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PAN AFRICAN RESOURCES PLC - Fulfilment of all conditions precedent to the sale of Uitkomst Colliery

Release Date: 26/06/2017 08:00
Code(s): PAN     PDF:  
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Fulfilment of all conditions precedent to the sale of Uitkomst Colliery

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”)

FULFILMENT OF ALL CONDITIONS PRECEDENT TO THE SALE OF UITKOMST COLLIERY

Further to the announcement published on 5 April 2017, Pan African is pleased to announce
that all conditions precedent to the disposal of 100% of the shares and loan accounts in Pan
African Resources Coal Holdings Proprietary Limited (“PAR Coal”) (“the Transaction”) have
now been fulfilled. This follows Uitkomst Colliery Proprietary Limited (“Uitkomst”) having
entered into a supply of coal agreement on terms acceptable to Coal of Africa Limited
(“CoAL”).

As a result, the effective date of the Transaction will be 30 June 2017 (“Effective Date”),
when CoAL will take ownership, control and management of PAR CoAL and Uitkomst and
Pan African will receive its consideration which will be settled as follows:
-   R125 million in cash on the Effective Date.
-   R125 million through the issue of 261,287,625 new ordinary shares in CoAL on the
    Effective Date.
-   R25 million in deferred consideration (the “Deferred Consideration”). The Deferred
    Consideration may be paid by CoAL at any time prior to the second anniversary of
    the Effective Date. The Deferred Consideration will bear interest at the South African
    prime overdraft rate from the Effective Date. If the Deferred Consideration and any
    interest accrued thereon is not paid to Pan African by the second anniversary of the
    Effective Date, Pan African may elect to have the amount due to it settled through the
    issue of new CoAL ordinary shares at a price per share equal to the 30-day volume
    weighted average price of a CoAL ordinary share as traded on the exchange
    operated by the JSE prevailing on the last trading day immediately prior to the date
    that such election is made.


By order of the Board

Johannesburg
26 June 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
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) 207 418 8900

Jeffrey Couch/Neil Haycock/Thomas Rider   Bobby Morse/Chris Judd
BMO Capital Markets Limited               Buchanan Communications
Joint Broker                              Public & Investor Relations UK
Office: +44 (0) 207 236 1010              Office: + 44 (0) 207 466 5000

Julian Gwillim                            Marius Saaiman
Aprio Strategic Communications            M Squared Resources
Public & Investor Relations SA            Transaction advisor
Office: +27 (0)11 880 0037                Office: +27 (0)11 648 0207

Date: 26/06/2017 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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