Sharenet Sites 
Sharenet Sites
Trading statement and update on Group net debt
Pan African Resources PLC
("Pan African" or “the Company" 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
TRADING STATEMENT AND UPDATE ON GROUP NET DEBT
In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited,
a listed company is required to publish a trading statement as soon as it is
satisfied that a reasonable degree of certainty exists that the financial
results for the period to be reported on next, will differ by at least 20 per
cent from those of the previous corresponding period. In the event that the
listed company does not have reasonable certainty to provide guidance in terms
of a specific percentage and number, or a range thereof (with said range not
exceeding 20%), the listed company may provide only a minimum percentage and
number difference in the anticipated financial results, together with relevant
information available at the time.
Pan African is incorporated in England and Wales under the Companies Act 1985
and accordingly its presentation currency is Pounds Sterling (“GBP”).
The average ZAR:GBP exchange rates affect the reporting of results in GBP. For
the six month interim reporting period ending 31 December 2015 (“current
interim reporting period”), the average prevailing ZAR:GBP exchange rate will
be used to translate earnings per share (“EPS”) and headline earnings per
share (“HEPS”) from ZAR to GBP. For the interim reporting period ended
31 December 2014 (“prior interim reporting period”), the average ZAR:GBP
exchange rate was 17.87:1. For the 4-month period ended 31 October 2015, the
ZAR had depreciated against the GBP, with an average exchange rate of 20.26:1.
This year-on-year change in the average exchange rate should be taken into
account for the purposes of a comparison with the prior interim reporting
period.
Pan African’s next interim reporting period only concludes on
31 December 2015, and financial results for this period will be affected by
market, operational and other factors in the intervening period which may
impact on the Group’s final interim results. Pan African advises shareholders
that its EPS and HEPS for the current interim reporting period are expected to
be a minimum of 10.37 cents per share, which represents an increase of at
least:
1) 85% relative to the HEPS of 5.61 cents reported for the prior interim
reporting period; and
2) 91% relative to the EPS of 5.42 cents reported for the prior interim
reporting period.
Included in the prior interim reporting period earnings were hedging profits
amounting to ZAR44.8m or 2.4 cents per share.
The reasons for the increased earnings include an improved operating
performance from both Barberton Mines and Evander Mines, as well as an
increase in the ZAR gold price received by the operations during the first
five months of the current interim reporting period.
Using the average ZAR:GBP exchange rate of 20.26:1 that prevailed for the
first four-months of the current interim reporting period, the Group’s EPS and
HEPS for the current interim reporting period is expected to be a minimum of
0.51 pence per share, which represents an increase of at least:
1) 65% relative to the HEPS of 0.31 pence reported for the prior interim
reporting period; and
2) 70% relative to the EPS of 0.30 pence reported for the prior interim
reporting period.
In the current reporting period, the Group’s cash flows have been robust and
excellent progress has been made in redeeming debt. At present, the Group’s
net debt position is ZAR70m, relative to net debt of ZAR321m reported at
30 June 2015. The Group is able to draw on its revolving credit facility to
the extent of ZAR800m, which adequately provides for the payment of the
proposed dividend of ZAR210m in December 2015.
The financial information contained in this trading statement has neither been
reviewed nor audited by the Company`s auditors. Pan African anticipates that
it will release its unaudited interim results for the period ending
31 December 2015 on or about 25 February 2016.
For further information on Pan African, please visit the Company’s website at
www.panafricanresources.com
26 November 2015
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
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
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)020 7418 8900
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
Date: 26/11/2015 10:30:00 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.
