PAN AFRICAN RESOURCES PLC - Disposal of Pan African Resources Shares by PAR Gold Proprietary Limited

Release Date: 31/05/2018 08:00
Code(s): PAN
Wrap Text
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)
ISIN: GB0004300496
(“Pan African Resources” or the “Company” or the “Group”)


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
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

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

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