Sharenet Sites 
Sharenet Sites
Pan African’s rights offer subscribed to the extent of 175%
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 “Company”)
PAN AFRICAN’S RIGHTS OFFER SUBSCRIBED TO THE EXTENT OF 175%
1. RESULTS OF THE RIGHTS OFFER
Pan African is pleased to announce to its shareholders (“Shareholders”) the successful completion of
the Company’s ZAR703 million rights offer, to be implemented through the issue of 370,071,902 new
Pan African ordinary shares (“Rights Shares”) at a subscription price of ZAR1.90 or 14 pence per Rights
Share (“Subscription Price”) (“Rights Offer”).
The Rights Offer closed on Friday, 11 January 2013. Pan African received subscription applications for a
total of 645,898,862 Rights Shares, equating to 175% of the available Rights Shares. Accordingly, Pan
African has successfully raised the full ZAR703 million from the Rights Offer.
Pan African shall apply the Rights Offer proceeds towards the acquisition of Evander Gold Mines Limited.
The details of the Rights Offer take-up are as follows:
Number of Rights % of available Rights
Shares Shares
Total Rights Shares available in terms of the Rights Offer 370,071,902 100
Rights Shares subscribed for by following of rights 350,996,361 95
Excess Rights Shares available 19,075,541 5
Excess Rights Shares applied for 294,902,501 80
Oversubscription 275,862,960 75
Jan Nelson, CEO of Pan African, said:
“The overwhelming support of the rights offer by investors indicates a strong message
of confidence for the Evander acquisition and Pan African’s longer term strategy. We
have raised sufficient equity funding which, together with our strong cash generation
from the operations and secured revolving line of credit, allows us to comfortably fund
this acquisition.
We intend to extract maximum benefit from Evander whilst eliminating our historical
single asset risk by diversifying the company’s risk across two profitable assets.”
2. SALIENT DATES FOR THE ISSUE AND SETTLEMENT OF THE RIGHTS SHARES
The expected timetable of principal events relating to the issue and settlement of the Rights Shares in
South Africa (“SA”) is set out below:
2013
SA dematerialised Shareholders’ (“SA Dematerialised Shareholders”) (or
their renouncees’) accounts credited with Rights Shares and debited with the
aggregate Subscription Price by their CSDP or broker
9.00 am on 14 January
Certificates in respect of Rights Shares posted to SA certificated
Shareholders (“SA Certificated Shareholders”) (or their renouncees) on or
about 14 January
Results of Rights Offer published in the SA press 15 January
SA Dematerialised Shareholders’ (or their renouncees’) accounts will be
credited with excess Rights Shares (if any) and debited with the aggregate 9.00 am on 16 January
Subscription Price
Share certificates and/or refund cheques in respect of excess Rights Shares
will be posted to SA Certificated Shareholders (or their renouncees) on or 16 January
about
The expected timetable of principal events relating to the issue and settlement of the Rights Shares in the
United Kingdom is set out below:
2013
Dealings in Rights Shares, fully paid, commenced on the AIM Market of the
LSE 8.00 am on 14 January
Rights Shares credited to CREST stock accounts 14 January
Expected date for crediting excess Rights Shares to CREST stock accounts 16 January
Despatch of definitive share certificates for the Rights Shares and excess
Rights Shares in certificated form and/or refund cheques in respect of excess by no later than 28 January
Rights Shares
14 January 2013
Sole Bookrunner, Corporate Adviser and JSE Transaction Sponsor to the Rights Offer
One Capital
Independent Sponsor to the Rights Offer
Nedbank Capital
SA Attorneys to the Rights Offer
Cliffe Dekker Hofmeyr Inc.
UK Legal Counsel to the Rights Offer
Fasken Martineau
Enquiries
South Africa UK
Pan African Resources Canaccord Genuity Limited – Nomad and Joint Broker
Jan Nelson, Chief Executive Officer Rob Collins / Peter Stewart / Sebastian Jones / Joe
Weaving
+27 (0) 11 243 2900
+44 (0) 20 7523 8350
One Capital finnCap Limited – Joint Broker
Sholto Simpson / Megan Young Elizabeth Johnson / Joanna Weaving
+27 (0) 11 550 5000 +44 (0) 20 7220 0500
Vestor Investor Relations St James’s Corporate Services Limited
Louise Brugman Phil Dexter
+27 (0) 11 787 3015 +44 (0) 20 7499 3916
+27 83 504 1186
Gable Communications
Justine James
+44 (0) 20 7193 7463 / +44 (0) 7525 324431
Date: 14/01/2013 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
