To view the PDF file, sign up for a MySharenet subscription.

PAN AFRICAN RESOURCES PLC - Confirmation of listing and pricing of ordinary shares

Release Date: 19/04/2017 17:00
Code(s): PAN     PDF:  
Wrap Text
Confirmation of listing and pricing of ordinary shares

Pan African Resources PLC
(“PAF”, the “Company” or the “Group”)

AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496


Confirmation of listing and pricing of ordinary shares


THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS NOT FOR
PUBLICATION, RELEASE, DISSEMINATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE
UNLAWFUL TO DO SO.

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF THE
SECURITIES REFERRED TO HEREIN, IN OR INTO ANY JURISDICTION WHERE SUCH
OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION
OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.


Pan African Resources PLC, the Africa-focused precious metals producer refers shareholders
to the announcements released on 12 April 2017 in respect of the Bookbuild through which a
total of 291,480,983 new ordinary shares (the "Placing Shares") were successfully placed,
raising gross proceeds of ZAR705 million (US$51 million).

The Company is pleased to announce that approval to admit the Placing Shares for trading
on AIM, a market operated by the London Stock Exchange (“LSE”) and the Johannesburg
Stock Exchange, an exchange operated by JSE Limited (“JSE”) has been granted by the LSE
and the JSE, both with effect from commencement of trade on Wednesday, 19 April 2017.

Furthermore, in compliance with paragraph 11.22 Listings Requirements of the JSE, the
following information is disclosed:

-   A total of 291,480,983 Placing Shares were issued at a price of 14 pence per Placing
    Share (representing a discount of approximately 7.6% to the 30-day volume weighted average traded
    price of 15.15 pence on the LSE as at 11 April 2017) or ZAR2.42 per Placing Share
    (representing a discount of approximately 7.6% to 30-day volume weighted average traded price of
    R2.62 on the JSE as at 11 April 2017);
-   The Company will therefore have 2,234,687,537 Ordinary Shares in issue subsequent to
    the Bookbuild, which figure may also be used by shareholders as the denominator for the
    calculations by which they will determine if they are required to notify their interest in, or
    a change to their interest in, the Company;
-   The Placing Shares were issued to public shareholders as defined in the JSE Listings
    Requirements, comprising existing and new institutional investors;
-   The net proceeds of the Placing will be used to fast-track development of the Company’s
    Elikhulu Tailings Project in South Africa (“Project”) following publication of the Definitive
    Feasibility Study for the Project announced on 5 December 2016 and for working capital
    purposes.

This announcement contains inside information which is disclosed in accordance with the
Market Abuse Regulation.

Unless otherwise defined herein, terms are as defined in the announcements made on 12
April 2017.

Johannesburg
19 April 2017

Contact information
Corporate Office                              Registered Office
The Firs Office Building                      Suite 31
1st Floor, Office 101                         Second Floor
Cnr. Cradock and Biermann Avenues             107 Cheapside
Rosebank, Johannesburg                        London
South Africa                                  EC2V 6DN
Office: + 27 (0) 11 243 2900                  United Kingdom
Facsimile: + 27 (0) 11 880 1240               Office: + 44 (0) 207 796 8644
                                              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, Joint Broker and Joint Bookrunner
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 and Joint Bookrunner
Office: + 27 (0) 11 550 5009                  Office: +44 (0) 207 418 8900

Jeffrey Couch/Neil Haycock/Thomas Rider       Andrew Chubb / Arabella Burwell
BMO Capital Markets Limited                   Hannam and Partners (Advisory) LLP
Joint Broker                                  Financial Adviser and Joint Bookrunner
Office: +44 (0) 207 236 1010                  Office: +44 (0) 207 907 8500

Bobby Morse/Chris Judd                        Sandra du Toit / Richard Stout
Buchanan Communications                       The Standard Bank of South Africa Limited
Public & Investor Relations UK                Transaction Sponsor and Joint Bookrunner
Office: + 44 (0) 207 466 5000                 Office: +27 11 344 5414

Julian Gwillim                                Julian Grieve / Irshaad Paruk
Aprio Strategic Communications                FirstRand Bank Limited (Rand Merchant Bank division)
Public & Investor Relations SA                Joint Bookrunner
Office: +27 (0)11 880 0037                    Office: +27 11 282 8000

For more information, please visit www.panafricanresources.com

Important Information

This Announcement may contain forward-looking statements, including but not limited to
statements about the costs of, and the Company's ability to successfully construct,
commission and execute, the Project. By their nature, forward-looking statements involve risks
and uncertainties because they relate to events and depend on circumstances that may or
may not occur in the future and therefore are based on current beliefs and expectations about
future events. Forward-looking statements are not guarantees of future performance and the
Group's actual operating results and financial condition, and the development of the industry
in which it operates may differ materially from those made in or suggested by the forward-
looking statements contained in this announcement. In addition, even if the Group's operating
results, financial condition and liquidity, and the development of the industry in which the
Group operates are consistent with the forward-looking statements contained in this
announcement, those results or developments may not be indicative of results or
developments in subsequent periods. Accordingly, prospective investors should not rely on
these forward-looking statements. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise. None of the Company, the Directors or the Bookrunners undertake any
obligation nor do they intend to revise or update any document unless required to do so by
applicable law, the Prospectus Rules, the Disclosure Requirements or the Transparency
Rules.

This Announcement has been issued by, and is the sole responsibility of, the Company. No
representation or warranty, express or implied, is or will be made as to, or in relation to, and
no responsibility or liability is or will be accepted by the Bookrunners or by any of their
respective affiliates or agents as to or in relation to, the accuracy or completeness of this
announcement or any other written or oral information made available to or publicly available
to any interested party or its advisers, and any liability therefore is expressly disclaimed.

Numis Securities, Hannam and Partners, and Peel Hunt, each of which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority (“FCA”), are each acting
exclusively for the Company and no one else in connection with the Placing, and will not regard
any other person (whether or not a recipient of this document) as a client in relation to the
Placing, and will not be responsible to anyone other than the Company for providing the
protections afforded to their respective clients, nor for providing advice, in relation to the
Placing or any other matter referred to in this Announcement.

Rand Merchant Bank and Standard Bank are each acting exclusively for the Company and no
one else in connection with the Placing, and will not regard any other person (whether or not
a recipient of this document) as a client in relation to the Placing, and will not be responsible
to anyone other than the Company for providing the protections afforded to their respective
clients, nor for providing advice, in relation to the Placing or any other matter referred to in this
Announcement.

Apart from the responsibilities and liabilities, if any, which may be imposed on the Bookrunners
by the Financial Service and Markets Act 2000, as amended, or the regulatory regime
established thereunder, or by the London Stock Exchange or the AIM Rules for Companies
and AIM Rules for Nominated Advisers, or under the regulatory regime of any jurisdiction
where exclusion of liability under the relevant regulatory regime would be illegal, void or
unenforceable, none of the Bookrunners, nor any of their respective affiliates, directors,
officers, employees or advisers accepts any responsibility whatsoever for, or makes any
representation or warranty, express or implied, as to, the contents of this announcement,
including its accuracy or completeness, or for any other statement made or purported to be
made by it, or on behalf of it, the Company, the Directors or any other person, in connection
with the Company, the New Ordinary Shares and the Placing, and nothing in this document
should be relied upon as a promise or representation in this respect, whether or not to the past
or future. Each of the Bookrunners and their respective affiliates, directors, officers, employees
and advisers accordingly disclaims to the fullest extent permitted by law all and any
responsibility or liability whatsoever, whether arising in tort, contract or otherwise (save as
referred to above), which it might otherwise have in respect of this Announcement or any such
statement.

The distribution of this Announcement and the offering of the New Ordinary Shares in certain
jurisdictions other than the United Kingdom and the Republic of South Africa may be restricted
by law. Subject to certain exceptions, no action has been taken by the Company or the
Bookrunners that would permit an offering of the New Ordinary Shares or possession or
distribution of this Announcement or any other offering or publicity material relating to such
shares in the Excluded Territories or in any other jurisdiction where action for that purpose is
required. Persons into whose possession this announcement comes are required by the
Company, and the Bookrunners to inform themselves about, and to observe, any such
restrictions.

Any statements contained in this Announcement regarding past trends or activities should not
be taken as a representation that such trends or activities will continue in the future.

No statement in this Announcement is or is intended to be a profit forecast or profit estimate
or to imply that the earnings of the Company for the current or future financial years will
necessarily match or exceed the historical or published earnings of the Company. The price
of shares and the income from them may go down as well as up and investors may not get
back the full amount invested on disposal of the shares.

Neither the content of the Company's website nor any website accessible by hyperlinks on the
Company's website is incorporated in, or forms part of, this Announcement.

Date: 19/04/2017 05:00:00 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.

Share This Story