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Pin to quick picksPan African Regulatory News (PAF)

Share Price Information for Pan African (PAF)

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Trading Statement for the six months ended 31 Dec 2019

31 Jan 2020 07:00

Pan African Resources Plc - Trading Statement for the six months ended 31 Dec 2019

Pan African Resources Plc - Trading Statement for the six months ended 31 Dec 2019

PR Newswire

London, January 30

Pan African Resources PLC(Incorporated and registered in England and Walesunder Companies Act 1985 with registered number3937466 on 25 February 2000)Share code on AIM: PAFShare code on JSE: PANISIN: GB0004300496(“Pan African” or “the Company”)

TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next, will differ by at least 20% from those of the previous corresponding period.

Pan African changed its presentation currency from pounds sterling (“GBP”) in the previous reporting period to United States dollars (“USD”) for the six months ended 31 December 2019 (“current reporting period”). Reporting in USD provides a more comparable presentation currency for the group’s financial position, financial performance and cash flow. All group subsidiaries are incorporated in South Africa and their functional currency is South African rand (“ZAR”). The group’s business is conducted in ZAR and the accounting records are maintained in the same currency, except precious metal product sales, which are conducted in USD prior to conversion into ZAR.

The ZAR:USD exchange rate affects the reporting of results in USD. For the current reporting period, the average ZAR:USD exchange rate is used in translating ZAR results into USD.

During the current reporting period, the average ZAR:USD exchange rate was R14.70:1 (2018: R14.19:1), and the closing ZAR:USD exchange rate was R14.08:1 (2018: R14.36:1). The H1-on-H1 change in the average and closing exchange rates of 3.6% and (1.9%), respectively, must be taken into account for the purposes of translating and comparing H1-on-H1 results. The weighted average number of shares in issue remained unchanged at 1,928.3 million shares (2018: 1,928.3 million shares).

Pan African advises shareholders that its USD earnings per share (“EPS”) and headline earnings per share (“HEPS”) in respect of its operations for the current reporting period are expected to be as follows:

Six months ended 31 December 2019 Expected results (USD cents) Six months ended 31 December 2018 Six months ended 31 December 2019 Expected % increase in USD earnings
Lower rangeUpper rangeGBPUSDLower rangeUpper range
(pence)(2)(cents)(3)
EPS(1)1.121.170.390.50124%134%
HEPS (1)1.111.160.390.50122%132%

Notes

(1) The considerable improvement in EPS and HEPS are principally due to the following:

· Increased low-cost gold production from Elikhulu tailings retreatment plant, with the operation increasing gold sales by 91.6% to 29,301oz (2018: 15,292oz);

· A sizeable increase of 19.8% in the average gold price received to USD1,464/oz (2018: USD1,222/oz); and

· Production from remnant mining and surface sources at Evander operations increasing by 7.4% to 16,284oz (2018: 15,166oz).

(2) As previously presented, given that the corresponding reporting period’s presentation currency was GBP.

(3) EPS and HEPS in USD, using the average exchange rates for the corresponding reporting period.

The financial information contained in this announcement has neither been reviewed nor audited by the Company’s auditors. The group’s unaudited interim results for the six months ended 31 December 2019 will be released on 18 February 2020.

For further information on Pan African, please visit the Company’s website at www.panafricanresources.com

31 January 2020

Contact information
Corporate Office The Firs Office Building 2nd Floor, Office 204 Cnr. Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0)11 243 2900 info@paf.co.zaRegistered Office Suite 31 Second Floor 107 Cheapside London EC2V 6DN United Kingdom Office: + 44 (0)20 7796 8644
Cobus Loots Pan African Resources PLC Chief Executive Officer Office: + 27 (0)11 243 2900Deon Louw Pan African Resources PLC Financial Director Office: + 27 (0)11 243 2900
Phil Dexter/Jane Kirton St James's Corporate Services Limited Company Secretary Office: + 44 (0)20 7796 8644John Prior Numis Securities Limited Nominated Adviser and Joint Broker Office: +44 (0)20 7260 1000
Ciska Kloppers Questco Corporate Advisory Proprietary Limited JSE Sponsor Office: + 27 (0)11 011 9200Ross Allister/David McKeown Peel Hunt LLP Joint Broker Office: +44 (0)20 7418 8900
Julian Gwillim Aprio Strategic Communications Public & Investor Relations SA Office: +27 (0)11 880 0037Thomas Rider/Neil Elliot BMO Capital Markets Limited Joint Broker Office: +44 (0)20 7236 1010
Bobby Morse/Chris Judd Buchanan Public and Investor Relations UK Office: +44 (0)20 7466 5000 paf@buchanan.uk.comWebsite: www.panafricanresources.com
Date   Source Headline
14th Feb 20247:00 amPRNUnaudited Interim financial results for the six months ended 31 december 2023
2nd Feb 20247:00 amPRNTrading Statement
29th Jan 20243:45 pmPRNHolding(s) in Company
22nd Jan 20247:00 amPRNOperational Update for the Half Year ended 31 December 2023 (H1 FY2024)
7th Dec 202310:00 amPRNHolding(s) in Company
24th Nov 20237:00 amPRNResult of AGM & Salient Dividend Dates
22nd Nov 20237:00 amPRNInterim Production Update for half year ending 31 December 2023
10th Nov 202312:15 pmPRNDirector/PDMR Shareholding
10th Nov 202312:15 pmPRNDirector/PDMR Shareholding
8th Nov 20232:45 pmPRNDirector/PDMR Shareholding
7th Nov 20231:30 pmPRNDirector/PDMR Shareholding
31st Oct 20237:00 amPRNNotice of AGM & Abridged Annual Financial Statements for the year ended 30 June 2023
30th Oct 20232:00 pmPRNDirector/PDMR Shareholding
30th Oct 20232:00 pmPRNDirector/PDMR Shareholding
13th Sep 20237:00 amPRNProvisional summarised audited results for the year ended 30 June 2023
5th Sep 202311:45 amPRNHolding(s) in Company
1st Sep 20237:00 amPRNTrading Statement for the year ended 30 June 2023
7th Aug 20237:00 amPRNOperational Update for the year ended 30 June 2023
1st Aug 20239:10 amPRNUpdate to Commissioning Date of the Mintails Project
1st Aug 20237:24 amPRNMintails Project Funding Closed and Granting of Integrated Environmental Authorisation
1st Jun 20227:00 amPRNAppointment of Berenberg as Joint Broker
12th Apr 20227:00 amPRNTransaction in Own Shares
11th Apr 20227:00 amPRNHolding(s) in Company
7th Apr 20227:00 amPRNTransaction in Own Shares
4th Apr 20227:07 amPRNTransaction in Own Shares
1st Apr 20227:00 amPRNShare Buyback Programme
14th Mar 20227:00 amPRNGold Exploration Programme in Sudan
7th Mar 20229:30 amPRNHolding(s) in Company
7th Mar 20227:00 amPRNHolding(s) in Company
2nd Mar 20227:00 amPRNHolding(s) in Company
16th Feb 20227:00 amPRNUnaudited Interim Results for 6m to 31 Dec 2021
19th Jan 20227:00 amPRNOperational Update - 31 Dec 2021
17th Jan 202212:45 pmPRNHolding(s) in Company
31st Dec 202112:41 pmRNSSecond Price Monitoring Extn
31st Dec 202112:35 pmRNSPrice Monitoring Extension
15th Dec 20217:00 amPRNAcquisition: Blyvoor Gold Surface Tailings
6th Dec 20219:00 amPRNSecondary Listing on A2X Markets
3rd Dec 20217:00 amPRNRetraction of TR-1 Form
1st Dec 20217:00 amPRNHolding(s) in Company
30th Nov 20217:00 amPRNNew Revolving Credit Facility Becomes Effective
26th Nov 20217:00 amPRNResult of AGM and Salient Dividend Dates
29th Oct 20217:01 amEQSPan African Resources (PAF): Everything falling into place
27th Oct 20218:30 amPRNNotice of AGM & No Change Statement
1st Oct 20211:30 pmPRNDirector/PDMR Shareholding
22nd Sep 20211:00 pmPRNDirector/PDMR Shareholding
21st Sep 20217:00 amPRNDirectorate Change
20th Sep 20212:30 pmPRNCOO Seriously Injured
16th Sep 20211:00 pmPRNDirector/PDMR Shareholding
15th Sep 202112:00 pmPRNDirector/PDMR Shareholding
15th Sep 20217:00 amRNSProvisional summarised audited year end results

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