Disposal of Pan African Resources Shares by PAR Gold Proprietary 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
(“Pan African Resources” or the “Company” or the “Group”)
DISPOSAL OF PAN AFRICAN RESOURCES SHARES BY PAR GOLD PROPRIETARY LIMITED
Pan African Resources has been notified that PAR Gold Proprietary Limited (“PAR Gold”) has
disposed of 130-million shares in Pan African Resources, representing 5.8% of the issued share
capital of the Company, at a price of R1.15 per share, representing a 5.0% discount to the Company’s
last closing price of R1.21 on 29 May 2018 (the “Disposal”).
Following the Disposal, PAR Gold continues to hold 306.36-million Pan African Resources shares,
representing 13.7% of the issued share capital of the Company. Participants in the private placement
include existing institutional shareholders.
The Pan African Resources shares held by PAR Gold are treated as treasury shares and eliminated
on consolidation for purposes of calculating earnings per share. Following the Disposal, the
Company’s number of issued shares is reconciled as follows:
Total issued shares: 2 234 687 537
Less: Shares held by PAR Gold (subsequent to Disposal): 306 358 058
Shares taken into account for earnings per share calculations going forward: 1 928 329 479
Pan African Resources is an indirect 49.9% shareholder in PAR Gold and, given the economic rights
attached to its shareholding, will receive the majority of the proceeds from this Disposal. The
proceeds, net of costs and capital gains taxes, are approximately R126 million and will be used for
general corporate and liquidity purposes and to fund the expansion of the Elikhulu project’s
throughput to 1.2-million tonnes per month.
Following receipt of the proceeds from the Disposal, the Company has, in conjunction with its existing
debt facilities, the necessary resources to meet its operational and immediate growth objectives and
fund its ongoing capital requirements. The Disposal will not impact the Group’s black economic
empowerment (“BEE”) holdings due to the conclusion of a BEE restructure as previously announced
on 15 December 2017.
Macquarie Advisory and Capital Markets South Africa Proprietary Limited acted as Sole Bookrunner.
The information contained in this announcement has not been reviewed or reported on by Pan African
Resource’s auditors and is the responsibility of the directors of Pan African Resources.
For further information on Pan African Resources, please visit the Company’s website at
31 May 2018
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
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 Ross Allister/James Bavister/David McKeown
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 Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
Date: 31/05/2018 08:00:00 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.
Email this JSE Sens Item to a Friend.