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Disposal of Phoenix Platinum Mining Proprietary Limited to Sylvania Platinum Limited
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” or the “Group”)
DISPOSAL OF PHOENIX PLATINUM MINING PROPRIETARY LIMITED (“PHOENIX PLATINUM”) TO SYLVANIA PLATINUM LIMITED (“SYLVANIA”)
Pan African is pleased to announce that the Group has successfully concluded a conditional agreement with
Sylvania, whereby Pan African will dispose of all of its shares and loan accounts in its wholly-owned subsidiary
Phoenix Platinum to Sylvania for a total cash consideration of R89 million (the “Transaction”).
The Transaction provides Pan African with an opportunity to meet the following strategic objectives:
- Focus on core assets and value accretive growth opportunities: The Transaction will enable Pan
African management to focus on the Group’s existing gold operations, the construction of the Elikhulu
project and other organic and acquisitive growth opportunities; and
- Further improved financial position: The cash proceeds of R89 million, payable on Transaction
closure, will further strengthen the Group’s financial position and supplement the Group’s existing
cash resources and debt facilities.
The Transaction is conditional upon the conclusion of a confirmatory due diligence and other suspensive
conditions customary for a transaction of this nature. The Transaction is expected to be finalised within a 90
day timeframe from the date of this announcement.
The Transaction falls below the threshold for categorisation in terms of the JSE Limited Listings Requirements
and this announcement is provided for information purposes only.
CEO STATEMENT
Cobus Loots, the Chief Executive Officer of Pan African, commented: “The disposal of Phoenix Platinum, which
for some time has been non-core to Pan African, enables us to further strengthen our financial position and to
focus on our large gold operations and the construction of the Elikhulu project.”
By order of the Board
Johannesburg
31 July 2017
Contact information
Corporate Office Registered Office
The Firs Office Building Suite 31, Second Floor
1st Floor, Office 101 107 Cheapside
Cnr. Cradock and Biermann Avenues London
Rosebank, Johannesburg EC2V 6DN
South Africa United Kingdom
Office: + 27 (0) 11 243 2900 Office: + 44 (0) 207 796 8644
Facsimile: + 27 (0) 11 880 1240 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 Limited Numis Securities Limited
Company Secretary Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644 Office: +44 (0) 20 7260 1000
Sholto Simpson Matthew Armitt / Ross Allister
One Capital Peel Hunt LLP
JSE Sponsor Joint Broker
Office: + 27 (0) 11 550 5009 Office: +44 (0) 207 418 8900
Julian Gwillim Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications BMO Capital Markets Limited
Public & Investor Relations SA Joint Broker
Office: +27 (0)11 880 0037 Office: +44 (0) 207 236 1010
Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000
www.panafricanresources.com
Date: 31/07/2017 08:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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