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Response to International Ferro Metals Limited announcement regarding Business Rescue
Pan African Resources PLC
("Pan African")
(Incorporated and registered in England and Wales under Companies Act 1985
with registered number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
27 August 2015
RESPONSE TO INTERNATIONAL FERRO METALS LIMITED ANNOUNCEMENT REGARDING BUSINESS
RESCUE
Pan African shareholders are referred to the regulatory announcement
published on 26 August 2015 by International Ferro Metals Limited (“IFL”),
whereby IFL announced that as a result of deteriorating business
conditions, its South African subsidiary, International Ferro Metals (SA)
Pty Limited (“IFMSA”), has entered into Business Rescue. Business Rescue
is a statutory means of enabling a financially distressed company to
continue business, under the supervision of a Business Rescue Practitioner,
protected from its creditors.
Pan African’s wholly-owned subsidiary, Phoenix Platinum Mining
(Proprietary) Limited (“Phoenix”), is situated on the IFMSA property, and a
portion of the feedstock for the Phoenix operation (currently approximately
20%) is obtained from tailings arising from IFMSA’s current processing
activities. Phoenix is not solely reliant on material from IFMSA, and has
alternative sources of feedstock.
Phoenix also sources electricity, water and certain other services from
IFMSA.
At this stage, Phoenix is not in a position to fully assess the impact of
the Business Rescue proceedings referred to above on Phoenix’s operations.
Phoenix and Pan African will work closely with the IFMSA Business Rescue
Practitioner to ensure that the operations and interests of Phoenix are
safeguarded, which includes the services currently provided by IFMSA. All
stakeholders will be kept informed as these discussions progress.
For the half year ended December 2014, Phoenix contributed approximately 7%
to Pan African’s profit after tax.
For further information on Pan African Resources plc, please visit the
Company’s website at www.panafricanresources.com
Contact Details
Corporate Office
The Firs Office Building
1st Floor, Office 101
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office: + 27 (0) 11 243 2900
Facsmile: + 27 (0) 11 880 1240
1
Registered Office
Suite 31
Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Office: + 44 (0) 207 796 8644
Facsmile: + 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 / James Black
St James's Corporate Services Limited Numis Securities Limited
Company Secretary Nominated Adviser and Joint Broker
Office: + 44 (0)207 796 8644 Office: +44 (0)207 260 1000
Nigel Gordon Sholto Simpson
Fasken Martineau LLP One Capital
Solicitors in the UK JSE Sponsor
Office: +44 (0)207 917 8500 Office: + 27 (0)11 550 5009
Julian Gwillim Daniel Thole
Aprio Strategic Communications Bell Pottinger PR
Public & Investor Relations SA Public & Investor Relations UK
Office: +27 (0)11 880 0037 Office: + 44 (0)203 772 2500
Matthew Armitt / Ross Allister
Peel Hunt LLP
Joint Broker
Office: +44 (0)020 7418 8900
www.panafricanresources.com
2
Date: 27/08/2015 09:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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