PAN AFRICAN RESOURCES PLC - Shanduka shareholding in Pan African

Shanduka shareholding in Pan African

Pan African Resources PLC
("Pan African" or the “Group”)
(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

SHANDUKA SHAREHOLDING IN PAN AFRICAN

Pan African shareholders are referred to media reports during the last
week, where it was announced that transaction agreements between the
Shanduka Group (Proprietary) Limited (“Shanduka Group”) and the Pembani
Group (Proprietary) Limited (collectively “Mergeco”) had been entered into,
and the requisite regulatory filings submitted, in order to merge the two
entities (the “Transaction”). The merger remains subject to regulatory and
other approvals.

Currently Shanduka Group holds 23.86% of the issued share capital of Pan
African, via its wholly-owned subsidiary Shanduka Gold (Proprietary)
Limited (“Shanduka Gold”). Pan African has been informed that following the
completion of the Transaction, Mergeco will not hold any interest in
Shanduka Gold or in Pan African. The direct shareholding in Shanduka Gold,
and indirect 23.86% shareholding in Pan African, will instead be held by
the following entities and in the following proportions:

   - The Mabindu Trust (49.5%);
   - Jadeite Limited (33.6%), an investment vehicle of the China Investment
     Corporation; and
   - The Standard Bank of South Africa Limited (16.9%).

 The Mabindu Trust is a broad-based black economic empowerment trust, with
 historically disadvantaged South Africans as beneficiaries.

 Pan African believes that the Transaction does not negatively affect the
 Group’s existing black economic empowerment credentials.


For further information on Pan   African,   please   visit   the   website   at
www.panafricanresources.com

9 June 2015


JSE Sponsor

One Capital


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                             Peter Stewart
St James's Corporate Services Limited   Canaccord Genuity Limited
Company Secretary                       Nominated Adviser
Office: + 44 (0)207 796 8644            Office: +44 (0)207 523 8350

Matthew Armitt / Ross Allister
Peel Hunt LLP
Joint Broker
Office: +44 (0)020 7418 8900

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



www.panafricanresources.com




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