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By the time I was able to look at this, namely getting up early today. The offer had passed.
I think a two hour window to read through, digest and decide is simply ridiculous. Retail always last to know.
I agree with Stewart81 below, SP's usually head towards placing prices.
The implication for me, is that the quarterly dividend will suffer in value to the dilution, if not be put on hold for several quarters.
Thinking aloud. The current MC is £934m for 843m shares . If placing happens at 100p, then $160m represents an issue of around 133m shares, taking total number of shares to 976m.
Next dividend will cost $43m instead of $37m, which is not too bad, however shelling out the remainder $90m will take time to be fully replaced by "US$107 million of estimated Next Twelve Months ("NTM") EBITDA3".
Personally I'll look to trade and build a low average leading up to the next ex-div, especially if the SP sits above the placing price.
We'll see...

Nice. I bought yesterday on the news, this time within the ISA. Seemed to be known late in the afternoon without affecting the SP too much. Surely now a good rise towards ex-div. Glad to have shares with the ISA now.

Just logged in to find another order kicked in today at 108.
TBH I didn't think this limited buy was going to get triggered as I expected the March ex-dividend to reverse this current downward trend. I'm still buying back the shares I sold in the 120s, one more hopeful tranche left, limit set at 104.
Some great discussion on here, thanks all.
Cheers and GL.

https://news.cgtn.com/news/2023-02-06/Gas-pipeline-explodes-in-T-rkiye-after-major-earthquake-1hcuNi6WL72/index.html
Gas pipeline explodes in Türkiye after major earthquake
https://www.reuters.com/markets/commodities/ceyhan-oil-terminal-halts-ops-after-turkey-quake-shipping-agency-2023-02-06/
Turkey's Ceyhan oil terminal, Iraq's KRG pipeline halted after quake
Unpalatable as it may be concerning the tragic events, IMO this will be a buying opportunity especially before ex-dividend, depending on how long it will be before repair. Even if the distribution isn't hugely affected, sentiment will affect the whole region as if it had.
Immediate questions, who bares responsibility for repairs will be and if possible losses could be adequately insured ?

What's going on? I'm, amazingly and finally, in profit on my holding now.

The development costs of Mintails, power problems and dealing with the AISC issues at Baberton are weighing on the share price.
The costs and dilution of Elikulu had a similar effect a few years back when the SP was around 7p.
If these issues were not present then sure the SP would be mid 20's like other gold miners, but it does reflect what the SP will get to during the next 6 months to full production again, and 18months to Mintails Production, which could surely take the SP beyond 30p. PAF are selling their gold now, at above $1900.
Personally I can't see the SP going that much lower. Maybe to the 15s if the POG retraces or there is a spank to the markets.
Also worth considering is the gold price in GBP is at its all time ever high, today, £1586.
That 10 hour shift I agree, is brilliant thinking and quite typical of the way Cobus Loots tackles issues. The same kind of thinking that got the solar farm, water treatment and farming on site.
It looks like the current dividend level will be protected at current levels, and boosted by the POG.
Maybe worth a question at the webcast:
https://www.panafricanresources.com/
2023 Interim Results Presentation, Wednesday, 15 February 2023 09:00am (UK time)
Cheers and GL. All IMO.

Was their answer in the live and informative presentation today.
For me as an investor that question needed answering.
No need for more extra finances to get them through 2023 and looking to expand.
IMO hold/accumulate.

gold5, you were right. Have you bought anything else in the past few days to give us anymore oversold share tips ?

It happens to all of us. Another gold/silver miner I just bought has also gone down. IMO It's a sector wide trend, despite the highest gold prices being reached again, also profits must have been taken from the recent rise here.

Sold out at a minor loss not long after my last post.
Now the SP is 7p !!
What has gone on here, oversold or a sinking ship ?

TyndrumBoy1872. Put you straight on the ignore list. There is no need for misinformed judgemental nonsense on this BB.

Scotgold was 12 years in the making of massive woes for the shareholders. As I said. Scotland is as problematic as they can come. I doubt any shareholder here cares or will get remotely excited by the prospect of Scottish gold mine in a a decade after many many millions of pointless expenditure.
This will do nothing for the SP IMP. I want to see production and profit at the current mine, and the 300k ounces we already have get mined out the ground.

Thought I'd missed the trade in January but my first tranche to buy back in kicked in this morning at 112p.
The next target for me is 108p which IMO could easily happen if the FTSE gets a knock back after its incredible run above 7500 to 7800. Surely there will be a run up to ex-div at least from mid February.
Cheers all and GL

https://thevault.exchange/?get_group_doc=293/1675063831-P****NSOperationalupdate-6monthsto31Dec202230-01-23.pdf
Not great. Production down. The reason the employees union are up in arms is now public. Debt way more than I expected but Mintails going really well.
Barberton load shedding is not the only reason the SP has stayed low and not broken up to 2022 highs (23p area) in line with so many other gold miners. The solar farm will do well to address this but IMO an even bigger solar farm would be better.
So much Jam tomorrow could keep the SP aloft but surely a drop to the 17s 16s or lower will present itself before the summer especially if the POG retraces.

3g per ton in Scotland, as problematic place to get mining permission as they come... Not exactly going to budge any sentiment here.
What we want is production guidance, production, no more losses and some profits whilst the POG is at all time highs !
Come on Stifano, time to make good on the talk.

The market cap is very low for the assets.
For me the big question is whether the amount of action on the recent funding announcements can be repeated ?
Like so may past AIM miners we have all seen, Caracal will love to see a shareholder base like this so they can repeat after the recent rinse.
Robbie McCrae's spectular failure at Minbos Resources Ltd shows a few spikes over two years. So IMO if history repeats this means the greed to tease more jam tomorrow should see another spike here. I feel stupid left holding these, falling for what turned out to be a pretty obvious pump and dump given the number of rampers and the behaviour of the herd, but there is gold, assets, a low MC and a CEO who knows how to release positive news.

Finally.. Just crossing the 200 day MA. Breakout. Would be good to be back to the 20s before the presentation 15th Feb.

Maybe, however 600 jobs sounds like it would effect production. Anyone else emailed the company about this ?
Certainly it will be a question at the FY2023 Interim Results Virtual Presentation on the 15th.
Some reason it's not on their website, news or investment calendar but I received a shareholder email and a link to the webcast registration form.
https://registrations.corpcam.com/panafricanresources/registration?e=&pname=PanAfricanResources15022023

I was heavily critical of AAZ last year, loaning cash, buybacks, mates of mates mines and dividends well under what they could afford but very glad they're now releasing mine development, hitting production guidance and I'm eating back my words. The SP could well get back to it's previous levels if they keep this up and back it up with production. Glad to have held through.

Anyone else seen this . A reason PAF hasn't properly broken upwards just yet, still in the 17s rather than 20's.
Does anyone recall intentions for "retrenchments and restructuring" at Baberton ?

I know the AISC of Baberton hasn't been great but I don't recall any plan to get rid of a third of the work force whilst keeping their announced production targets. ?

https://www.miningweekly.com/article/uasa-worried-about-gold-sector-job-losses-2023-01-20

Trade union Uasa says it is continuing its battle against job losses at gold producer Pan African Resources’ Barberton Mines following the company’s notice of possible retrenchments and restructuring late last year.

In December, the gold miner issued Uasa with a Section 189 notice, followed by meetings set by Barberton Mines to explain the justification behind the notice. While proceeding with the matter, the company proposed a full calendar operations (Fulco) working system for the affected divisions.
The Fulco working system is expected to create more working opportunities in these divisions, while preventing the proposed 600 job cuts. Bilateral meetings between Uasa and management at Barberton Mines are ongoing, as they aim to negotiate the terms and conditions of the Fulco system to ensure a zero job loss position at the company.

Hi Hedgehogg. Oops... I meant 0.30 cents.

See the Edison report here :
https://www.edisongroup.com/research/setting-the-scene-for-fy23-and-beyond/31596/
Exhibit 22 Chart shows predicted dividends of 2023 (1.04 cents) 2024 (1.04) 2025 (0.30)
Exhibit 14 Chart shows those above then predicted dividends of 2026 onwards around 6 cents a year until 2033.

So for me that 0.30 cents prediction in 2025 is a spanner in the works as far as a steady rise in SP towards 2026.
Also that article seems to approach funding of the new projects as senior debt, this approach saw the SP go down to 7p a few years back with Elikhulu. It does not address the recent news of the
notes issued and the vast amount 5 Billion ZAR, that can be issued.
Already notes have been issued that mature end of 2025 and 2027.
Meaning IMO that the predicted 0.30cents dividend would be higher and the 6 cents slightly lower.
https://thevault.exchange/?get_group_doc=293/1670593093-SENS20221209S469629.pdf
Aggregate nominal amount: ZAR585,000,000, ZAR215,000,000
Maturity date: 13 December 2025, 13 December 2027

Edison treats the funding of the new mines :
"Pan African reports that it has received a number of financing offers from financial institutions and third-party financiers with respect to the funding of the Mogale project. Following due consideration, it has agreed a credit-approved and underwritten term sheet with RMB for US$80.0m of senior debt, for part funding of the project’s construction. In the meantime, it reports that it is in the process of evaluating a number of further funding options for the balance of its capital requirement, with the intent of having the funding package finalised by March 2023."