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PAN AFRICAN RESOURCES PLC - Disposal of Phoenix Platinum Mining Proprietary Limited to Sylvania Platinum Limited

Release Date: 31/07/2017 08:15
Code(s): PAN     PDF:  
Wrap Text
Disposal of Phoenix Platinum Mining Proprietary Limited to Sylvania Platinum Limited

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 the “Group”)

DISPOSAL OF PHOENIX PLATINUM MINING PROPRIETARY LIMITED (“PHOENIX PLATINUM”) TO SYLVANIA PLATINUM LIMITED (“SYLVANIA”)

 Pan African is pleased to announce that the Group has successfully concluded a conditional agreement with
 Sylvania, whereby Pan African will dispose of all of its shares and loan accounts in its wholly-owned subsidiary
 Phoenix Platinum to Sylvania for a total cash consideration of R89 million (the “Transaction”).

 The Transaction provides Pan African with an opportunity to meet the following strategic objectives:

     -   Focus on core assets and value accretive growth opportunities: The Transaction will enable Pan
         African management to focus on the Group’s existing gold operations, the construction of the Elikhulu
         project and other organic and acquisitive growth opportunities; and
     -   Further improved financial position: The cash proceeds of R89 million, payable on Transaction
         closure, will further strengthen the Group’s financial position and supplement the Group’s existing
         cash resources and debt facilities.

 The Transaction is conditional upon the conclusion of a confirmatory due diligence and other suspensive
 conditions customary for a transaction of this nature. The Transaction is expected to be finalised within a 90
 day timeframe from the date of this announcement.

 The Transaction falls below the threshold for categorisation in terms of the JSE Limited Listings Requirements
 and this announcement is provided for information purposes only.

 CEO STATEMENT

 Cobus Loots, the Chief Executive Officer of Pan African, commented: “The disposal of Phoenix Platinum, which
 for some time has been non-core to Pan African, enables us to further strengthen our financial position and to
 focus on our large gold operations and the construction of the Elikhulu project.”




 By order of the Board

 Johannesburg
 31 July 2017

Contact information

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

Julian Gwillim                          Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications          BMO Capital Markets Limited
Public & Investor Relations SA          Joint Broker
Office: +27 (0)11 880 0037              Office: +44 (0) 207 236 1010

Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000



www.panafricanresources.com

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