Less Ads, More Data, More Tools Register for FREE

Pin to quick picksPan African Resources Regulatory News (PAF)

Share Price Information for Pan African Resources (PAF)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 24.80
Bid: 24.70
Ask: 24.80
Change: 0.15 (0.61%)
Spread: 0.10 (0.405%)
Open: 25.40
High: 25.40
Low: 24.30
Prev. Close: 24.65
PAF Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Further Share Exchange by PAF re Shanduka/Barberton

21 Aug 2009 11:01

Regulatory Announcement

Pan African Resources plc (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 ISIN: GB0004300496 ("Pan African" or "the Company")

Announcement regarding the:

* Share exchange by Pan African for Shanduka Gold (Proprietary) Limited's

(`Shanduka Gold') 26% shareholding in Barberton Mines (Proprietary) Limited

(`Barberton Mines');

* Disposal by Metorex Limited (`Metorex') of its remaining stake in Pan

African;

* Changes to the Board of Directors of Pan African and Barberton Mines; and

* Change of Sponsor

1. Transactions become unconditional

Shareholders of Pan African ("Shareholders") are referred to the following announcements:

* the announcement dated 19 June 2009 regarding the share exchange by Pan African for Shanduka Gold's 26% shareholding in Barberton Mines; and * the announcement dated 26 June 2009 regarding the disposal by Metorex of its remaining stake in Pan African (collectively "the Transactions").

The Directors of the Company, having consulted with RBC Capital Markets, consider that the share exchange with Shanduka Gold is fair and reasonable insofar as all Shareholders are concerned and Shareholders are further advised that all other outstanding conditions precedent to the Transactions have now been fulfilled or waived, save for admission to trading on AIM and the Alternative Exchange of the JSE Limited of the 295,751,549 new ordinary shares issued and allotted to Shanduka Gold in respect of the share exchange for the stake in Barberton Mines. Admission is anticipated to take place on or about 28 August 2009, following which the Transactions will be unconditional in all respects.

2. Changes to the board of directors of Pan African

As a result of the Transactions, Shareholders are advised of the following proposed changes to the Company's board of directors. These are to be confirmed by the board:

* Mr. Cyril Ramaphosa, Executive Chairman of Shanduka Group (Proprietary)

Limited ("Shanduka Group"), will be appointed as non-executive chairman to

the Pan African board.

* Accordingly, Mr. Keith Spencer will continue on the Pan African board as

independent, non-executive deputy chairman.

* Mr. Rowan Smith from Shanduka Group will be appointed as a non-executive

director of the Pan African board.

* Mr. Maritz Smith, previously a representative of Metorex, has resigned with

immediate effect as the Financial Director. Mr. Cobus Loots will replace

him as Financial Director and join the board of Pan African after the board

meeting but will assume all responsibility for the Company's financial

matters forthwith.

* John Hopwood, Rob Still and Jan Nelson remain members of the board.

3. Changes to the board of directors of Barberton Mines

Shareholders are advised of the following changes to the board of directors of Barberton Mines, effective from today's date:

* Mr. Keith Spencer has been appointed as independent, non-executive chairman

of the Barberton Mines board.

* Ms. Thandeka Ncube from Shanduka Group has been appointed to the Barberton

Mines board and will head up transformation initiatives.

* Recently appointed Executive: Mining Operations, Mr. Mario Gericke has been

appointed to the Barberton Mines board.

* Mr. Cobus Loots has been appointed to the Barberton Mines board.

* Mr. Charles Needham, Mr. Cyril Ramaphosa and Mr. Rowan Smith have resigned

from the Barberton Mines board.

* Mr. Jan Nelson remains a member of the Barberton Mines board.

4. Change of sponsor

Shareholders are advised that Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited has been appointed as the Company's JSE Limited sponsor with immediate effect.

Jan Nelson, CEO of Pan African commented, "The finalisation of the Shanduka transaction will be earnings accretive to Pan African, and ensures the company is fully empowered and well positioned to take advantage of South African growth opportunities. In addition, the bolstering of our boards will assist in steering Pan African in its strategic aim to be a low-cost, high-margin, cash flow positive gold mining company. I look forward to growing our business with the new board members."

Johannesburg21 August 2009Sponsor and Corporate Advisor

Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited

For further information on Pan African Resources plc, please visit the website at www.panafricanresources.com

Enquiries:Pan African ResourcesJan Nelson, CEO+27 (0) 11 243 2900

Nicole Spruijt, Public Relations

+27 (0) 11 243 2900RBC Capital MarketsMartin Eales+44 (0) 20 7029 7881

Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited

Natalie Di-Sante+27 (0) 11 750 0207Sholto Simpson+27 (0) 11 750 0213

St James's Corporate Services Limited

Phil Dexter

+44 (0) 20 7499 3916

FD Beachhead Media & Investor Relations

Jennifer Cohen+27 (0) 11 214 2401Louise Brugman+27 (0) 11 214 2415+27 (0) 83 504 1186

vendor
Date   Source Headline
26th Apr 20127:30 amPRNFurther Cautionary Announcement
12th Apr 20128:00 amPRNAppointment of Non-Executive Director
5th Apr 20122:00 pmPRNHolding(s) in Company
5th Apr 20127:00 amPRNChange of Nomad and Joint Broker
4th Apr 201210:00 amPRNBarberton Tailings Retreatment Plant.
3rd Apr 20127:00 amPRNAdditional Listing
30th Mar 20122:45 pmPRNDealings by an Associate of an Non-Executive Director
13th Mar 20128:30 amPRNChange of JSE Sponsor
12th Mar 20127:07 amPRNFurther Cautionary Announcement
22nd Feb 20128:00 amPRNStatement re Results Presentation by Pan African
22nd Feb 20127:00 amPRNInterim Results for the 6 months ended 31 December 2011
1st Feb 201211:12 amPRNApproval for Barberton Tailings Project
31st Jan 20127:48 amPRNPresentation re acqusition of Evander on website
30th Jan 20122:04 pmPRNStatement re acquisition of Evander Gold Mine
30th Jan 20122:01 pmPRNAcquisition of Evander Gold Mine
30th Jan 20128:06 amPRNJoint briefing by Pan African and Wits Gold
25th Jan 20127:00 amPRNTrading Statement
30th Dec 201112:40 pmRNSSecond Price Monitoring Extn
30th Dec 201112:35 pmRNSPrice Monitoring Extension
29th Dec 20117:00 amPRNRenewal of Cautionary Announcement
14th Dec 201112:30 pmPRNChanges to the Board of Directors
13th Dec 20111:00 pmPRNHolding(s) in Company
1st Dec 20119:00 amPRNTotal Voting Rights
29th Nov 20117:11 amPRNFirst production at Phoenix
24th Nov 20119:00 amPRNIssue of Equity
17th Nov 201112:00 pmPRNCautionary Announcement
2nd Nov 20113:56 pmPRNDealings by an Associate of an Non-Executive Director
1st Nov 20113:52 pmPRNResult of AGM
1st Nov 20112:46 pmPRNDealings by an Associate of a Non-executive Director
28th Oct 20117:00 amPRNIssue of Equity
17th Oct 20117:00 amPRNCold commissioning commences at Phoenix Platinum
28th Sep 20111:50 pmPRNCorrection to Annual Report and Dividend dates
28th Sep 20118:30 amRNSAnnual Report, AGM & Dividend notification
22nd Sep 20112:09 pmPRNHolding(s) in Company
22nd Sep 20111:48 pmPRNNominated Adviser Change of Registered Name
12th Sep 20117:00 amPRNFinal Results
19th Aug 20117:00 amPRNListing of Manica as a Separate Entity
15th Aug 20117:00 amPRNNotice of Results
27th Jul 20118:51 amPRNWage Negotiations Concluded
20th Jul 20111:00 pmPRNDirectorate Change
1st Jul 201112:32 pmPRNCorrection : Statement re Phoenix Platinum Project
1st Jul 201112:01 pmPRNStatement re Phoenix Platinum Project
22nd Jun 20117:00 amPRNResource Upgrade at Manica and Group Resource Upgrade
9th Jun 20118:00 amPRNResults of Drilling Programme at Bramber Tailings Dam
31st May 20119:20 amPRNStatement re Conference Presentation
31st May 20119:15 amPRNStatement re Barberton Mines Resource Upgrade
3rd May 20118:58 amPRNStatement re Revolving Credit Facility
4th Apr 20117:00 amPRNMozambique Govt Awards Mining Licence on Manica Project
23rd Mar 20117:00 amPRNPan African Commences Bulk Earthworks at Phoenix Plat
22nd Feb 20117:00 amPRNInterim results for the six months ended 31 Dec 2010

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.