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PAF Pan African Resources Plc

26.35
-0.70 (-2.59%)
19 Jul 2024 - Closed
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
  -0.70 -2.59% 26.35 26.30 26.40 27.05 26.35 27.05 1,446,658 16:29:55
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 321.61M 60.74M 0.0317 8.31 518.41M

Pan African Resources Plc - Pan African Concludes Five-Year Wage Agreement at Barberton Mines and Maturation of the Barberton Mines' Employee Share Ownership Plan (ESOP)

04/06/2024 7:00am

UK Regulatory


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Pan African Resources Plc - Pan African Concludes Five-Year Wage Agreement at Barberton Mines and Maturation of the Barberton Mines' Employee Share Ownership Plan (ESOP)

PR Newswire

Pan African Resources PLC

(Incorporated and registered in England and Wales under the Companies Act 1985 with registered number 3937466 on 25 February 2000)

Share code on AIM: PAF

Share code on JSE: PAN

ISIN: GB0004300496

ADR ticker code: PAFRY

(“Pan African” or the “Company” or the “Group”)

 

Pan African Resources Funding Company Limited

Incorporated in the Republic of South Africa with limited liability

Registration number: 2012/021237/06

Alpha code: PARI

 

PAN AFRICAN CONCLUDES FIVE-YEAR WAGE AGREEMENT AT BARBERTON MINES AND MATURATION OF THE BARBERTON MINES’ EMPLOYEE SHARE OWNERSHIP PLAN (ESOP)

Pan African is pleased to inform shareholders and noteholders that the Company has concluded a milestone five-year wage agreement (“the Agreement”) for wage increases and other conditions of service with the National Union of Mineworkers (NUM), the representative union for Category 4 to 8 bargaining unit employees, at its Barberton Mines operations. The agreed increases for the period 1 June 2024 to 30 June 2029 amounts to an average annual increase of approximately 5.3% per annum over the five-year period.

 

The current five-year wage agreement with UASA (the other representative union at Barberton Mines), entered into in 2021, is valid for another two years, until 30 June 2026. The agreement provides for an increase of 5.0% or CPI, whichever is higher, capped at 6%. This agreement affords the parties a once-off option to re-negotiate these increases, in the event of CPI being lower than 4% or higher than 7.5%.

 Maturation of Barberton Mines’ ESOP scheme

 

The maturation of this ESOP scheme has realised meaningful benefits for qualifying employees over its life.  

 

The scheme was destined to mature on 30 June 2024, after a ten-year term, but an early settlement of the scheme, at 31 March 2024, was negotiated with employees and unions. Qualifying employees received dividends of more than R40 million during the scheme's tenor, with the final maturity benefits paid to employees during May 2024.

 

More than 2,200 employees qualified to receive final maturity payments, with payments dependent on the number of completed years of service.

 

Pan African CEO Cobus Loots commented:

 

“We are pleased to have entered into multi-year wage agreements at Barberton Mines, which will ensure stability in labour relations at this operation over the coming years. The maturation of Barberton’s ESOP has also realised tangible benefits to all its participants.”

 

 

Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.

Rosebank

4 June 2024

 

 

For further information on Pan African, please visit the Company's website at

www.panafricanresources.com

 

Corporate information

Corporate office

The Firs Building

2nd Floor, Office 204

Cnr. Cradock and Biermann Avenues

Rosebank, Johannesburg

South Africa

Office: + 27 (0)11 243 2900

info@paf.co.za

Registered office

2nd Floor

107 Cheapside

London

EC2V 6DN

United Kingdom

Office: + 44 (0)20 7796 8644

info@paf.co.za

Chief executive officer 

Cobus Loots     

Office: + 27 (0)11 243 2900                                          

Financial director and debt officer

Deon Louw     

Office: + 27 (0)11 243 2900                                         

Head: Investor relations

Hethen Hira
Tel: + 27 (0)11 243 2900
E-mail: hhira@paf.co.za

Website: www.panafricanresources.com

Company secretary

Jane Kirton

St James's Corporate Services Limited

Office: + 44 (0)20 7796 8644

Nominated adviser and joint broker

Ross Allister/Georgia Langoulant

Peel Hunt LLP

Office: +44 (0)20 7418 8900

JSE Sponsor and JSE debt sponsor

Ciska Kloppers

Questco Corporate Advisory Proprietary Limited

Office: + 27 (0)11 011 9200

Joint broker

Thomas Rider/Nick Macann

BMO Capital Markets Limited

Office: +44 (0)20 7236 1010

 

Joint broker

Matthew Armitt/Jennifer Lee

Joh. Berenberg, Gossler & Co KG

Office: +44 (0)20 3207 7800

 




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