Last checked at 28 Jun 2010 07:00
28 June 2010 Pan African Resources PLC (`Pan African' or the `Company' or the `Group')
(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 TRADING UPDATE
In terms of paragraph 3.4(b) of the Listings Requirements of 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 on next, will differ by at least 20 per cent from those of the previous corresponding period.
The company advises shareholders as follows:
As a UK incorporated company Pan African's reporting currency is Great British Pounds ("GBP"). Earnings per share for the financial year ending 30 June 2010, denominated in GBP, is expected to be between 148 per cent and 158 per cent higher than those for the previous corresponding period (2009: 0.4 pence per share). Earnings per share, calculated in South African Rand ("ZAR"), using the average ZAR:GBP exchange rate of ZAR:GBP 12.01: 1 that has prevailed year to date during the current financial year (2009 average exchange rate of ZAR:GBP 14.39: 1), is expected to be between 106 per cent and 116 per cent higher than those for the previous corresponding period (2009: 5.74 cents per share).
Headline earnings per share for the financial year ending 30 June 2010, denominated in GBP, is expected to be between 16 per cent and 26 per cent higher than those for the previous corresponding period (2009: 0.85 pence per share). Headline earnings calculated in ZAR is not expected to differ by more than 10 per cent from those for the financial year ending 30 June 2009 (2009: 12.28 cents per share).
The financial information for the financial year ending 30 June 2010 and contained in this trading update has neither been reviewed nor reported on by the company`s auditors. It is anticipated that the company's audited results for the financial year ending 30 June 2010 will be released on 31 August 2010.
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
Macquarie First South Advisers (Proprietary) Limited
Melanie de Nysschen
+27 (0) 11 583 2000
St James's Corporate Services Limited
Phil Dexter
+44 (0) 20 7499 3916
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