Last checked at 27 Aug 2015 08:34
PAN AFRICAN RESOURCES PLC - Response to IFM announcement re business rescuePAN AFRICAN RESOURCES PLC - Response to IFM announcement re business rescue
PR Newswire
London, August 27
Pan African Resources PLC("Pan African")(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)Share code on AIM: PAFShare code on JSE: PANISIN: GB0004300496
27 August 2015
RESPONSE TO INTERNATIONAL FERRO METALS LIMITED ANNOUNCEMENT REGARDING BUSINESS RESCUE
Pan African shareholders are referred to the regulatory announcement published on 26 August 2015 by International Ferro Metals Limited (“IFL”), whereby IFL announced that as a result of deteriorating business conditions, its South African subsidiary, International Ferro Metals (SA) Pty Limited (“IFMSA”), has entered into Business Rescue. Business Rescue is a statutory means of enabling a financially distressed company to continue business, under the supervision of a Business Rescue Practitioner, protected from its creditors.
Pan African’s wholly-owned subsidiary, Phoenix Platinum Mining (Proprietary) Limited (“Phoenix”), is situated on the IFMSA property, and a portion of the feedstock for the Phoenix operation (currently approximately 20%) is obtained from tailings arising from IFMSA’s current processing activities. Phoenix is not solely reliant on material from IFMSA, and has alternative sources of feedstock.
Phoenix also sources electricity, water and certain other services from IFMSA.
At this stage, Phoenix is not in a position to fully assess the impact of the Business Rescue proceedings referred to above on Phoenix’s operations. Phoenix and Pan African will work closely with the IFMSA Business Rescue Practitioner to ensure that the operations and interests of Phoenix are safeguarded, which includes the services currently provided by IFMSA. All stakeholders will be kept informed as these discussions progress.
For the half year ended December 2014, Phoenix contributed approximately 7% to Pan African’s profit after tax.
For further information on Pan African Resources plc, please visit the Company’s website at http://www.panafricanresources.com/
Contact Details
Corporate OfficeThe Firs Office Building1st Floor, Office 101Cnr. Cradock and Biermann AvenuesRosebank, JohannesburgSouth AfricaOffice: + 27 (0) 11 243 2900Facsmile: + 27 (0) 11 880 1240
Registered OfficeSuite 31Second Floor107 CheapsideLondonEC2V 6DNUnited KingdomOffice: + 44 (0) 207 796 8644Facsmile: + 44 (0) 207 796 8645
| Cobus Loots | Deon Louw |
| Pan African Resources PLC | Pan African Resources PLC |
| Chief Executive Officer | Financial Director |
| Office: + 27 (0)11 243 2900 | Office: + 27 (0) 11 243 2900 |
| Phil Dexter | John Prior/Paul Gillam/ James Black |
| St James's Corporate Services Limited | Numis Securities Limited |
| Company Secretary | Nominated Adviser and Joint Broker |
| Office: + 44 (0)207 796 8644 | Office: +44 (0)207 260 1000 |
| Nigel Gordon | Sholto Simpson |
| Fasken Martineau LLP | One Capital |
| Solicitors in the UK | JSE Sponsor |
| Office: +44 (0)207 917 8500 | Office: + 27 (0)11 550 5009 |
| Julian Gwillim | Daniel Thole |
| Aprio Strategic Communications | Bell Pottinger PR |
| Public & Investor Relations SA | Public & Investor Relations UK |
| Office: +27 (0)11 880 0037 | Office: + 44 (0)203 772 2500 |
Matthew Armitt / Ross AllisterPeel Hunt LLPJoint BrokerOffice: +44 (0)020 7418 8900
www.panafricanresources.com