PAN AFRICAN RESOURCES PLC - Trading Statement PR Newswire
London, February 7
Pan African Resources PLC
(“Pan African” or “the Company” or “the Group”)
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
UPDATED TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2015
In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next, will differ by at least 20 percent from those of the previous corresponding period. In the event that the listed company does not have reasonable certainty to provide guidance in terms of a specific percentage and number, or a range thereof (with the said range not exceeding 20%), the listed company may provide only a minimum percentage and number difference in the anticipated financial results, together with relevant information available at the time.
Shareholders are referred to the original trading statement and group net debt announcement dated 26 November 2015.
Pan African is incorporated in England and Wales under the Companies Act 1985 and accordingly its presentation currency is Pounds Sterling (“GBP”).
The average ZAR/GBP exchange rates affect the reporting of results in GBP. For the six month interim reporting period ended 31 December 2015 (“current interim reporting period”), the average prevailing ZAR/GBP exchange rate is used to translate earnings per share (“EPS”) and headline earnings per share (“HEPS”) from ZAR to GBP. In the current interim reporting period the average ZAR/GBP exchange rate was ZAR20.83:1 (31 December 2014: ZAR17.87:1). The period-on-period change in the average exchange rate of 16.6% must be taken into account for the purposes of translating and comparing period-on-period results.
Pan African advises shareholders that the Group EPS and HEPS for the current interim reporting period denominated in GBP are expected to be between:
0.57 pence and 0.63 pence (being 84 percent to 104 percent) higher than the 0.31 pence HEPS for the prior interim reporting period. 0.57 pence and 0.63 pence (being 90 percent to 110 percent) higher than the 0.30 pence EPS for the prior interim reporting period. EPS and HEPS, calculated in ZAR, are expected to be between:
11.89 cents and 13.02 cents (being 112 percent to 132 percent) higher than the 5.61 cents HEPS for the prior interim reporting period. 11.87 cents and 12.95 cents (being 119 percent to 139 percent) higher than the 5.42 cents EPS for the prior interim reporting period. Production Summary
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