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
10th Jan 201912:07 pmRNSSecond Price Monitoring Extn
10th Jan 201912:02 pmRNSPrice Monitoring Extension
19th Dec 20182:30 pmPRNNotification of Change in Auditor
17th Dec 201812:07 pmRNSSecond Price Monitoring Extn
17th Dec 201812:02 pmRNSPrice Monitoring Extension
13th Dec 20184:40 pmRNSSecond Price Monitoring Extn
13th Dec 20184:35 pmRNSPrice Monitoring Extension
11th Dec 20184:40 pmRNSSecond Price Monitoring Extn
11th Dec 20184:35 pmRNSPrice Monitoring Extension
7th Dec 20184:41 pmRNSSecond Price Monitoring Extn
7th Dec 20184:35 pmRNSPrice Monitoring Extension
6th Dec 20187:00 amPRNChange in JSE Sponsor
5th Dec 20184:35 pmRNSPrice Monitoring Extension
30th Nov 20187:00 amPRNRoyal Sheba Update
23rd Nov 20184:40 pmRNSSecond Price Monitoring Extn
23rd Nov 20184:35 pmRNSPrice Monitoring Extension
21st Nov 20187:00 amPRNResult of AGM
13th Nov 20184:40 pmRNSSecond Price Monitoring Extn
13th Nov 20184:35 pmRNSPrice Monitoring Extension
12th Nov 20184:40 pmRNSSecond Price Monitoring Extn
12th Nov 20184:35 pmRNSPrice Monitoring Extension
8th Nov 201812:07 pmRNSSecond Price Monitoring Extn
8th Nov 201812:02 pmRNSPrice Monitoring Extension
6th Nov 20187:00 amPRNOperational Update quarter ended 30/09/18
31st Oct 201812:07 pmRNSSecond Price Monitoring Extn
31st Oct 201812:02 pmRNSPrice Monitoring Extension
29th Oct 201810:00 amPRNNotice of AGM & No Change Statement
23rd Oct 20184:40 pmRNSSecond Price Monitoring Extn
23rd Oct 20184:35 pmRNSPrice Monitoring Extension
19th Oct 20184:02 pmPRNDirector/PDMR Shareholding
11th Oct 201812:07 pmRNSSecond Price Monitoring Extn
11th Oct 201812:02 pmRNSPrice Monitoring Extension
4th Oct 201812:07 pmRNSSecond Price Monitoring Extn
4th Oct 201812:02 pmRNSPrice Monitoring Extension
24th Sep 20185:00 pmPRNDirector/PDMR Shareholding
24th Sep 20185:00 pmPRNDirector/PDMR Shareholding
20th Sep 20184:40 pmRNSSecond Price Monitoring Extn
20th Sep 20184:35 pmRNSPrice Monitoring Extension
19th Sep 20187:00 amPRNFinal Results
14th Sep 20189:18 amPRNTrading Statement and Production Update
7th Sep 20187:00 amPRNBarberton Mines Wage Negotiations Update
6th Sep 20187:00 amPRNRoyal Sheba Project Update
16th Aug 20187:00 amPRNElikhulu's Inaugural Gold Pour
13th Jul 201812:02 pmRNSPrice Monitoring Extension
12th Jul 20188:30 amPRNOperational Update
11th Jul 201812:08 pmRNSSecond Price Monitoring Extn
11th Jul 201812:02 pmRNSPrice Monitoring Extension
5th Jul 201812:07 pmRNSSecond Price Monitoring Extn
5th Jul 201812:02 pmRNSPrice Monitoring Extension
28th Jun 201812:07 pmRNSSecond Price Monitoring Extn

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.