RE: PAf20 Jul 2015 16:58
This share has lost me 40% in last few weeks. It really started to tank after the announcement over a change in major shareholders on 9 June. Is this coincidence or can anyone shed any light? See article below:
Pan African shareholders are referred to media reports during the last week, where it was announced that transaction agreements between the Shanduka Group (Proprietary) Limited (“Shanduka Group”) and the Pembani Group (Proprietary) Limited (collectively “Mergeco”) had been entered into, and the requisite regulatory filings submitted, in order to merge the two entities (the “Transaction”). The merger remains subject to regulatory and other approvals.
Currently Shanduka Group holds 23.86% of the issued share capital of Pan African, via its wholly-owned subsidiary Shanduka Gold (Proprietary) Limited (“Shanduka Gold”). Pan African has been informed that following the completion of the Transaction, Mergeco will not hold any interest in Shanduka Gold or in Pan African. The direct shareholding in Shanduka Gold, and indirect 23.86% shareholding in Pan African, will instead be held by the following entities and in the following proportions:
-The Mabindu Trust (49.5%);
-Jadeite Limited (33.6%), an investment vehicle of the China Investment Corporation; and
-The Standard Bank of South Africa Limited (16.9%).
The Mabindu Trust is a broad-based black economic empowerment trust, with historically disadvantaged South Africans as beneficiaries.
Pan African believes that the Transaction does not negatively affect the Group’s existing black economic empowerment credentials.
For further information on Pan African, please visit the website at www.panafricanresources.com
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