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Pan African Resources PLC share buyback programme
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 PLC SHARE BUYBACK PROGRAMME
Pan African, the South African gold producer, is pleased to announce the initiation of phase one of a
share buyback programme to purchase up to ZAR 50 million (approximately £2.6 million) of ordinary
shares of £0.01 each in the Company (“Ordinary Shares”) over one month, commencing on 1 April
2022 ("the Programme").
The Board of Pan African (the “Board”) believes that at the current price, the Company’s shares offer
significant value given the quality and profitability of its existing operations and growth projects. The
Board has therefore taken the decision to implement a share buyback programme as part of the
Company's broader strategy to deliver value to its shareholders.
Cobus Loots, CEO of Pan African commented:
"The Company has a demonstrable track record of circumspect capital allocation and this share
buyback is compelling in its returns for shareholders, given the prevailing share price. Although it’s a
small initial buyback, it signals that the company is prepared to consider share buyback as a means of
retuning capital to shareholders, when it is commercial to do so.”
Process
Purchases pursuant to the Programme will be made under the authority the Company has in place to
make market acquisitions in accordance with the Companies Act 2006 (the "Existing Authority"). The
Existing Authority permits the purchase of a maximum of 111,734,375 Ordinary Shares at a maximum
price (excluding expenses) of 105 per cent of the average market value of an Ordinary Share as derived
from the AIM Appendix to the London Stock Exchange Daily Official List for the five business days
immediately preceding the date of purchase. The Programme will be conducted in compliance with
the MAR buy-back technical standards (Commission Delegated Regulation (EU) 2016/1052) (the "MAR
Buy-Back Regulation") and the Listings Requirements of the JSE Limited.
Purchases will take place on the London Stock Exchange (“LSE”) and Johannesburg Stock Exchange
(“JSE”) with approximately ZAR 25 million (approximately £1.3 million) purchased on each exchange.
Shares bought back on the JSE will be bought back in compliance with the MAR Buy-Back Regulation
to maintain consistency between exchanges.
Purchases will be carried out in compliance with the relevant conditions for trading, restrictions
regarding time and volume, disclosure and reporting obligations, and price conditions. The Ordinary
Shares will be repurchased at a price (excluding expenses) that does not exceed the last independent
trade or the highest current independent bid on the relevant trading platform. The Company intends
to cancel those Ordinary Shares purchased.
Pan African has entered into agreements with each of Peel Hunt LLP ("Peel Hunt") and RMB Morgan
Stanley (“RMBMS”), to carry out on-market purchases of its Ordinary Shares. The agreements grant
Peel Hunt and RMBMS the authority to enact purchases and make trading decisions concerning the
timing of the purchases under the Programme independently of the Company.
Details of any purchases made under the Programme will be provided via RNS announcements and
published on the Company's website.
The information contained in this update is the responsibility of the Pan African board of directors and
has not been reviewed or reported on by the Group’s external auditors.
Rosebank
1 April 2022
For further information on Pan African, please visit the Company's website at
www.panafricanresources.com
Corporate information
Corporate office Registered Office
The Firs Office Building Suite 31
2nd Floor, Office 204 Second Floor
Corner Cradock and Biermann Avenues 107 Cheapside
Rosebank, Johannesburg London
South Africa EC2V 6DN
Office: + 27 (0) 11 243 2900 United Kingdom
info@paf.co.za Office: + 44 (0) 20 7796 8644
Chief executive officer Financial director
Cobus Loots Deon Louw
Office: + 27 (0) 11 243 2900 Office: + 27 (0) 11 243 2900
Head: Investor relations Website: www.panafricanresources.com
Hethen Hira
Tel: + 27 (0)11 243 2900
E-mail: hhira@paf.co.za
Company secretary Nominated Adviser and Joint Broker
Phil Dexter/Jane Kirton Ross Allister/Alexander Allen
St James's Corporate Services Limited Peel Hunt LLP
Office: + 44 (0) 20 7796 8644 Office: +44 (0) 20 7418 8900
JSE Sponsor Joint Broker
Ciska Kloppers Thomas Rider/Nick Macann
Questco Corporate Advisory Proprietary Limited BMO Capital Markets Limited
Office: + 27 (0) 11 011 9200 Office: +44 (0) 20 7236 1010
Date: 01-04-2022 07:57:00
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