Last checked at 14 Jan 2013 13:30
PAN AFRICAN RESOURCES PLC - Results of Rights OfferPAN AFRICAN RESOURCES PLC - Results of Rights Offer
PR Newswire
London, January 14
(Incorporated and registered in England and Wales under Companies Act 1985
With registered number 3937466 on 25 February 2000) AIM Code: PAF JSE Code: PAN ISIN: GB0004300496 ("Pan African" or "Company") PAN AFRICAN'S RIGHTS OFFER SUBSCRIBED TO THE EXTENT OF 175%1. RESULTS OF THE RIGHTS OFFER
Pan African is pleased to announce to its shareholders ("Shareholders") thesuccessful completion of the Company's ZAR703 million rights offer, to beimplemented through the issue of 370,071,902 new Pan African ordinary shares ("Rights Shares") at a subscription price of ZAR1.90 or 14 pence per Rights Share("Subscription Price") ("Rights Offer").
The Rights Offer closed on Friday, 11 January 2013. Pan African receivedsubscription applications for a total of 645,898,862 Rights Shares, equating to175% of the available Rights Shares. Accordingly, Pan African has successfullyraised the full ZAR703 million from the Rights Offer.
Pan African shall apply the Rights Offer proceeds towards the acquisition ofEvander Gold Mines Limited.
The details of the Rights Offer take-up are as follows:
Number of Rights % of available Shares Rights Shares Total Rights Shares available in terms of 370,071,902 100the Rights Offer Rights Shares subscribed for by following 350,996,361 95of rights Excess Rights Shares available 19,075,541 5 Excess Rights Shares applied for 294,902,501 80 Oversubscription 275,862,960 75Jan Nelson, CEO of Pan African, said:
"The overwhelming support of the rights offer by investors indicates a strong message of confidence for the Evander acquisition and Pan African's longer termstrategy. We have raised sufficient equity funding which, together with ourstrong cash generation from the operations and secured revolving line ofcredit, allows us to comfortably fund this acquisition.
We intend to extract maximum benefit from Evander whilst eliminating ourhistorical single asset risk by diversifying the company's risk across twoprofitable assets."
2. SALIENT DATES FOR THE ISSUE AND SETTLEMENT OF THE RIGHTS SHARES
The expected timetable of principal events relating to the issue and settlementof the Rights Shares in South Africa ("SA") is set out below:
2013 SA dematerialised Shareholders' ("SA Dematerialised 9.00 am on 14Shareholders") (or their renouncees') accounts credited Januarywith Rights Shares and debited with the aggregate Subscription Price by their CSDP or broker Certificates in respect of Rights Shares posted to SA 14 Januarycertificated Shareholders ("SA Certificated Shareholders") (or their renouncees) on or about Results of Rights Offer published in the SA press 15 January SA Dematerialised Shareholders' (or their renouncees') 9.00 am on 16accounts will be credited with excess Rights Shares (if Januaryany) and debited with the aggregate Subscription Price Share certificates and/or refund cheques in respect of 16 Januaryexcess Rights Shares will be posted to SA Certificated Shareholders (or their renouncees) on or aboutThe expected timetable of principal events relating to the issue and settlementof the Rights Shares in the United Kingdom is set out below:
2013 Dealings in Rights Shares, fully paid, commenced on the 8.00 am on 14AIM Market of the LSE January Rights Shares credited to CREST stock accounts 14 January Expected date for crediting excess Rights Shares to CREST 16 Januarystock accountsDespatch of definitive share certificates for the Rights by no later than 28Shares and excess Rights Shares in certificated form and/
Januaryor refund cheques in respect of excess Rights Shares14 January 2013
Sole Bookrunner, Corporate Adviser and JSE Transaction Sponsor to the RightsOffer
One Capital
Independent Sponsor to the Rights Offer
Nedbank Capital
SA Attorneys to the Rights Offer
Cliffe Dekker Hofmeyr Inc.
UK Legal Counsel to the Rights Offer
Fasken MartineauEnquiries South Africa UK Pan African Resources Canaccord Genuity Limited - Nomad and Joint Broker Jan Nelson, Chief Executive Officer Rob Collins / Peter Stewart / Sebastian +27 (0) 11 243 2900 Jones / Joe Weaving +44 (0) 20 7523 8350 One Capital finnCap Limited - Joint Broker Sholto Simpson / Megan Young Elizabeth Johnson / Joanna Weaving +27 (0) 11 550 5000 +44 (0) 20 7220 0500 Vestor Investor Relations St James's Corporate Services Limited Louise Brugman Phil Dexter +27 (0) 11 787 3015 +44 (0) 20 7499 3916 +27 83 504 1186 Gable Communications Justine James +44 (0) 20 7193 7463 / +44 (0) 7525 324431