

Pan African Resources Dividends - PAF

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Pan African Resources Plc PAF London Ordinary Share GB0004300496 ORD 1P
  Price Change Price Change % Stock Price Last Trade
-0.20 -1.14% 17.35 16:35:08
Open Price Low Price High Price Close Price Previous Close
17.60 16.60 17.60 17.35 17.55
more quote information »
Industry Sector
MINING

Pan African Resources PAF Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount
22/11/2013FinalGBX0.830/06/201230/06/201304/12/201306/12/201320/12/20130.8
15/11/2010FinalGBX0.3730/06/200930/06/201001/12/201003/12/201010/12/20100.37

Top Dividend Posts

DateSubject
01/3/2021
15:46
ih_228024: Is Pan African Resources (LON:PAF) A Risky Investment? By Simply Wall St Published February 25, 2021 hxxps://simplywall.st/stocks/gb/materials/aim-paf/pan-african-resources-shares/news/is-pan-african-resources-lonpaf-a-risky-investment then another year of debt-free
23/2/2021
15:30
risa5: PAF fundamentals are sound, results came out on Feb 16 unfortunately on the same day gold dropped by about $50 and has not fully recovered yet but some may have panicked by this drop and it may also have triggered stop losses from 20p downwards. PAF aisc is currently about $1100 but they are trying to bring it down to under $1000 so they are making a lot of profit and are not hedged. It is just a bargain atm, buy when blood on the street...
16/2/2021
08:29
risa5: Pan African passes up chance of interim dividend, but hopes high for record year-end payout PAN African Resources intended to pay an improved year-end dividend in lieu of having passed up the chance to sanction an interim payout – a development that had disappointed some people, said Cobus Loots, CEO of the gold producer. “There was a discussion about an interim dividend but the board just decided it was better to continue deleveraging; get it [debt] down to almost nothing, and then pay an interim dividend the year after,” he said. Loots was commenting after the firm’s half-year results presentation in which it reported an 81.5% lift in share earnings of $2.11 cents per share (2019: $1.13c/share). This was owing to the vastly improved rand gold price which helped offset losses from having sold gold in a hedging contract below the spot price. The hedge book was now worked out, said Loots who also clarified a comment he made during his presentation in which he alluded to possibly exceeding the firm’s 190,000 ounces production guidance for the year. “I can’t be definitive because that would be updating guidance, but you can do the numbers. If we bring an improvement at Evander 8 Shaft, and have another six months like the previous …,” he said. That would take production comfortably over 200,000 oz given that Pan African produced 98,386 oz in the first half of its year. Evander 8 Shaft is an underground project at its Mpumalanga province Evander Gold Mines. It ran into technical difficulties during the six months ended December, but an improvement is now a major thrust in the second half of the financial year. One of the main features of Pan African’s half-year numbers was the reduction in net debt which was reduced 47.3% to $65.2m. Realised hedge losses totalled $6.7m in the period which contributed towards an increase in all-in sustaining costs (AISC) for the period of $1,252 per ounce. Pan African is aiming for an AISC of less than $1,000/oz. Pan African has plans to take production to beyond 250,000 oz/year once it has commissioned Egoli, an R1.2bn brownfield underground development project, scoped to produce 70,000 ounces annually. The company is also considering the R2bn to R3bn development of Mintails, a gold waste deposition site west of Johannesburg. It has an R50m option over the properties which it said today would be subject to a due diligence that has been extended to January 2022. “It was extended because the provisional liquidator, with whom we’ve got a good relationship, ran into regulatory delays,” said Loots. “It is an option but it’s also an asset with a chequered history, to be kind.” The company paid the full-year dividend, announced in September, of $17.8m in December – a record level as seen in rands – compared to $2.9m in 2019. https://www.miningmx.com/top-story/45250-pan-african-reports-85-leap-in-interim-share-earnings-despite-hedge-book-losses/
21/1/2021
10:31
hjs: PAF will start moving prior to Interims on 16 Feb 2021. IMO they will declare a good set of results with an increase of production and an interim dividend which will push the share price higher. With gold price over $1850, the expected 2021 net debt will drop drastically to around £12.5m. I am expecting an interim dividend of 0.3p and a full year of 1.0p. With the good outcome of new gold find, PAF will pass the 31p imo. This is not a recommendation so please do your own due diligence.
05/12/2020
04:05
coincall: risa5, I am due a call from Link - still waiting after 1 week! regarding the dividend tax declaration, (investors see below notes from last rns 26/11/2020). It's too late to ask for this to be put in place for this dividend but for next year I think the dividend will be well worth applying the declaration. I have told Link they may well be hearing from other PAF shareholders so if others are interested in doing the same it will all help. the phone number to use is 0371 664 0300 or email to... shareholder.services@linkgroup.co.uk * The South African dividends tax rate is 20% per ordinary share for shareholders who are liable to pay the dividends tax, resulting in a net dividend of 11.20000 ZA cents per share 0.55086 pence per share and US 0.73684 cents per share for these shareholders. Foreign investors may qualify for a lower dividend tax rate, subject to completing a dividend tax declaration and submitting it to Computershare Investor Services Proprietary Limited or Link Asset Services who manage the SA and UK register, respectively. The Company's South African income tax reference number is 9154588173. The dividend will be distributed from South African income reserves. The proposed dividend will be paid out of the company's retained earnings, without drawing on any other capital reserves.
16/9/2020
13:45
risa5: John’s Mining Journal: Pan African Resources – to sell or not to sell? By John Cornford 16 September 2020 With gold on, possibly, a bit of a plateau, or even at what some investors might think is a peak, they might be thinking of re-deploying their profits from my gold coverage. But from which stock? Pan African Resources (LON:PAF) (market cap £463m @24p) is definitely not one to sell, even though the price is down 15% since the end of July – when at 27.5p they had surged 150% above my buy recommendation a year ago. Full results for the year to June will have just been published when you read this but were flagged by the company on 1st September. On about the same volume as last year, PAF’s gold sales were 26% higher, producing underlying earnings per share 87% ahead, with company debt halved throughout the year’s second half. These results were better than expected only a few months ago, and better than forecast by Edison, which follows the company in more detail than I can (they get paid to do it by PAF after all, and are more reliable than some other ‘paid-for’ researchers I could name). No doubt a few traders took their profit at that point, but the shares now look as though ready to resume their up-trend, if only because, on Edison’s forecast of earnings per share of 16 cents, the forward PER at 24p is less than two. Not only that, but Edison is also forecasting a 1.5 cent dividend (1.15p) to deliver a 4.8% yield. Admittedly that is less than the 11% that was behind my strong recommendation a year ago, but it is highly likely to continue to increase when the company’s planned re-opening of the refurbished Egoli project (which it acquired along with Evander Mines – which initially proved disappointing – in 2013) starts producing in three years’ time. It will add 38% to PAF’s current gold output at an above average profit margin, while PAF’s solidly existing high-grade Barberton Mines continues to extend its already long life to at least another 15-20 years. So, Pan African Resources is not dependent on gold continuing strong. It shouldn’t be sold. Https://masterinvestor.co.uk/equities/johns-mining-journal-pan-african-resources-to-sell-or-not-to-sell/
16/9/2020
06:49
risa5: Wed 16 Sep 2020 07:00 Provisional summarised audited results for the year ended 30 June 2020 – SHORT FORM ANNOUNCEMENT KEY FEATURES The Group responded swiftly in implementing stringent policies and protocols to mitigate the impact of the COVID-19 pandemic on its employees and operations Gold production increased by 4.1% to 179,457oz after final refinery adjustments (2019: 172,442oz), exceeding the revised full-year production guidance of 176,000 oz Industry-leading safety performance, both in terms of lost-time injury and reportable injury frequency rates Revenue increased by 25.9% to US$273.7 million (2019: US$217.4 million) Profit after taxation increased by 16.6% to US$44.3 million (2019: US$38.0 million) Headline earnings increased by 93.0% to US$44.2 million (2019: US$22.9 million) Headline earnings per share increased by 92.4% to US 2.29 cents per share (2019: US 1.19 cents per share) Earnings per share increased by 16.8% to US 2.30 cents per share (2019: US 1.97 cents per share) Net cash generated by operating activities increased by 42.7% to US$53.8 million (2019: US$37.7 million) Net senior debt* decreased by 51.9% to US$62.0 million (2019: US$129.0 million) Improved net debt to net adjusted EBITDA ratio of 0.7 (2019: 2.2) Low-cost operations (including Elikhulu, BTRP and Barberton Mines’ Fairview Mine) achieved an AISC of US$826/oz for the Reporting Period The development of Evander Mines’ Egoli project has commenced. The project’s payback is estimated at less than five years from inception of construction, with funding provided on a non-dilutive basis by means of a dedicated debt facility Production guidance increased to 190,000oz for the year ending 30 June 2021 The board has proposed a record final dividend of ZAR 312.9 million or approximately US$18.7 million, at prevailing exchange rates, subject to approval by shareholders at the annual general meeting (AGM) (*Net senior debt includes senior interest-bearing debt and the outstanding gold loan balance, net of available cash) CHIEF EXECUTIVE OFFICER’S STATEMENT "Over the past year, our Group's operations demonstrated their resilience, with gold production in excess of the revised guidance for the year ended 30 June 2020 (Reporting Period). This operational performance was achieved despite the impact of the COVID-19 pandemic and the resultant restrictions imposed to curb the spread of the virus – a testament to the robustness and operational flexibility of our diversified portfolio of assets. Gold production from Elikhulu and the Barberton Tailings Retreatment Plant (BTRP), our low-cost surface retreatment operations, have contributed significantly to the profitability of the Group and demonstrated the benefit of multiple producing operations. We are pleased to confirm that we remain firmly on track to deliver into our guided gold production of 190,000oz for the year ending 30 June 2021, a substantial increase compared to the revised production guidance of 176,000oz for the Reporting Period. We successfully levered the Group's operational execution capability to bring Evander Mines' 8 Shaft (8 Shaft) pillar project and the Prince Consort (PC) Shaft's Level 42 development at Barberton Mines’ New Consort Mine into steady-state production, and these operations are now an integral part of our strategy to further reduce costs and increase margins at our underground mines. Our Group's safety performance during the Reporting Period is commendable and we will remain unrelenting in the pursuit of our ultimate goal of zero harm in the years ahead. We are deeply saddened by the fatality that occurred after the Reporting Period, as outlined in the subsequent events section further in the announcement. Pan African’s earnings for the Reporting Period were adversely affected by COVID-19. This impact was however largely offset by the robust gold price and by our ability to expeditiously ramp up gold production, in line with government directives, post the initial hard lockdown period. Despite the impact of COVID-19, we are pleased to report increased earnings for the Group this year. We reduced net debt during the Reporting Period by 41.2% to US$76.4 million (2019: US$129.9 million), which resulted in a significantly improved net debt to net adjusted EBITDA ratioAPM of 0.7 (2019: 2.2). Group all-in sustaining costs (AISC) of US$1,147/oz includes realised hedge losses of US$12.0 million. Excluding these realised losses, the Group’s AISC decreased to US$1,078/oz (2019: US$988/oz), which is more reflective of the actual operational costs and in line with the Group’s targeted AISC of US$1,000/oz. The AISC for the Group’s low-cost operations, comprising Elikhulu, BTRP and Barberton Mines’ Fairview Mine, was US$826/oz for the Reporting Period. We believe the Group is well on track to produce at an AISC of below US$1,000/oz for the 2021 financial year. Our robust operational and financial performance over the past year, together with a positive outlook for the year ahead, has enabled the board to recommend a record dividend of ZAR312.9 million, or US 0.83582 cents per share, for approval by shareholders at the upcoming AGM. The Group will continue to invest in our compelling organic growth projects, most notably the recently announced long-life Egoli project, which capitalises on the substantial existing shaft and plant infrastructure, and is also fully licenced and 'shovel-ready'. We are pleased to announce that following the successful completion of the feasibility study, the Group has obtained credit approval from Rand Merchant Bank for the full debt funding of the project’s capital expenditure. Additional detail on the Egoli project’s development and funding is provided further in the announcement. We have prioritised our environmental, social and governance initiatives, as evidenced by the level of rehabilitation spend for the Reporting Period, and board approval for the implementation of a number of significant and sustainable development projects. These include the 10MW renewable energy solar photovoltaic plant at Elikhulu and a large-scale agriculture project at Barberton Mines. The merits of a similar solar photovoltaic plant are also being considered for Barberton Mines, as well as new agriculture projects on rehabilitated land at Evander Mines. We are acutely conscious of the ongoing impact of the COVID-19 pandemic and will continue to implement stringent preventative and precautionary measures to limit incidences of infection among our employees and in our host communities, and minimise the potential adverse impact of the pandemic on the Group 's operations. In the year ahead, aligned to our strategy of delivering safe, sustainable and high-margin gold production, we will continue to direct our focus on creating shareholder value by optimising our operations, further de-gearing our balance sheet and increasing dividend distributions. Furthermore, we will also continue investing in our host communities to improve the living conditions of these critical stakeholders. My sincere thanks and gratitude to all of the management and employees of Pan African for their contribution to the Group through this difficult time and for ensuring the sustainability of our operations, now and into the future." PROPOSED DIVIDEND FOR THE FINANCIAL YEAR ENDED 30 JUNE 2020 The board has proposed a final dividend of ZAR312.9 million for the 2020 financial year (approximately US$18.7 million), equal to ZA 14.00000 cents per share or approximately US 0.83582 cents per share (0.65451 pence per share). The dividend is subject to approval by shareholders at the AGM, which is convened for Thursday, 26 November 2020. In light of the robust results for the Reporting Period and the favourable financial prospects for the operations in the 2021 financial year, the board has applied its discretion and has proposed a dividend in excess of the Company’s dividend policy’s guidelines, which provide for a 40% payout ratio of net cash generated from operating activities. Assuming shareholders approve the final dividend, the following salient dates would apply: Currency conversion date Thursday, 26 November 2020 Annual General Meeting Thursday, 26 November 2020 Currency conversion announcement released by 11:00 (SA time) Friday, 27 November 2020 Last date to trade on the JSE Tuesday, 1 December 2020 Last date to trade on the LSE Wednesday, 2 December 2020 Ex-dividend date on the JSE Wednesday, 2 December 2020 Ex-dividend date on the LSE Thursday, 3 December 2020 Record date on the JSE and LSE Friday, 4 December 2020 Payment date Tuesday, 15 December 2020 The pound sterling (GBP) and US$ proposed final dividend was calculated based on a total of 2,234,687,537 shares in issue and an illustrative exchange rate of US$/ZAR:16.75 and GBP/ZAR:21.39, respectively. Shareholders on the London register should note that a revised exchange rate will be communicated before approval at the AGM. No transfers between the Johannesburg and London registers, between the commencement of trading on Wednesday, 2 December 2020 and close of business on Friday, 4 December 2020 will be permitted. No shares may be dematerialised or rematerialised between Wednesday, 2 December 2020 and Friday, 4 December 2020, both days inclusive. The South African dividends taxation rate is 20% per ordinary share for shareholders who are liable to pay dividends taxation, resulting in a net dividend of ZA 11.20000 cents per share. Foreign investors may qualify for a lower dividend taxation rate, subject to completing a dividend taxation declaration and submitting it to Computershare Investor Services Proprietary Limited or Link Asset Services, who manage the South African and UK registers, respectively. The Company's South African income taxation reference number is 9154588173. The proposed dividend will be paid out of the Company's retained earnings, without drawing on any other capital reserves.
12/9/2020
18:13
risa5: Finals on Wednesday should have lots of good news on all fronts as well as news on increased dividend which could lift the price much higher... AIM stocks to watch: I think the PAF and APH share prices look promising With the price of gold on a tear, there has never been a better time to be in gold production, I feel. Pan African Resources (LSE:PAF) is a South African gold producer and an AIM stock to watch, in my view. The PAF share price has skyrocketed 99% in the past six months and it now has a market cap of £545m. The company kept things ticking over in a reduced capacity throughout lockdown. But it continues to make strides with revised production guidance for FY21 of 190,000 ounces. And it recently undertook a feasibility study on its Egoli Project, which shows a life of mine of between nine and 15 years, with gold production of 72,000 ounces annually and mining rights in place until 2038. In the meantime, the company already has several other mines producing substantial quantities of the precious metal. Paying down debt The rand/gold price is approaching an all-time high and this could mean Pan African achieving debt-free status before the end of FY21. With a forward EPS of around 16p, and current share price over 24p, the company has a price-to-earnings ratio of 1.5, which makes it a cheap UK stock. Its dividend yield is only 0.5%, but management would like to return to being a sector-leading dividend-payer later this year. Also appealing (and a key issue for future-proofing any business) is the fact that the company is big on safety and strongly committed to Environmental, Social and Governance (ESG) awareness. But operating a mining company in South Africa comes with considerable risk. Covid-19 continues to pose a danger in developing countries, and political strife can wreak havoc. The South African economy is struggling, and the treasury has said it needs to raise an additional R40bn in taxes over the next four years. This could mean Pan African Resources is in for a steep hike in tax payments. For these reasons, the PAF share price is likely to experience volatility. This makes it a share for those with a high risk-tolerance only. But I think it’s an AIM stock to watch nonetheless. https://www.fool.co.uk/investing/2020/09/02/aim-stocks-to-watch-i-think-the-paf-and-aph-share-prices-look-promising/
02/9/2020
20:01
stonedyou: Dividend PAF has reiterated its dividend policy of having a target dividend payout ratio of 40% of net cash generated by operating activities, after allowing for the effect of sustaining capital on cash flow, contractual debt repayments and one-off items. After sustaining the costs related to the Evander underground closure in FY18, the Pan African board elected not to recommend a final dividend for that year. However, it stated that recommencing distributions to shareholders was a priority for the future. This was achieved in FY19 when the board recommended a final dividend of ZAR50m, or c US$3.4m, which equated to ZAR0.022375 or c 0.11725p or 0.15179 US cents per share and which it described as a ‘signal’ of its intent to resume more meaningful distributions to shareholders in the future. As pre-financing cash flows increase, however, at the same time as capex reduces, we believe that there will be ample scope to increase the dividend in future years, notwithstanding the group’s debt repayment schedule. In the first instance, we estimate that this could include a dividend of as much as 1.52c/share (cf 0.72c/share previously) in FY20. If this proves to be correct, then Pan African will once again have a dividend yield well inside the top 10 of the 56 precious metals companies paying dividends to shareholders over the course of the next 12 months (based on either Edison or consensus market forecasts).
28/7/2020
18:42
stonedyou: Dividend PAF has reiterated its dividend policy of having a target dividend payout ratio of 40% of net cash generated by operating activities, after allowing for the effect of sustaining capital on cash flow, contractual debt repayments and one-off items. After sustaining the costs related to the Evander underground closure in FY18, the Pan African board elected not to recommend a final dividend for that year. However, it stated that recommencing distributions to shareholders was a priority for the future. This was achieved in FY19 when the board recommended a final dividend of ZAR50m, or c US$3.4m, which equated to ZAR0.022375 or c 0.11725p or 0.15179 US cents per share and which it described as a ‘signal’ of its intent to resume more meaningful distributions to shareholders in the future. As pre- financing cash flows increase, however, at the same time as capex reduces, we believe that there will be ample scope to increase the dividend in future years, notwithstanding the group’s debt repayment schedule. In the first instance, we estimate that this could include a dividend of as much as 1.52c/share (cf 0.72c/share previously) in FY20. If this proves to be correct, then Pan African will once again have a dividend yield well inside the top 10 of the 56 precious metals companies paying dividends to shareholders over the course of the next 12 months (based on either Edison or consensus market forecasts).
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